Continuing Case 28. Property Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. With a family, a home, and now babies on the way, they are working on developing a risk management plan to help them should an unexpected event arise. Jamie Lee and Ross created a Household Inventory (see Addendum C), excluding the $2,000 diamond wedding band set. They have elected not to get any further liability or other specialized coverage at this time. Currently, their home has increased in value by $12,000 since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebuild their home using the most current costs. Use this information to complete the table below and determine the total amount of property insurance coverage they will need. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories. Current Financial Situation Assets: Checking account Savings account Emergency fund savings account IRA balance. Car (Jamie Lee) Car (Ross) Liabilities: Student loan balance Credit card balance Car loans Original purchase price of home $10,000 Monthly Expenses: $18,000 Mortgage Income: $4,300 Gross income (Jamie Lee) $50,000 $22,200 Net income after taxes (Jamie Lee) $37,500 $20,500 Gross income (Ross) $75,000 $26,000 Net income after taxes (Ross) $64,000 $1,225 $500 $195 $400 $275 $250 $289 $300 Property taxes and insurance 50 Utilities $2,000 Food $6,000 Gas/maintenance $273,000 Credit card payment Car loan payment Entertainment