© 2010 by Cengage Learning Chapter 24 _________ Property Insurance.

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Presentation transcript:

© 2010 by Cengage Learning Chapter 24 _________ Property Insurance

© 2010 by Cengage Learning  I f you own real estate, you take the risk that your property may be damaged due to fire or other catastrophe. Property Insurance

© 2010 by Cengage Learning  Fire insurance is the foundation of property damage policies.

© 2010 by Cengage Learning  Insured = Homeowner  Insurer = Insurance Company  Insurance Premium = Payment

© 2010 by Cengage Learning Insured Risks Hail Tornado Earthquake Riot Windstorm Smoke damage Explosion Glass break Water pipe leaks Vandalism Freezing Building collapse Endorsements

© 2010 by Cengage Learning  Contains coverage deemed by insurance experts to be the most useful to persons who own the home in which they live.

© 2010 by Cengage Learning  Tenant’s policy – provides coverage for personal property of renter.  Condominium policy – covers personal property of owner.

© 2010 by Cengage Learning Today’s cost to replace the damaged portion Insurance carried 80% of today’s cost to replace whole structure RECOVERY x =

© 2010 by Cengage Learning  Medical Payments  Endorsements

© 2010 by Cengage Learning  Flood Insurance  Guaranteed Replacement Cost  Flood Insurance  Landlord Policies

© 2010 by Cengage Learning Key Terms All-risk policy Broad form (HO-2) Endorsement Homeowner policy Insurance premium Insured New for old Old for old Peril Public liability

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