Home Owners can take tax deductions from gross income from....
Mortgage interest payments on 1st and 2nd homes (for balances below 1 mill for couples and 500 thous for singles)
Real estate taxes
Loan discount points
Loan prepayment penalties
This requires homeowners to provide insurance equal to at least 80% of replacement cost of the dwelling (not including the cost of the land).
If a home owner holds insurance less than 80% of replacement cost, either the loss will be setttled for ________ __________ ________ (cost less depreciation) or it will be __________ ____ _________ the percentage of replacement cost actually covered by the policy by the minimum coverage requirement.
actual cash value
prorated by dividing
What is CLUE?
Comprehensive Loss Underwriting Exchange
What does CLUE do?
keeps a record of insurance claims for 5 years (personal property claim history)
What is the NFIP?
National Flood Insurance Program
The National Flood Insurance Act of 1963 was enacted by Congress to help homeowners in flood prone areas by....
subsidizing flood insurnace for people in flood prone areas
What organization administers the National Flood Insurance Act of 1963?
Personal belonging coverage includes off ________ coverage (covered anywhere in the world).
What organization prepare maps to identify flood prone areas?
Army Corps of Engineers
Basic insurance policies cover:
fire, lightning, windstorm, hail, glass breakage, damage by aircrafts and civil commotion, vandalism, theft, malicious mischief
This is a guage of sale prices in the country's major markets
S&P/Case Shiller Home Price Index
Broad form insurance policies include:
falling objects, and damage due to weight of ice, snow, or sleet
Collapse of all or part of building
Water damage from pipes or appliances by steam or accidental discharge, or freezing
Many appraisers use this service to determine approximate building costs.
Marshall and Swift
Damage by most disasters are covered in most basic insurance policies with the exception of....
earthquake, floods, and poor maintenance
Most standard insurance polices covered detatched buildings on your property at __________ of the amount of insurance you have.
Most companies provide coverage for personal belongings destroyed by fire, hurricane, etc, up to ________________ of the coverage you have in your home.
Most insurance policies cover damage to fructus naturales at _____ or __________ per item - wind or disease are not covered.
Liability limits usuall start at _____________. but many experts recommend ________________.
The total debt including car pmts, student loans, credit card minimum payments is called.....