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Financial Lit

Chpt 10

TermDefinition
Mortgage loan A long-term loan extended to someone to buy property
Closing costs Fees for the property survey, loan application, document preparation, and points
Real Estate taxes A tax for owning a home that goes to the city or county
Assessed value The dollar value a tax assessor assigns to a property for taxation purposes
Tax rate The amount of tax for a property. Expressed as mills per dollar. A mill is $0.001
Market value The price to buy or sell the property
Homeowners insurance Insurance to provide financial protection against various losses in you home
Property damage coverage Pays for damage to the home and personal property caused by things such as fire, windstorms, lightning etc.
Personal liability Protects you as a homeowner if someone alleges that your negligence caused her or him bodily injury or property damage
Medical coverage Pays for your medical expenses for non-family members accidentally injured on your property. It does not mater who's at fault
Loss-of-use coverage Pays for the expenses for living away from home while your damaged home is being repaired
Replacement value The amount required to reconstruct your home if it is destroyed
Premium The amount you must pay for insurance coverage
Fire protection class A number that describes how fire resistant you house is and how close it is to a water source
Utility costs Charges for electricity, gas, water, telephone, cell phone, TV, internet, and heating fuel
Security Deposit When renting you pay a deposit which may be used to pay for cleaning the rented area and to change locks/repair any damages
Created by: AnthonyMcDowell
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