1. UNIT B PERSONAL LAW Essential Standard 4.00 Understand financial, credit, and insurance law Property Insurance BB30 Business Law 4.02Summer 2013

2. Property Insurance a.Homeowners Insurance 1. What is homeowners insurance? 2. Why is it necessary? b.Coverage for Property 1. There are (4) basic coverage types within a homeowners policy. 2. Coverage A is for dwelling. What constitutes a dwelling? 3. Coverage B is for other structures. What are other structures? 4. Coverage C is Personal Property. What items might you find listed? 5. Coverage D is for loss of use. What is loss of use and what if anything does this coverage pay for? BB30 Business Law 4.02Summer 2013

3. Homeowner’s Exclusions a.Earth Movement 1. What is earth movement? b.Water Damage 1. What is water damage? 2. Why do most homeowners policies not provide water damage coverage from flooding? c. Power Failure 1. What constitutes power failure? 2. Why don’t insurance policies provide coverage for this? d.Neglect 1. What does neglect mean in regards to being a policy exclusion? 2. Why is it an exclsusion? BB30 Business Law 4.02Summer 2013

4. e.Renters Insurance 1. What is renters insurance? 2. Whom should purchase renters insurance? 3. Do roommates living in the same house, apartment, condo etc., need to each have their own renters insurance? f.Fire Insurance 1. What hazards does fire insurance provide property coverage for?. Additional Types of Property Coverage BB30 Business Law 4.02Summer 2013