2. CHAPTER 8Slide 1 of 6 Chapter 8. HOUSING COSTS AND REGULATIONS Insurance… Taxes… Utilities… and Your Legal Rights and Responsibiities A. Property Insurance B. Types of Policies and Coverage 1. Basic Form 2. Broad Form 3. Comprehensive Form 4. Public Liability

3. CHAPTER 8Slide 2 of 6 5. Other Property Insurance Provisions a. Valuables (See Personal Action Worksheet, Text page 224) b. The Deductible c. Co-insurance d. Keeping Up With Changing Values e. Filing a Claim

4. CHAPTER 8Slide 3 of 6 C. Property Taxes 1. Protesting Your Assessment D. Utilities E. Maintenance and Repairs

5. CHAPTER 8Slide 4 of 6 F. Laws Regulating Housing 1. Zoning 2. Nuisances 3. Eminent Domain

6. CHAPTER 8Slide 5 of 6 TALKING POINTS… Chapter Eight, Number One At a neighborhood barbeque the following subjects are brought up. How would you react, in word and deed, to each of them? 1. Neighbor A tells you, “My house is just like yours, but I think my property taxes are $800 a year lower.” 2. Neighbor B tells you, “Your dog dug a hole under the fence into our yard and he’s running around pooping all over our lawn.” 3. Neighbor C says, “We all ought to get together and do something to keep those rotten Jones kids from riding their skateboards up and down the street at all hours.” 4. Neighbor D says, “Let’s all chip in a few hundred bucks to pay for the city to put speed bumps along our street.”

7. CHAPTER 8Slide 6 of 6 TALKING POINTS… Chapter Eight, Number Two Your property insurance agent has made a number of suggestions to you. What questions might you ask in response to each of the following? 1. “You should insure all of your valuables individually on a separate schedule.” 2. “Take the smaller deductible. It will cost you a bit more, but you’re better protected if you have to put in a claim for some damages.” 3. “The bank requires that you carry only enough insurance to pay off the mortgage to them if the house is totaled in a fire. But I recommend you carry what the house cost you.” 4. “I suggest you carry the maximum public liability insurance. What if a visiting brain surgeon or concert pianist or athlete breaks a hand in an accident caused by your negligence? They – or anyone else for that matter - could sue you for millions.”