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Published byAnabel Lindsey Modified over 8 years ago
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Property Insurance
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Property insurance provides coverage in the event of your property being destroyed by flooding, earthquake, vandalism or fire. Coverage may be for- – market value - the amount your property is worth now – replacement value the amount it costs to replace your property
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Tenant’s insurance Purchased by anyone who rents property. Insures the contents of your home, but not the home itself.
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Homeowner’s Insurance purchased when you own a house or condo covers the contents, the building and liability related to your property banks require homeowners insurance before you get a mortgage Standard/Broad Insurance covers only specific perils Comprehensive Insurance covers more (i.e. sewer back up)
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Cost of Property Insurance Depends on five main factors: Replacement Cost – building, contents, outbuildings, additional living expenses, third party liability. Location – Metro- within city limits – Protected - outside the city, but within 300m of a fire hydrant – Semi-Protected- outside the city, but within 8km of a fire hall – Unprotected- homes located over 8km away from a fire hall
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Cost of Property Insurance Types of Coverage (Broad or Comprehensive) Amount of Deductible – You pay more to have a lower deductible Available Discounts – Burglar alarm – Claim free for over 3 or 5 years – New home – Purchaser is over 50 or 60
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Buyer Beware! When you buy insurance you must be very careful to understand what you have purchased: Coverage varies between plans – If you own expensive items they may not be sufficiently covered – Jewellery is usually only covered up to $500 on basic insurance, you need to buy a rider, or additional coverage for specific items. Don’t over-insure. You will only ever receive the replacement value of what you have. Replacement value and market value are very different, know which you have!
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Assignment p.59 #1-6
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