CHAPTER 39 PROPERTY INSURANCE

HOME AND PROPERTY INSURANCE Damage to home and property--fire, flood, vandalism, wind, lightning, etc. Additional living expenses--pay for you to live in a hotel or furnished apartment Liability protection--protects you from claims arising from injuries to other people or other’s property caused by you, your family, or pets

PROPERTY INSURANCE POLICIES See 39-1 Real property vs. Personal Prop. Standard fire policy--insures against loss caused by fire or lightning Extended coverage--broadens coverage to include other perils like wind, hail, smoke Homeowners policies--convenient package- type insurance that covers multiple perils Renters insurance--insures personal prop.

BUYING PROPERTY INSURNCE Find appropriate coverage at best cost! Review you coverage every few years because property values increase Accurately estimate value of personal property Factors in determining premiums include value, building materials, type of policy, number of perils covered, distance from fire station, deductible

BUSINESS INSURANCE Businesses need to insure their real and personal property Businesses can use insurance to protect against loss of income during times when they are closed due to tragedy

MAKING A CLAIM Inventory--original cost of each article, when the article was purchased, and how long it is expected to last Depreciation--decrease in value Replacement insurance--replaces item, no depreciation is deducted Adjuster--rep. of the insurance company that looks at damaged property, determines loss and pays according to terms of policy Take VIDEO or PICTURES of personal prop.