New York · Chapter 18 of 26

Property Insurance

Why property insurance matters, where to buy it, monoline vs. package policies, the HO-1 through HO-8 forms as the syllabus defines them, actual cash value vs. replacement cost, coinsurance, NYPIUA and the NFIP for hard-to-insure property, cancellation and nonrenewal, windstorm deductibles and the agent's role.

20-minute read · Built for the Salesperson Exam

independent agents vs. captive insurers vs. brokersmonoline vs. package policyproperty, liability and medical coverageHO-1 basicHO-2 broadHO-3 special (most common)HO-5 comprehensiveHO-8 market value/ACVHO-4 tenants and co-op ownersHO-6 condominium ownersactual cash value vs. replacement costNYPIUANational Flood Insurance Programwindstorm deductible disclosureumbrella policy

Purpose and Sources of Property Insurance

Property insurance protects an owner against financial loss from damage to the property and from legal liability for injuries or damage to others. Lenders require it because the property is their collateral, and they are named on the policy as mortgagee. Insurance can be bought through independent agents, who represent several insurance companies; directly from insurance companies, through their own (captive) agents; or through insurance brokers, who represent the buyer and shop the market.

N.Y. Ins. Law Art. 21

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