2. TYpes of homeowner's insurance policies There are six types of standard homeowner's policies, commonly, referred to as HO-1 through HO-4, HO-6, and HO-8. Each provides coverage for damage due to certain peris, or events that cause damago to homes and other related property, as well as liablity ceverage for accidents that oceur, an one's proporty, Appiy your knowiedge of the different policy types and features to the three scenartos below. Insuring a Standard Home Alyssa is the owner of a 30 -year-old home and is iooking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the rool; a peni that was not covered by her basic-form policy; therefore, she is looking to buy a comprehensive policy that covers damape from all peris (except those specitically excluded), Based on the peril coverage it offers, she should purchase an insurance policy: Her home has a replacement value of $500,000; therefore, she insures her horne for the standard minimum legal requlrement of $. Assuming she does not purchase any additional coveraye beyond the legal minimams. complete the following table indicating the maximim dollar value of reimbursement bhe can recelve for each of the following: Insuring While Away at College Madeline's son, Felic, is a college student living in a campus dormitory, he drives a car that he parks on the street and wants to make sure the full value is insured. Which of the following staternents regarting her son's insurance needs are true? Check all that apply. He should cell the insurance aguncy that he parks in a garage to save froney on premiums. His property is covered up to 10% of the coverage on his parents" home. He shoisid purchase an HO-4 broad form insurance policy because he is not covered under his parents' policye Insuring a Condominium Ayssas parents own a condominium that they fully incured for the roplocement value of $300,000, Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repains. Based on the coverage detalls of their condominium form insurance pollcy, the additionaf living expenses they incur as a result of the damage (such as the cost of staying in a hotel dunng the repairs) 2. TYpes of homeowner's insurance policies There are six types of standard homeowner's policies, commonly, referred to as HO-1 through HO-4, HO-6, and HO-8. Each provides coverage for damage due to certain peris, or events that cause damago to homes and other related property, as well as liablity ceverage for accidents that oceur, an one's proporty, Appiy your knowiedge of the different policy types and features to the three scenartos below. Insuring a Standard Home Alyssa is the owner of a 30 -year-old home and is iooking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the rool; a peni that was not covered by her basic-form policy; therefore, she is looking to buy a comprehensive policy that covers damape from all peris (except those specitically excluded), Based on the peril coverage it offers, she should purchase an insurance policy: Her home has a replacement value of $500,000; therefore, she insures her horne for the standard minimum legal requlrement of $. Assuming she does not purchase any additional coveraye beyond the legal minimams. complete the following table indicating the maximim dollar value of reimbursement bhe can recelve for each of the following: Insuring While Away at College Madeline's son, Felic, is a college student living in a campus dormitory, he drives a car that he parks on the street and wants to make sure the full value is insured. Which of the following staternents regarting her son's insurance needs are true? Check all that apply. He should cell the insurance aguncy that he parks in a garage to save froney on premiums. His property is covered up to 10% of the coverage on his parents" home. He shoisid purchase an HO-4 broad form insurance policy because he is not covered under his parents' policye Insuring a Condominium Ayssas parents own a condominium that they fully incured for the roplocement value of $300,000, Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repains. Based on the coverage detalls of their condominium form insurance pollcy, the additionaf living expenses they incur as a result of the damage (such as the cost of staying in a hotel dunng the repairs)