If a homeowner cannot get private home insurance, what are his/her choices for coverage? I. Surplus Carriers II. Insurecare III FAIR Plans IV FHA Insurance A. II & IV B. I & IV C. II, III, & IV D. I & III

If a homeowner cannot get private home insurance, what are his/her choices for coverage? I. Surplus Carriers II. Insurecare III FAIR Plans IV FHA Insurance A. II & IV B. I & IV C. II, III, & IV D. I & III

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter10: Managing Property And Liability Risk

Section: Chapter Questions

Problem 6LTAI

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Concept explainers

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.

Question

Q.If a homeowner cannot get private home insurance, what are his/her choices for coverage?

I. Surplus Carriers

II. Insurecare

III FAIR Plans

IV FHA Insurance

A. II & IV

B. I & IV

C. II, III, & IV

D. I & III

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