In addition to medical, home, and auto-insurance policies, you can choose to purchase additional policies to protect against other types of losses. Consider Hubert, a lawyer with a standard HO-2 policy with $400,000 of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and a professional liability policy with a $100,000 limit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. She knows her father has all the standard policies, so she reviews a number of situations that aren't always covered under standard policies. For each of the following scenarios, indicate the type of coverage-one Hubert already has or one he should purchase-that would protect against the loss described. How to Protect Against This Loss He fails to extinguish his campfire before leaving the site; the fire gets out of control and causes $56,000 of damage (both to people and property) in the neighboring campsite. The cell phone he uses for work matters is stolen when he accidentally leaves it at a restaurant. A flood destroys the basement of the home, causing $20,000 in damage. Already covered under HO-2 Buy comprehensive personal liability Buy floater policy Already covered under professional liability In addition to these policies, he is considering an umbrella liability insurance policy with limits of $1 million. Which of the following statements regarding umbrella policies are true? Check all that apply. If Hubert is sued by a client and must pay $110,000 in damages, his umbrella policy will pay the $10,000 above the limits of his professional liability policy. The cost of the additional umbrella policy is high and is only worth that cost if Hubert is wealthy. If Hubert causes an automobile accident and the medical bills for the other driver and his or her passenger are $110,000 ($80,000 and $30,000, respectively), the umbrella policy will cover $10,000 of the cost