House Hunting Finding your own place is exciting, but it is also a big responsibility. What are some costs associated with renting or buying a home?

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Presentation transcript:

House Hunting Finding your own place is exciting, but it is also a big responsibility. What are some costs associated with renting or buying a home?

Lesson Objective Calculate the annual homeowners insurance premium Content Vocabulary premium The amount paid to an insurance company for insurance coverage. fire protection class A number assigned by an insurance company to a building that reflects how fire resistant it is and how close it is to a water source.

Figure 10.6

The replacement value of Marcia Sykes home is $150,000. She has insured her home for 80 percent of its replacement value. The home is of wood-frame construction and has been rated in fire protection class 4. What is the annual premium? Example 1

Find the amount of coverage. Replacement × Insured Percent of Value of Home Replacement Value $150,000 × 80% = $120,000 Example 1 Answer: Step 1

Find the annual premium. (See Figure 10.6 on page 393 of your textbook.) Find the column, Wood Frame. Find the Fire Protection Class 1-6 column Find the Amount of Insurance Coverage column with 120,000. Example 1 Answer: Step 2

Follow across the column and down the row to where 120,000 and 1-6 meet. $476 Example 1 Answer: Step 2 (cont.)

A brick homes replacement cost is $250,000. It is insured for 100 percent. It is in an area rated fire protection class 3. What is the annual premium? Practice 1

$921 Practice 1 Answer

Robert Huynh has insured his $80,000 wood-frame home for 100 percent of its replacement cost. The home is located in an area rated fire protection class 6. What is the annual policy premium? What would the premium be if he owned a brick home? Practice 2

Annual policy premium: $321 Premium for a brick home: $301 Practice 2 Answer