Property insurance

property coverage insuranceDamage 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 insuranceAdditional 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 insuranceLiability 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 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 perilsBroad- covers 18 different risks that could happen to

your propertySpecial- covers all perils except earthquake, flood, war,

and nuclear accidents

Types of perilsBasic

1.fire 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 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 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 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 policies Making a 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 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

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

Premiums paid for homeowners insurance have grown each year.

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