FIN 502 Chapter Notes - Chapter 11: Vehicle Insurance, Home Insurance, Property Insurance
Document Summary
Fin chapter 11 property, home and automobile insurance. The most important risk that property, home and automobiles are faced with is damage or destruction. Property insurance insures your physical properties, your home, clothing, furniture, appliances, jewellery and so on, against damage or destruction. Estimate value of the contents as some percent of the value of the structure: 2. Estimate the insurance coverage for the contents is to list and value every item: two forms of home insurance, 1. Depreciated value of an item is the value of replacement or repair for the item to the condition it was in when lost of damaged. Replacement value of a damaged or lost item is the cost of buying a new item of the same quality. Requires a higher premium: replacement cost policy the lost or destroyed items must be replaced with new ones of comparable quality.
