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Property insurance - PowerPoint PPT Presentation

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Property insurance. 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

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property coverage insurance
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
property coverage insurance1
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
property coverage insurance2
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
property insurance policies
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
types of perils
Types of perils
  • Basic
  • 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 perils1
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 policies1
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 policies2
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 policies3
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
property insurance policies4
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
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
  • insurance premiums
  • Premiums paid for homeowners insurance have grown each year.
  • Several fa