Chapter 24 Property Insurance

1
Chapter 24Property Insurance

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2
Insurance Terms

• Insured Homeowner
• Insurer Insurance Company
• Insurance Premium Payment
• NOTE Insurance is a contract

3
Homeowner Policy

• Fire insurance is the foundation of property
  damage policies.
• Main purpose typical homeowner policy (property
  damage)
• Contains coverage deemed by insurance experts to
  be the most useful to persons who own the home in
  which they live.
• Two types all risk v. named peril insurance

4
Endorsements
Insured Risks

• Hail
• Tornado
• Earthquake
• Riot
• Windstorm
• Smoke damage

• Explosion
• Glass break
• Water pipe leaks
• Vandalism
• Freezing
• Building collapse

5
Homeowners contd

• HO numbers (See text)
• Actual cash value v. Replacement Value
• NFIP
• Coverage beyond property damage
• Liability
• Living
• Medical

6
Application of the Co-insurance Requirement
x

7
Other Insurance

• Tenants policy provides coverage for personal
  property of renter.
• Condominium policy covers personal property of
  owner.