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Post on 19-Mar-2016




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Homeowner’s Insurance Health Insurance Auto Insurance. Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann . I highly recommend this book. Homeowner’s Insurance. Odds of a house burning down: 1 in 1,200 Source: www.ricedelman.com - PowerPoint PPT Presentation


  • Note

    Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann.I highly recommend this book.

  • Odds of a house burning down: 1 in 1,200Source: www.ricedelman.com

    But there is more to home insurance than fire insurance

  • Coverage A: Damage to residenceB: Damage to detached structuresC: Damage, theft of personal property at home or anywhereD: Living costs (e.g., hotel, meals)E: Non-vehicle personal liability for injuries/property damage at home and anywhereF: Medical payments to guests injured on your property

  • Bottom Line: Insure for 100 percent of the replacement cost of the propertyLong story short, if you do not at least insure for 80%, you may not be fully insured in the event of partial damage (e.g., kitchen fire).Keep in mind, if you pay, say $300,000 for a house, that cost includes the land.If your house is appreciating each year, you may need to increase the insurance

  • Very Important Coverage!

    Covers liability for injuries and property damage, lawsuits, defending lawsuits, covering most non-vehicle personal liability worldwide

  • You hit the catcher with a baseball bat playing baseball

    You spill a drink on the neighbors living room carpet ruining the carpet

  • General Rule: Set the personal liability on homeowners at the same level you set liability on other policies (e.g., auto)Rationale: nobody knows where a law suit or injury may come from

  • Earthquakes, tremors, landslides, sinking or shiftingWater that enters the house at or below ground level (e.g., sewer backup, flood)War

  • What is the maximum annual out-of-pocket expenses?Are there any limits on any expenses such as a specific surgery or room charges?Can you see a specialist without a referral?Is the coverage worldwide?

  • Liability Coverage (injury and property)Medical Payments (for you)Collision and Comprehensive (your vehicle)Uninsured/Under-insured

  • CoversLawsuits: suability factor is importantpays for your defenselegal judgmentsLost wagesPain and suffering

    Medical Expenses

  • Example 1Example 2Example 3Injury limit per person$50,000$100,000$250,000Injury limit per accident$100,000$300,000$500,000Property damage limit per accident$25,000$50,000$100,000

  • Who you hit matters!

  • TeacherPro AthleteLost Wages$50,000$2,000,000Pain and Suffering$150,000$1,000,000Medical Expenses$100,000$100,000Total Claim$300,000$3,100,000

  • . . . consider buying an Umbrella Policy

  • Buy a safe vehicle- test crash results www.iihs.orgChoose high collision and compr. deductiblesKeep a clean driving recordMaintain a high credit scoreInsure your car and home with the same companyDont submit small claims on property damageStudy G.P.A of 3.0 or greater