South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western.

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Presentation transcript:

South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western Publishing©2002

Chapter 24 Property Insurance _______________________________________

South-Western Publishing©2002 Insurance Fire insurance is the foundation of property damage policies.

South-Western Publishing©2002 Insurance Terms Insured = Homeowner Insurer = Insurance Company Insurance Premium = Payment

South-Western Publishing©2002 Insured Risks Endorsements Hail Tornado Earthquake Riot Windstorm Smoke damage Explosion Glass break Water pipe leaks Vandalism Freezing Building collapse

South-Western Publishing©2002 Homeowner Policy Contains coverage deemed by insurance experts to be the most useful to persons who own the home in which they live.

South-Western Publishing©2002 Other Insurance Tenant’s policy – provides coverage for personal property of renter. Condominium policy – covers personal property of owner.

South-Western Publishing©2002 Today’s cost to replace the damaged portion Insurance carried 80% of today’s cost to replace whole structure RECOVERY x= Application of the Co-insurance Requirement

South-Western Publishing©2002 Key Terms All-risk policy Broad form (HO-2) Endorsement Homeowner policy Insurance premium Insured New for old Old for old Peril Public liability

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