to indemnify against loss n.
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Property Insurance - PowerPoint PPT Presentation

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To indemnify against loss . Property Insurance. Property Insurance. Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm, and theft

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property insurance
Property Insurance
  • Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm, and theft
  • Also provides liability (lawsuits) and medical (bodily injury) insurance if someone gets hurt on your property

ex: dog bite or customer slips and falls

  • Usually must take out additional policy for damage by flood, sewer back up, earthquake, etc.
  • Premium: Monthly costs for insurance
  • Can be escrowed and put into your monthly mortgage payment
  • Deductible: The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
  • Higher deductible = lower premium
replacement vs cash value
Replacement vs Cash Value
  • Replacement Costs = cost to buy new
  • Cash value = current value of belongings
  • High premium for replacement costs coverage but more out of pocket expenses if purchase cash value
  • Assess value of property before purchasing coverage
  • Keep receipts
  • Take photos
  • Get high valued items appraised professionally
  • Store records in another place or fire-proof safe
  • Don’t rely on landlord’s insurance
renters insurance
Renters Insurance
  • Covers your belongings inside of property ex: clothes, television, computer, furniture, equipment
  • Landlord’s insurance covers only building – not your possessions
  • Relatively inexpensive – can get policy from insurance agency
  • Some leases require it for you to rent
auto no fault insurance mi law
Auto: No-Fault Insurance -MI Law
  • Each driver is responsible for their own (comprehensive and collision) insurance for damage to cars regardless of who is at fault
  • Enacted to avoid court trials to identify who was at fault
auto insurance
Auto Insurance
  • By law must have auto liability and property insurance (PLPD) in Michigan which pays for medical or property damage if you are at fault in car accident
  • If pulled over without no-fault insurance can be fined up to $500, put in jail for up to a year, and/or get license suspended