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Property Insurance - PowerPoint PPT Presentation


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Property Insurance Dr. Jim Burton Marketing & Real Estate Richards College of Business Overview Risks of Property Ownership Property Loss Insurance Earthquake Insurance Liability Insurance Flood Insurance Mortgage Life Insurance Business Owner’s Policy Risks of Property Ownership

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Presentation Transcript
property insurance
Property Insurance
  • Dr. Jim Burton
  • Marketing & Real Estate
  • Richards College of Business
overview
Overview
  • Risks of Property Ownership
  • Property Loss Insurance
  • Earthquake Insurance
  • Liability Insurance
  • Flood Insurance
  • Mortgage Life Insurance
  • Business Owner’s Policy
risks of property ownership
Risks of Property Ownership
  • Loss of property due to fire, wind, water, vandalism, etc.
  • Loss of property use
  • Additional expenses from no use
  • Liability losses: property damage, injury, medical, etc.
property loss insurance
Property Loss Insurance
  • Direct Losses: repairing property
  • Indirect Losses: living expenses, business income, etc.
  • Liability Insurance: lawsuits & claims
homeowner s policy
Homeowner’s Policy
  • Fire & other perils
  • Personal liability
  • Medical payments
  • Theft
  • Personal property
  • Other structures
other homeowner s terms
Other Homeowner’s Terms
  • Replacement cost - cash value
  • Personal articles floater
  • Credit card losses
  • Factors affecting rates
  • Coinsurance - 80%
  • Renter’s insurance
  • Urban older homes - repair
earthquake insurance
Earthquake Insurance
  • Not covered in homeowner’s
  • Can be covered by endorsement
  • Cost is high
  • 10% deductible
liability insurance
Liability Insurance
  • Protects against lawsuits
  • Typically $100,000
  • Relatively cheap
  • Should increase to $1 million
  • Umbrella liability policy - home, auto, boat, etc.
flood insurance
Flood Insurance
  • National Flood Insurance
  • FEMA Maps
  • 100 year flood areas
  • Floodways
  • Relatively cheap
mortgage life insurance
Mortgage Life Insurance
  • Pays off mortgage at death of insured
  • Relatively expensive
  • Term life as option
business owner s policy
Business Owner’s Policy
  • Buildings replacement costs
  • Personal property
  • Additional coverages - income loss, etc.
  • Optional coverages - signs, theft, glass, etc.
  • Business liability insurance