CHAPTER 8 - Real Estate Chapter 8 CHAPTER EIGHT TITLE AND...

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Real Estate Chapter 8 CHAPTER EIGHT TITLE AND INSURANCE I. Property and Liability Insurance A. Property Insurance - insurance protects property improvements from loss (Real property and personal property) 1. General Rule: a. All-Comprehensive b. All-Risk (not all risks are covered) 2. Not Covered a. Flood insurance (Federal gov’t only) b. Earthquake, landslides, tsunami (only covered with big deductibles) c. War and terrorist attacks (could buy, but really expensive) d. Mold (micro-bio organism) e. Aircrafts f. Pets g. Motors h. Expensive unique item (appraised and covered specialty, must pay extra premiums) 3. Buy “full replacement value” insurance policy periodically update and renew (regular schedule items) 4. Items should be inventory and photographed 5. Read Sales K! (Need consent of transfer and does not include “special” items) B. Liability Insurance - insurance protecting the owner from claims arising from personal injury to others from the premises or from the owner 1.
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