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Property and Motor Vehicle Insurance Newelly Weds Jamie Lee and Ross had several Milestones in the past year. They are Newly weds recently purchased their first home, andnow have twins on the way! Jamie Lee and Ross have to seriously consider their Needs. With a family, a home, and now babies on the way, they need to develop a risk-management plan to help them should an unexpected event arise. current Financial situation Assets CJamie Lee and Ross combined) Checking Account: $4,300 Saving account: 822,200 Emergency fund savings account: $20,506 IRA balance: $26,000 U SD Car Bigooo Wamie Lee and & 18,000 (Ross) Liabilities : (Jamie Lee and Ross combined) student loan balance :$0 w towall credit card balance: $2,000 E Car Loans: $6,000 orang, theon Income: Jamie Lee $50,000 gross income ($ 37,5.00 pets after 1. Taxos - Ross $75,000 gross income 1$ 64,000 Net, incom) che after takes Monthly Expenses. (Jamie Lee and Ross combined) thakadue mortgage: $1252 monthly b oos: Property Taxes and insurance $ 500 Utilities: $195 Food: $400 m m Gas/ maintenance: $276 credit card payment: $250 Car Loan payment : $289 Entertain ment: $300 @ Based on their current life status, what are some of the goals Jamie Lee and Ross Should set to achieve when developing their insurance plan? What Pour questions should Jamie Lee and Ross ask them selves as they develop the risk management plan? Once Jamie Lee and Ross put their insurance plan into action, What should they do to maintain their plan? Jamic and Ross decided to conducta Check up on their home owner's policy. The noticed that they had omitted covering Samic Lees diamond wedding band set from their policy. What if it got lost or Stolen? It was amajor purchase and besides the emotional value, the cost to replace the diamondjewelry would be very high. What type of policy Should Jamie Lee and Ross Consider to cover the diamond wedding rings? @Mr. Ferrell, Jamie Lee and Ross's insurance Suggested a flood insurance policy in addition to their regular homeowners policy. Jamie Lee and Ross looked quizzically at the agent, as they do not live within twomiles of abody of water. What is the basis for Mr. Ferrells claim for the Necessity of the flood policy? @Using Personal Financial Planner Sheet 27, Home Inventory, create a record of belongings for Jamie Lee and Rosso consider items of value that may be located in each of the rooms of the house and determine a dollar amount for eachitem. What is the total cost of the items? Consider the value of Jamie Lee's and Rosss automobiles, What type of automobile Insurance coverage would you soggest for them? 1 What financial Strategy would you suggest to Jamie Lee and Ross to enable them to save money on their premiums? Property and Motor Vehicle Insurance Newelly Weds Jamie Lee and Ross had several Milestones in the past year. They are Newly weds recently purchased their first home, andnow have twins on the way! Jamie Lee and Ross have to seriously consider their Needs. With a family, a home, and now babies on the way, they need to develop a risk-management plan to help them should an unexpected event arise. current Financial situation Assets CJamie Lee and Ross combined) Checking Account: $4,300 Saving account: 822,200 Emergency fund savings account: $20,506 IRA balance: $26,000 U SD Car Bigooo Wamie Lee and & 18,000 (Ross) Liabilities : (Jamie Lee and Ross combined) student loan balance :$0 w towall credit card balance: $2,000 E Car Loans: $6,000 orang, theon Income: Jamie Lee $50,000 gross income ($ 37,5.00 pets after 1. Taxos - Ross $75,000 gross income 1$ 64,000 Net, incom) che after takes Monthly Expenses. (Jamie Lee and Ross combined) thakadue mortgage: $1252 monthly b oos: Property Taxes and insurance $ 500 Utilities: $195 Food: $400 m m Gas/ maintenance: $276 credit card payment: $250 Car Loan payment : $289 Entertain ment: $300 @ Based on their current life status, what are some of the goals Jamie Lee and Ross Should set to achieve when developing their insurance plan? What Pour questions should Jamie Lee and Ross ask them selves as they develop the risk management plan? Once Jamie Lee and Ross put their insurance plan into action, What should they do to maintain their plan? Jamic and Ross decided to conducta Check up on their home owner's policy. The noticed that they had omitted covering Samic Lees diamond wedding band set from their policy. What if it got lost or Stolen? It was amajor purchase and besides the emotional value, the cost to replace the diamondjewelry would be very high. What type of policy Should Jamie Lee and Ross Consider to cover the diamond wedding rings? @Mr. Ferrell, Jamie Lee and Ross's insurance Suggested a flood insurance policy in addition to their regular homeowners policy. Jamie Lee and Ross looked quizzically at the agent, as they do not live within twomiles of abody of water. What is the basis for Mr. Ferrells claim for the Necessity of the flood policy? @Using Personal Financial Planner Sheet 27, Home Inventory, create a record of belongings for Jamie Lee and Rosso consider items of value that may be located in each of the rooms of the house and determine a dollar amount for eachitem. What is the total cost of the items? Consider the value of Jamie Lee's and Rosss automobiles, What type of automobile Insurance coverage would you soggest for them? 1 What financial Strategy would you suggest to Jamie Lee and Ross to enable them to save money on their premiums