Continuing Case 48. 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 liablity or other specialized coverage at this time. Currently, their home has increased in value by \\( \\$ 11,000 \\) since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebulid 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 \" 0 \" for any unused categories. Lnecking 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 \\( \\$ 5,206 \\) \\( \\$ 23,100 \\) \\( \\$ 21,400 \\) \\( \\$ 26,960 \\) \\( \\$ 10,900 \\) \\( \\$ 18,900 \\) \\( \\$ 2,000 \\) \\( \\$ 6,900 \\) \\( \\$ 293,000 \\) Gross income (Jamie Lee) Net income after taxes (Jamie Lee) Gross income (Ross) Net income after taxes (Ross) Monthly Expenses: Mortgage Property taxes and insurance Utilities Food Gas/maintenance Credit card payment Car loan payment Entertainment \\$9, \\( \\$ 44,250 \\) \\( \\$ 84,000 \\) \\( \\$ 71,480 \\) \\( \\$ 1,360 \\) \\( \\$ 590 \\) \\( \\$ 240 \\) \\( \\$ 445 \\) \\( \\$ 329 \\) \\( \\$ 295 \\) \\( \\$ 298 \\) \\( \\$ 345 \\) Real Property (not applicable to renters) Current replacement value of home Personal Property Estimated value of appliances, furniture, clothing, and other househoid items (conduct an imventory) Type of coverage for personal property Additional coverage for items with limits on standard personal coverage such as jewelry, fraarms. siverware, and photographic, electronic, and computer equipment Diamond wedding band set Personal Liability Amount of addivional personal liablity coverage desired for possible pernonat inviry ctaims Specialized Coverages If appropriate, investigate flood or earthquake coverage excluded from forne insurance policies Total Property Insurance Needed Continuing Case 48. 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 liablity or other specialized coverage at this time. Currently, their home has increased in value by \\( \\$ 11,000 \\) since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebulid 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 \" 0 \" for any unused categories. Lnecking 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 \\( \\$ 5,206 \\) \\( \\$ 23,100 \\) \\( \\$ 21,400 \\) \\( \\$ 26,960 \\) \\( \\$ 10,900 \\) \\( \\$ 18,900 \\) \\( \\$ 2,000 \\) \\( \\$ 6,900 \\) \\( \\$ 293,000 \\) Gross income (Jamie Lee) Net income after taxes (Jamie Lee) Gross income (Ross) Net income after taxes (Ross) Monthly Expenses: Mortgage Property taxes and insurance Utilities Food Gas/maintenance Credit card payment Car loan payment Entertainment \\$9, \\( \\$ 44,250 \\) \\( \\$ 84,000 \\) \\( \\$ 71,480 \\) \\( \\$ 1,360 \\) \\( \\$ 590 \\) \\( \\$ 240 \\) \\( \\$ 445 \\) \\( \\$ 329 \\) \\( \\$ 295 \\) \\( \\$ 298 \\) \\( \\$ 345 \\) Real Property (not applicable to renters) Current replacement value of home Personal Property Estimated value of appliances, furniture, clothing, and other househoid items (conduct an imventory) Type of coverage for personal property Additional coverage for items with limits on standard personal coverage such as jewelry, fraarms. siverware, and photographic, electronic, and computer equipment Diamond wedding band set Personal Liability Amount of addivional personal liablity coverage desired for possible pernonat inviry ctaims Specialized Coverages If appropriate, investigate flood or earthquake coverage excluded from forne insurance policies Total Property Insurance Needed