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Barnett Insurance 4

Chapters 9 and 10 and Renter's Handout (Homeowner)

QuestionAnswer
Renter's insurance is used to protect the tenant's belongings when renting from a landlord. True
A security deposit is the first and last months rent. True
If you own a condominium unit, you may be responsible for covering from the "walls in" on your unit. True
The best deterrent to prevent identify theft is good personal risk management. True
If you are a landlord, you must have homeowner's insurance for your rental property. True
There are six types of homeowner policies. True
Eviction occurs when the tenant does not voluntarily move out after the landlord has given the required notice True
The most important asset most people possess is their home. True
Installing deadbolt locks is a way to lower your insurance. True
HO is short for Homeowners True
Insurance is not meant to replace personal accountability. True
Landlord is a person who owns the rental unit. True
Once a person has found a living space that meets their needs and budget, the should inspect the living space. True
The basic amount of insurance provided under Coverage E is $100,000 True
If you are planning to rent with a roommate, each person should have his own renter's insurance policy. True
A two family residence is sometimes called a duplex. True
What type of loss is Loss of Use considered. Indirect
What is the name of the government's flood insurance program. National Flood Insurance Program
What are the major difference between homeowner's policies? cause of loss or perils that apply
Decrease in value of property due to use, age, obsolescence, wear and tear, deterioration, etc. depreciation
The advantage of you personal property coverage is that the protection is world wide
What is the best way to ensure the return of a security deposit? having everything in writing
What is a way to document your major household items and possessions record serial numbers, date, cost, make a list, take a picture
Why should a person have homeowner's insurance? to protect people who are your guest
Another name for a special endorsement to provide coverage in excess to the standard limits is floater
HO-4 Contents Broad Form is frequently referred to as a ___ policy Tenant or Renter
In order to be covered by a homeowner's poliyc, the ___ must take place between the effective date and expiration date of the policy. occurrence
In order to have liability protection under a homeowners policy, the insurance must be __ for the damages. legally liable
document used to determine if a person's credit history, financial stability and references make them a worthy candidate for the rental unit application form
payment made in exchange for occupying another's land or property rent
when the tenant allows someone else to move in and tak over the rent payments subleasing
short written format which is less formal to understand than a lease written
a month to month agreements no lease agreement
is verbalized agreement by the renter and landlord oral agreement
a written contract specifying the legal responsibilities of bot the tenant and the landlord lease agreement
has walls, a roof and a floor building
may not have walls, roof or floor structure
house or home dwelling
land the house is located residence premises
covers property for risk of direct physical loss that are not specifically excluded by the policy open peril
covers property only for losses caused by a list of perils specifically named in the policy named peril
the current cost minus depreciation to purchase the property if lost actual cash value
the cost to purchase the property new if lost replacement cost
List things a least must identify. There are 10 you will be asked to name five or less. rental amount, payment procedure, late rent payment penalties, security deposit amount, length of the lease
List things a least must identify. There are 10 you will be asked to name five or less. number of people in the rental unit, names on the lease, payment responsibility for amenties, responsibility for repairs and maintenance, eviction procedures, what happens when the lease ends,
List things a least must identify. There are 10 you will be asked to name five or less. what happens if lease is borken early, furnishings available, pets allowed, landlord's access rights, parking, moving out procedures
Calculate the amount of depreciation and the actual cash value for property. Know the three steps. Age of Property at time of loss divided by Useful life of the property equals Percentage of depreciation. Replacement Cost x % of deprecation = Depreciation Replacement Cost - Depreciation = Actual Cash Value
Created by: SheilaBarnett
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