1. Real Estate Principles Tenth Edition Real Estate: An Introduction to the Profession Tenth Edition

2. Chapter 24 Property Insurance __________________________

3. Insurance Fire insurance is the foundation of property damage policies.

4. Insurance Terms Insured = Homeowner Insurer = Insurance Company Insurance Premium = Payment

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

6. Homeowner Policy Contains coverage deemed by insurance experts to be the most useful to persons who own the home in which they live.

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

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

9. Liability Coverage Medical Payments Endorsements

10. Lender Requirements Flood Insurance Guaranteed Replacement Cost Flood Insurance Landlord Policies

11. Key Terms All-risk policy Broad form (HO-2) Endorsement Homeowner policy Insurance premium Insured New for old Old for old Peril Public liability