Homeowners and Auto Insurance

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Presentation transcript:

Homeowners and Auto Insurance Chapter 22 Homeowners and Auto Insurance

Risk-Management Methods Home and Motor Vehicle Insurance Chapter 22 Section 1 Insurance and Risk Management Risk-Management Methods Methods of Risk-Management Risk Avoidance Risk Reduction Risk Assumption Risk Shifting

Home and Motor Vehicle Insurance Chapter 22 Section 1 Insurance and Risk Management Types of Risk Personal risks, property risks,and liability risks are insurable. Speculative risks are not insurable.

Planning an Insurance Program Home and Motor Vehicle Insurance Chapter 22 Section 1 Insurance and Risk Management Planning an Insurance Program Steps to Planning an Insurance Program 4 Review Your Results 3 Put Your Plan into Action 2 Develop a Plan 1 Set Insurance Goals

Home and Motor Vehicle Insurance Chapter 22 Homeowners Policy Coverage

Property and Liability Insurance Home and Motor Vehicle Insurance Chapter 22 Section 1 Insurance and Risk Management Property and Liability Insurance Two Types of Risks for Property Owners Loss or Damage Caused by Criminal Behavior Physical Damage Caused by Perils

Renters Insurance 22 Renters Insurance Home and Motor Vehicle Insurance Chapter 22 Section 2 Home and Property Insurance Renters Insurance Renters Insurance Does not provide coverage on the building or other structures Protects personal property No coverage under the landlords policy unless the landlord is liable for damage Inexpensive

Home Insurance Policy Forms Home and Motor Vehicle Insurance Chapter 22 Section 2 Home and Property Insurance Home Insurance Policy Forms

Home Insurance Cost Factors Home and Motor Vehicle Insurance Chapter 22 Section 2 Home and Property Insurance Home Insurance Cost Factors Location of Home Company Differences Type of Structure Factors Affecting the Cost of Home Insurance Home Insurance Discounts Price, Coverage Amount, Policy Type

22 Home and Motor Vehicle Insurance Section 2 Chapter 22 Section 2 Home and Property Insurance Many insurance companies will not want to sell homeowners insurance policies to everyone in the same neighborhood. Infer why this might be the case. Responses might include that if a natural disaster were to occur it would be too expensive for one company to cover all the repairs and living expenses necessary for an entire neighborhood.

The Need for Auto Insurance Home and Motor Vehicle Insurance Chapter 22 Section 3 Motor Vehicle Insurance The Need for Auto Insurance Every state in the United States has a financial responsibility law.

Liability covers you for injury to others or damage to their property Most states (including Michigan) require you to buy liability to legally drive Liability includes coverage for: Bodily injury of another person Damage to another persons property

The Need for Auto Insurance Home and Motor Vehicle Insurance Chapter 22 Section 3 Motor Vehicle Insurance The Need for Auto Insurance

Motor Vehicle Bodily Injury Coverage Home and Motor Vehicle Insurance Chapter 22 Section 3 Motor Vehicle Insurance Motor Vehicle Bodily Injury Coverage

Premiums Your yearly premium is the amount you pay per year. depends on coverage (bodily + property) What is your yearly premium if you buy 100/300/50 liability coverage? $176.80 + 89.90 = $266.70

Collision and Comprehensive Insurance Collision – coverage for damage to your car by an accident Comprehensive – coverage for fire, theft, vandalism, and weather Deductibles – amount you pay before the insurance company pays Your premium depends on your deductible (higher deductible = lower premium)

Collision and Comprehensive Insurance Example: You buy $200-deductiable collision insurance and $100-deductible comprehensive insurance. What is the total yearly premium? $56.90 + $141.71 = $198.61

Premium Ratings Insurance premiums depend on ratings. Your rating depends on your age, gender, record, vehicle and the purpose for driving. Total premium = base ∙ rating

Premium Ratings

Other Motor Vehicle Insurance Coverages Home and Motor Vehicle Insurance Chapter 22 Section 3 Motor Vehicle Insurance Other Motor Vehicle Insurance Coverages Rental Reimbursement Coverage Wage-Loss Insurance Towing and Emergency Road Service Coverage

Motor Vehicle Insurance Costs Home and Motor Vehicle Insurance Chapter 22 Section 3 Motor Vehicle Insurance Motor Vehicle Insurance Costs Legal Concerns Amount of Coverage Property Values

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