Cho is the owner of a 2-year-old home, and is looking to buy a homeowner's insurance policy. She is primarily concerned with protection from standard property damaging perils that she has no way of preventing, such as those due to fire, vandalism, windstorms, and so on, and less concerned about those that she feels she can prevent through frequent maintenance (such as 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 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: Medical payments to others: Loss of Use (Additional living expenses): Comprehensive personal liability: 5 5 Insuring While Away at College Cho's son, Bob, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Bob's insurance needs are true? Check all that apply. He should tell the insurance agency that he parks in a garage to save money on premiums Bob should purchase an HO-4 broad form Insurance policy because he is not covered under his parents' policy. His property is covered up to 10% of the coverage on the home Cho's son, Bob, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is Insured. Which of the following statements regarding Bob's insurance needs are true? Check all that apply. He should tell the insurance agency that he parks in a garage to save money on premiums Bob should purchase an H0-4 broad form insurance policy because he is not covered under his parents' policy. His property is covered up to 10% of the coverage on the home Insuring a Condominium Cho'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 detalis of their condominium forminsurance 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)
