Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Drop-Down Options 1: HO-4 , HO-6 , HO-8 , HO-1 , HO-3 , HO-2 or HO-3 , HO-2 Drop-down Options 2: HO-1, HO-2, HO-6, HO-8,
Drop-Down Options 1: HO-4, HO-6, HO-8, HO-1, HO-3, HO-2 or HO-3, HO-2
Drop-down Options 2: HO-1, HO-2, HO-6, HO-8, HO-3, or HO-4
Drop-down Options 3: will be reimbursed up to 40% of the personal property insurance, were not eligible for, will be imbursed up to 20% of the personal property insurance, or will not be reimbursed
5. Types of homeowner's insurance policies Insuring a Standard Home Megan is the owner of a 30-year-old home, and is looking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $350,000, 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: Detached buildings: Loss of Use (Additional living expenses): Property damage: $ $ Insuring While Away at College Megan's son, Larry, 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 Larry'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 His property is covered up to 10% of the coverage on the home Larry should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. Insuring a Condominium Megan's parents own a condominium that they fully insured for the replacement value of $210,000. 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 Megan is the owner of a 30-year-old home, and is looking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $350,000, 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: Detached buildings: Loss of Use (Additional living expenses): Property damage: $ $ Insuring While Away at College Megan's son, Larry, 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 Larry'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 His property is covered up to 10% of the coverage on the home Larry should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. Insuring a Condominium Megan's parents own a condominium that they fully insured for the replacement value of $210,000. 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)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started