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Notes Chapt 14.3 Part 2
How Much Insurance to Buy
Reducing Your Premium
*This does not only apply to when your house is completely destroyed.
*If your policy only covers 40% of your home's value, and you are faced with $20,000 worth of damage, you will only get half that since you only have half of the 80% of your house insured.
*In summary, if something happens to your house, you only get reimbursed for however much you insure your house for.
*You can always change your policy.
*Increase your deductible.
*Upgrade your home.
*Install smoke detectors.
*Install security system.
*To fully insure the home, you buy insurance for 80% of its replacement value.
*Why not 100%?
*Your land is included in the value of your house. If your house is destroyed, the land is still there.
*80 percent rule (reimbursement).
*A company does not have to reimburse you for the TOTAL amount of the loss unless your policy covers AT LEAST 80% of your home's replacement value.
Renter's Insurance
Factors Affecting Your Premium
*Location
*Age of the home
*Distance to fire station or hydrant.
*Renters have the same responsibility as a homeowner.
*This insurance covers the same as homeowners insurance with the exception that it does not cover the building itself.
*That is the responsibility of the apartment building owner.
*Cheap
Cost of Homeowner's Insurance
*Same as auto insurance.
*Statistics.