Download - Life Insurance Oct 7
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Homeowner's Insurance
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Things that could affect the cost of your house insurance. (5)
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Five main factors that determine the cost of homeowners insurance
1) Replacement Cost
building (house) contents outbuildings additional living expense third party liability
2) Location 4 main areas in Manitoba
Area 1 Metro Winnipeg, inside the city limits Area 2 Protected, outside city limits but within 1000 ft of fire hall Area 3 Semiprotected, outside area 1 and area 2, but within 8 miles of
a fire hall Area 4 Unprotected, located more than 8 miles from fire hall
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3) Types of Coverage
Comprehensive, covers most things, some specific items must be indicated
Broad/Standard, covers only specific perils
4) Amount of deductible the lower your deductible the less you pay if you need to make a claim the lower your deductible the higher your premium
5) Available Discounts claim free new home burglar alarm purchaser is over 50 or 60 years old
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Jeric and Allison wish to insure their house in Metro Winnipeg. The replacement cost is $195 000. What will their premium be if they decide they want comprehensive insurance with a $200 deductible?
http://www.edu.gov.mb.ca/k12/assess/archives/cm_wt_rp_08.pdf
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PJ and Dearly have purchased a home with a replacement value of $250 000 just outside of Winnipeg. The house is within 800 feet of a fire hydrant. They want to purchase standard insurance with a $500 deductible. Calculate their annual premium.
http://www.edu.gov.mb.ca/k12/assess/archives/cm_wt_rp_08.pdf
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Tenant Insurance
Ally has rented an apartment and wants to insure her belongings for $35 000. She wants a standard policy with a $200 deductible. Calculate Ally's annual premium.
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Assignment #2, Page 21
Questions 1 7
Hard working Students