Property insurance
property coverage insuranceDamage to home or property
You should always insure your home and other expensive property
Property insurance covers damage from fire, vandalism, unavoidable accidents, and natural disaster
If you have insured and you property gets damaged insurance will pay all or a portion of the cost of repair or replacement
Property coverage insuranceAdditional living expenses
property insurance often includes coverage for additional living expenses
If you had a house fire they would pay your expenses to live in a hotel or apartment
Property coverage insuranceLiability protection
Personal liability coverage covers claims from injuries to people or damage to property cause by you
If some one gets hurt on your property it will pay the medical and legal costs up to a stated limit
Property insurance policies Homeowners policies
Home owners insurance is the most common property insurance sold today.
Homeowners insurance comes in many forms.Basic- insures property against the first 11 perilsBroad- covers 18 different risks that could happen to
your propertySpecial- covers all perils except earthquake, flood, war,
and nuclear accidents
Types of perilsBasic
1.fire or lightening 9. vandalism or malicious mischief 2.volcanic eruption 10.theft 3.wind storm or hail 11. breakage of glass 4.explosions 5.vehicles 6.riot or civil commotion 7.aircraft 8.smoke
Types of perils Broad
12.falling objects 13.weight of ice snow sleet 14.collapse of buildings 15.sudden tearing apart of a water heating system 16.accidental discharge from plumbing heating or air
conditioning system. 17.freezing of plumbing heating or any domestic appliances 18.accidental injury from electrical appliances
Property insurance policies Renters policies
Covers household goods and personal belongings Covers the same kinds of perils that homeowners policies Renters policies might include personal liability coverage but
it doesn’t protect the actual living dwelling
Property insurance policies Special coverage
You can purchase policies for damage caused by flood in a flood prone area
You can obtain insurance to protect against economic losses caused by earthquakes
Neither of these two perils are typically covered in other policies
Property insurance policies Making a claim
You should keep list called an inventory of personal property that you have insured
The list should include brand name and description of each item, the purchase price, and date and place of purchase
Insurance agents suggest keeping receipts for purchases Taking photographs or videos of you furniture and other
property can also help support the claim
Property insurance policies Making a claim
Inventory records should be stored in a location that I cannot be damaged by fire water or smoke.
The age of a personal property item is quite important most property becomes old, gradually wears out, and decreases in value.
This decrease in value in depreciation.
Property insurance cost
converge selection some insurance companies provide for automatic increases in
property coverage as the prove level increases Others will pay the current replacement value if the property is
insured for a least 80 percent of that replacement value building costs and property values increase almost every year Property owners should review the value of their homes and
insurance coverage on a regular basis
Insurance premiums insurance premiums
Premiums paid for homeowners insurance have grown each year.
Several fa