Chp 3 Concepts of Home Ownership
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A clause insurance policies covering real
property that requires the policyholder to maintain fire insurance coverage
generally equal to at least 80 percent of the property’s actual replacement
A standardized package insurance policy that
covers a residential real estate owner against financial loss from fire, theft,
public liability, and other common risks
Homeowners’ insurance policy
Insurance that covers injuries or losses
sustained within the home.
The basic cost of owning a home mortgage
Principal and Interest, real estate Taxes, and hazard Insurance.
PITI (principal, interest, taxes, and insurance)
The construction cost at current prices of a
property that is not necessarily an exact duplicate of the subject property but
serves the same purpose or function as the original.
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