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2. Types of homeowner's insurance pollicies There are six types of standard homeowner's polities, commonly referred to as HO-1 through HO-4, H0-6, and HO-8. Each

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2. Types of homeowner's insurance pollicies There are six types of standard homeowner's polities, commonly referred to as HO-1 through HO-4, H0-6, and HO-8. Each provides coverage for damage due to certain perils, of events that cause damoge to homes and other related property, as well as latility coverage for accidents that occur on one's property. Apply your knowledge of the different pollcy types and features to the three scenarios below. Insuring a Standard Home Hannah is the owner of a 15 -year-old home and is looking to buy a homeowner's insurance policy. She feels it would be overiy cautious to purchase protection from all penils, but in addition to protection from fire, vandalikm, winditorms, and so forth, she wants insurance far damage caused by malfunctioning of internal structures such as air conditioning of plumbing. Based on the peni coverage it effers, she should purchase an insurance pollcy. Her home has a replacement value of $150,000; therefore, she insures her home for the standard minimum legal requirement of 5 Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum doliar value of reimbursement she can receive for each of the following: Insuring While Away at College Madeline's son, Clancy, is a college student living in an off-campus apatment where he resides year-round, He owns an expensive computer and Her home has a replacement value of $150,000; therefore, the insures hen home for the standard minimium leqal requirement of 5 Assuming she does not purchase any addisoal coverage beyond the legal minimums, complete the following table indicating the maximum datiar value of reimbursement she can receive for each of the foltowing: Insuring While Away at College Made line's ton, Clancy, is a college student tiving in on otf-campos apsrtment where he resides year-round. He owns an expensive camputer and qante to make wire the fullivalue is insured. Which of the following stotements regarding her son's tnsurancet nieds are truet choci all that apoiy. He should purchise an HO4 pobicy, so he can chpose the value of the property he wishes to insure. Mis computeris covered under his parents pollicy. He should parchase an HO-2 broad form insurance policy becaute he is not covered under his parents' colicy. Insuring an Oider Home Hannah's parents live in a Georglan-style nome builf in the early 18005, Although the house is stil stant ing, it has falfen into disrepair, and the cost of iebuliding it with the origlnal style and quality would be extremely high. If their home were destroyed, Hancah's parente would choose ta rebuld a much mote mocest structure rather than restore it to its original state; therefore, they purchase an form pelicy to provide protection. 2. Types of homeowner's insurance pollicies There are six types of standard homeowner's polities, commonly referred to as HO-1 through HO-4, H0-6, and HO-8. Each provides coverage for damage due to certain perils, of events that cause damoge to homes and other related property, as well as latility coverage for accidents that occur on one's property. Apply your knowledge of the different pollcy types and features to the three scenarios below. Insuring a Standard Home Hannah is the owner of a 15 -year-old home and is looking to buy a homeowner's insurance policy. She feels it would be overiy cautious to purchase protection from all penils, but in addition to protection from fire, vandalikm, winditorms, and so forth, she wants insurance far damage caused by malfunctioning of internal structures such as air conditioning of plumbing. Based on the peni coverage it effers, she should purchase an insurance pollcy. Her home has a replacement value of $150,000; therefore, she insures her home for the standard minimum legal requirement of 5 Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum doliar value of reimbursement she can receive for each of the following: Insuring While Away at College Madeline's son, Clancy, is a college student living in an off-campus apatment where he resides year-round, He owns an expensive computer and Her home has a replacement value of $150,000; therefore, the insures hen home for the standard minimium leqal requirement of 5 Assuming she does not purchase any addisoal coverage beyond the legal minimums, complete the following table indicating the maximum datiar value of reimbursement she can receive for each of the foltowing: Insuring While Away at College Made line's ton, Clancy, is a college student tiving in on otf-campos apsrtment where he resides year-round. He owns an expensive camputer and qante to make wire the fullivalue is insured. Which of the following stotements regarding her son's tnsurancet nieds are truet choci all that apoiy. He should purchise an HO4 pobicy, so he can chpose the value of the property he wishes to insure. Mis computeris covered under his parents pollicy. He should parchase an HO-2 broad form insurance policy becaute he is not covered under his parents' colicy. Insuring an Oider Home Hannah's parents live in a Georglan-style nome builf in the early 18005, Although the house is stil stant ing, it has falfen into disrepair, and the cost of iebuliding it with the origlnal style and quality would be extremely high. If their home were destroyed, Hancah's parente would choose ta rebuld a much mote mocest structure rather than restore it to its original state; therefore, they purchase an form pelicy to provide protection

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