5. Types of homeowner's insurance policies Insuring a Standard Home Rina is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $500,000, therefore she insures her home for the minimum legal requirement of S Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: $ $ Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: S Insuring While Away at College Rina's son, Musashi, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Musashi's insurance needs are true? Check all that apply. Musashi should purchase an H0-2 broad form insurance policy because he is not covered under his parents' policy. His computer is covered under his parents' policy If he purchases an H0-4 policy, he can choose the value of the property he wishes to insure Insuring a Condominium Rina's parents own a condominium that they fully insured for the replacement 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 repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs) 5. Types of homeowner's insurance policies Insuring a Standard Home Rina is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $500,000, therefore she insures her home for the minimum legal requirement of S Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: $ $ Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: S Insuring While Away at College Rina's son, Musashi, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Musashi's insurance needs are true? Check all that apply. Musashi should purchase an H0-2 broad form insurance policy because he is not covered under his parents' policy. His computer is covered under his parents' policy If he purchases an H0-4 policy, he can choose the value of the property he wishes to insure Insuring a Condominium Rina's parents own a condominium that they fully insured for the replacement 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 repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs)