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Understanding Real Property Insurance: Coverage, Risks, and Policy Insights

This chapter delves into the principles of real property insurance, emphasizing the various risks associated with property ownership. It discusses potential losses from hazards like fire, wind, and vandalism, as well as liability resulting from negligence. Homeowners and renters can learn about coverage options, including replacement costs and personal articles. Additionally, it highlights factors influencing insurance rates, types of policies available, and the importance of maintaining an inventory for claims. Explore protective measures such as earthquake and flood insurance, ensuring comprehensive coverage for peace of mind.

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Understanding Real Property Insurance: Coverage, Risks, and Policy Insights

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Presentation Transcript

  1. Chapter 19 Principles of Real Property Insurance

  2. Risks of Property Ownership • Loss of property due to fire, wind, water, vandalism or other hazards • Loss of use • Liability loss resulting from negligence in the use of the property • Financial loss, particularly the inability to make mortgage payments, as a result of disability or death of a wage earner

  3. Homeowners Policy • Items covered • Replacement cost coverage • Personal articles floater policies • Credit card forgery and counterfeit money losses • Factors influencing rates • Coinsurance

  4. Renter and Condo Owner Policies • Cover only personal property and personal liability

  5. Protection from Specific Risks • Earthquake insurance • Making an inventory and a photographic record • Liability insurance • The personal excess liability policy • Flood insurance • Mortgage life insurance

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