Property insurance

1. Property insurance

2. property coverage insurance • Damage 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

3. Property coverage insurance • Additional 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

4. Property coverage insurance • Liability 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

5. 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 perils • Broad- covers 18 different risks that could happen to your property • Special- covers all perils except earthquake, flood, war, and nuclear accidents

6. Types of perils • Basic • 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

7. 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

8. 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

9. 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

10. Property insurance policies • Makinga 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

11. 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.

12. 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

13. Insurance premiums • insurance premiums • Premiums paid for homeowners insurance have grown each year. • Several fa