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Presented by: ASPIRA

Homeowners Insurance. Presented by: ASPIRA . RISK: WHAT IS IT?

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Presented by: ASPIRA

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    1. Presented by: ASPIRA

    2. Homeowners Insurance Presented by: ASPIRA

    3. RISK: WHAT IS IT?   Risk = the possibility of financial loss 

    4. Why is risk important for insurance? Risk is what makes you decide whether or not you need insurance. Risk is what insurance companies measure when determining whether to offer you insurance and how much it will cost.

    5. Risk Factors for Homeowners Insurance Type of home (single family, town home, high-rise) Square footage Number of rooms Floor level (if in high-rise) Address (city, state, county) Pets Pool Proximity to fire station and fire hydrant Business being conducted on premises?

    6. What is insurance? Insurance is a legal contract that transfers risk from a policyholder to an insurance provider

    7. WHY DO I NEED HOMEOWNERS INSURANCE?   Your home is likely to be the biggest investment you will ever make. Losing this asset would cause a financial disaster if you don’t protect it with insurance.

    8. The Components of Basic Homeowners Insurance

    9. What does basic homeowners insurance cover? Dwelling – Coverage that protects the structure of the home (roof, walls, wall-to-wall carpeting, etc.). Other structures – Coverage for sheds, detached garages and other structures not connected to the main dwelling itself.

    10. Personal Property – Coverage for personal items (clothing, furniture, appliances, computers, etc.). Provides coverage on and off the premises. Loss of Use – Coverage for when an insured has to move out of the home while repairs are made as a result of damage caused by a covered loss.

    11. Liability Insurance – Pays for damages the insured is legally obligated to pay due to bodily injury or property damage. Medical Payments – Pays for medical and/or funeral expenses incurred by a person on or off the insured’s property.

    12. Most homeowners insurance contracts normally include coverage for the following items, but this can vary by company and state. Check your policy to be sure what is and what is not covered.

    13. Trees, shrubs, plants and lawns – Coverage is provided to these items if damaged by a covered loss. Debris removal – Coverage for removing the remains or rubbish of any property destroyed as a result of a covered loss. Fire Department Charges – Provides coverage for customary fire department charges under contract or agreement. May be subject to limits depending on your policy.

    14. Perils Covered by Homeowners Insurance Fire and lightning Windstorm and hail Explosion Riot and civil commotion Impact from aircraft Impact from vehicles Smoke Vandalism and malicious mischief

    15. Perils NOT Covered by Standard Homeowners Insurance (You may need purchase a separate policy!!) Flood Hurricane or windstorm Earthquake Acts of terrorism or war

    16. ADDITIONAL COVERAGES*

    17. LIABILITY COVERAGE Protects your family and anyone under age 21 in your care Protects you against legal claims you are legally obligated to pay for causing bodily injury, sickness, disease or death of others Pays the cost of defending a claim against your Covers damage to the property of others

    18. GUEST MEDICAL PAYMENTS Covers first aid expenses of others Provides for accidental death benefits

    19. Protecting Your Personal Property: Two Options for Homeowners Insurance

    20. # 1: Actual Cash Value Definition: The value of the property lost or damaged at the time of the loss. This method of valuation takes into consideration depreciation based on such factors as: Age of the item Market value Condition of the property at the time of loss or damage.

    21. #2: Replacement Cost Definition: The cost of replacing damaged or destroyed property without deduction for depreciation in the value of the property.

    22. STEPS TO PROTECTING YOUR PROPERTY

    23. Next Steps   The path to the first class includes: Determining if the participants will be middle school students, high school students, club members, adults, or another group in your community. Will the curriculum be incorporated into an existing course? Or will this be a separate activity? Determine when it is most feasible to hold the course: summer school, fall semester, or at a particular time and place that is convenient to your target group. Given the age group and schedules of the participants, you may want to consider how long each session will last. Activities for middle schoolers last for only 30 minutes, where the high school and adult sessions can go for up to 2 hours.   Consider preparing a detailed registration form, as described previously, to capture enough information about each participant to allow you to tailor the course to their interests and needs If you have registered students, review this information to determine the average level of financial experience and knowledge. Choose the modules and activities based on this information. If you are taking over a pre-existing class, ask other teachers about the students’ pre-existing knowledge. Whenever possible, visit the classroom to check for what equipment is available. Most lessons require an LCD projector (for Powerpoint) or overhead projector, and you will have to know if you have to print and transfer slides to transparencies. Check to make sure that you have an overhead screen, a flip chart and markers, and any extension cords you will need for the equipment. If internet access if available, or a portion of the activities can be taught in a computer lab, this will allow participants to gain more hands-on experience. Finally, make sure that you have plenty of extra copies of handouts. You may even wish to consider providing students with copies of your slides for them to take notes or as backup, in case equipment fails.                                                              ii.      Preparing visuals/handouts                                                             iii.      Other materials needed                                                            iv.      Giving “homework”: preparing family budgets, using mortgage calculators, research                                                              v.      “Advancing” your classroom (check if technology-ready: projectors, internet, etc.)   The path to the first class includes: Determining if the participants will be middle school students, high school students, club members, adults, or another group in your community. Will the curriculum be incorporated into an existing course? Or will this be a separate activity? Determine when it is most feasible to hold the course: summer school, fall semester, or at a particular time and place that is convenient to your target group. Given the age group and schedules of the participants, you may want to consider how long each session will last. Activities for middle schoolers last for only 30 minutes, where the high school and adult sessions can go for up to 2 hours.   Consider preparing a detailed registration form, as described previously, to capture enough information about each participant to allow you to tailor the course to their interests and needs If you have registered students, review this information to determine the average level of financial experience and knowledge. Choose the modules and activities based on this information. If you are taking over a pre-existing class, ask other teachers about the students’ pre-existing knowledge. Whenever possible, visit the classroom to check for what equipment is available. Most lessons require an LCD projector (for Powerpoint) or overhead projector, and you will have to know if you have to print and transfer slides to transparencies. Check to make sure that you have an overhead screen, a flip chart and markers, and any extension cords you will need for the equipment. If internet access if available, or a portion of the activities can be taught in a computer lab, this will allow participants to gain more hands-on experience. Finally, make sure that you have plenty of extra copies of handouts. You may even wish to consider providing students with copies of your slides for them to take notes or as backup, in case equipment fails.                                                              ii.      Preparing visuals/handouts                                                             iii.      Other materials needed                                                            iv.      Giving “homework”: preparing family budgets, using mortgage calculators, research                                                              v.      “Advancing” your classroom (check if technology-ready: projectors, internet, etc.)

    24. Practice Shopping for a Policy http://www.nationwide.com

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