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Real Estate Principles Real Estate: An Introduction To The Profession

The document discusses property insurance, including key terms like insured, insurer, premium, endorsements, and perils covered. It also covers different types of policies like homeowner policies, tenant policies, and condominium policies.

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denden007
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26 views

Real Estate Principles Real Estate: An Introduction To The Profession

The document discusses property insurance, including key terms like insured, insurer, premium, endorsements, and perils covered. It also covers different types of policies like homeowner policies, tenant policies, and condominium policies.

Uploaded by

denden007
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Real Estate Principles

Ninth Edition

Real Estate:
An Introduction to the Profession
Ninth Edition

By Charles J. Jacobus
South-Western Publishing©2002

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
Endorsements
Insured Risks
 Hail  Explosion
 Tornado  Glass break
 Earthquake  Water pipe leaks
 Riot  Vandalism
 Windstorm  Freezing
 Smoke damage  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
Application of the Co-insurance
Requirement

Insurance carried Today’s cost


80% of today’s cost to
x to replace the = RECOVERY
replace whole structure damaged portion

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

South-Western Publishing©2002

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