Homeowners & Renters Insurance
What does homeowners' insurance typically cover?
structural damage to the property
Which type of insurance provides coverage for medical expenses related to illness or injury?
medical insurance
What is the primary difference between leasing and renting a property?
leasing requires a longer commitment
What is the purpose of property tax?
funding local government services
What do utility costs typically include?
water, electricity, and gas expenses
What is the purpose of renter's insurance?
protecting the tenant's personal belongings
What is a common feature of life insurance policies?
death benefit payout
What are the responsibilities of a renter regarding property maintenance?
basic upkeep and repairs
How does property tax benefit the community?
funds local government services like schools and roads
How do utility costs affect monthly housing expenses?
they are a major part of the monthly budget
What does homeowner's insurance typically exclude from coverage?
natural disasters like floods and earthquakes
What is the primary benefit of having life insurance?
providing financial protection for loved ones
Why is renter's insurance important for tenants?
protects their personal belongings
What is the first step in obtaining a mortgage to buy a home?
applying for pre-approval from a lender
How does medical insurance coverage typically work for individuals and families?
helps cover costs of medical care based on premiums and deductibles
Which factor can impact homeowner’s insurance premiums?
location, age of home, and coverage amount
Which type of life insurance provides coverage for a specific period of time?
term life insurance
What rights do renters typically have regarding the condition of the property?
right to request repairs and maintenance
What is the purpose of a mortgage?
providing financial assistance for buying a home
What are renters’ responsibilities regarding property usage?
property responsibly and reporting damage
What is the purpose of filing a claim with homeowner’s insurance?
request payment for covered damages
Which type of life insurance provides lifelong coverage and builds cash value?
whole life insurance
Which responsibilities are shared between landlords and tenants?
landlords maintain structural safety; tenants handle basic upkeep
What is the cost of buying a home primarily determined by?
market value and mortgage terms
What is the purpose of filing a claim with homeowner’s insurance?
request payment for covered damages