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*Personal Financial Literacy Resource Guide*

Chapter 8 Introduction

Adequate financial protection from risks is a vital component of financial planning. This chapter starts with an introduction to insurance and covers the fundamental aspects of home and auto insurance. Discussed are coverage available to homeowners and renters, along with information on the types of policies and the factors that affect the cost of home insurance. The second major aspect of the chapter involves a presentation of the importance, types of coverage, and cost factors of automobile insurance.

LO 8.1: Identify types of risks and risk management methods, and develop a risk management plan

LO 8.2: Assess the insurance coverage and policy types available to homeowners and renters

LO 8.3: Analyze the factors that influence the amount of coverage and cost of home insurance

LO 8.4: Identify the important types of automobile insurance coverage

LO 8.5: Evaluate factors that affect the cost of automobile insurance

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