Chapter 11e - itemize your valuables Home office provision...

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Types of perils covered Homeowner’s insurance structured in six packages, each covering different perils in different amounts Homeowner’s Insurance Policy Provisions Property damage Cash-value policy: pays you for the value of the damaged property after considering depreciation Replacement-cost policy: pays you for the actual cost of replacing the damaged property Minimum limit—many insurers require at least 80% of replacement cost Financial institutions may require enough insurance to cover your mortgage Homeowner’s Insurance Policy Provisions (cont’d) Other structures on property may also be covered Personal property is covered up to a specified amount Home inventory: contains detailed information about your personal property that can be used when filing a claim Homeowner’s Insurance Policy Provisions (cont’d) Personal property replacement cost coverage is available Personal property floater: an extension of the homeowner’s insurance policy that allows you to
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Unformatted text preview: itemize your valuables Home office provision may be requested or you could purchase a separate policy Homeowners Insurance Policy Provisions (contd) Liability insurance Included to cover any lawsuits resulting from an event occurring in your home or on your property Many other expenses can also be included Expenses incurred by homeowners insurance companies Homeowners Insurance Policy Provisions Personal liability coverage provides protection if someone is injured on your property Factors that affect homeowners insurance premiums Value of insured home Deductible Location Degree of protection Discounts Homeowners Insurance Premiums Reducing your homeowners insurance premium Increase your deductible Improve protection Use one insurer for all types of insurance Stay with the same insurance company Shop around...
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Chapter 11e - itemize your valuables Home office provision...

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