Chapter 24 Property Insurance __________________________.

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Presentation transcript:

Chapter 24 Property Insurance __________________________

Insurance Terms Insured = Homeowner Insurer = Insurance Company Insurance Premium = Payment NOTE: Insurance is a contract

Homeowner Policy Fire insurance is the foundation of property damage policies. Main purpose typical homeowner policy (property damage) Contains coverage deemed by insurance experts to be the most useful to persons who own the home in which they live. Two types: all risk v. named peril insurance

Insured Risks Endorsements Hail Tornado Earthquake Riot Windstorm Smoke damage Explosion Glass break Water pipe leaks Vandalism Freezing Building collapse

Homeowner’s cont’d HO numbers (See text) Actual cash value v. Replacement Value NFIP Coverage beyond property damage: Liability Living Medical

Today’s cost to replace the damaged portion Insurance carried 80% RECOVERY x = Application of the Co-insurance Requirement

Other Insurance Tenant’s policy – provides coverage for personal property of renter. Condominium policy – covers personal property of owner.