Insuring a Standard Home Eleanor is the owner of a 2-year-old home and is looking to buy a homeowner's insurance policy. She is primarily concerned about getting protection from standard property-damaging perils that she has no way of preventing (those due to fire, vandalism, windstorms, and so forth) and less concerned about damages that she feels she can prevent through frequent maintenance (those caused by malfunctioning of internal structures such as air conditioning or plumbing). Based on the peril coverage it offers, she should purchase an insurance policy. Her home has a replacement value of $350,000; therefore, she insures her home for the standard 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: Credit card, forgery, and so forth: Additional living expenses: No-fault property damage: Insuring While Away at College Eleanor's son Nick is a college student living in a campus dormitory. He drives a car that he parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Nick's insurance needs are true? Check all that apply. He should purchase an H0-4 broad form insurance policy because he is not covered under his parents' policy. 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 his parents' home. Insuring a Condominium Eleanor'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) Insuring a Standard Home Eleanor is the owner of a 2-year-old home and is looking to buy a homeowner's insurance policy. She is primarily concerned about getting protection from standard property-damaging perils that she has no way of preventing (those due to fire, vandalism, windstorms, and so forth) and less concerned about damages that she feels she can prevent through frequent maintenance (those caused by malfunctioning of internal structures such as air conditioning or plumbing). Based on the peril coverage it offers, she should purchase an insurance policy. Her home has a replacement value of $350,000; therefore, she insures her home for the standard 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: Credit card, forgery, and so forth: Additional living expenses: No-fault property damage: Insuring While Away at College Eleanor's son Nick is a college student living in a campus dormitory. He drives a car that he parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Nick's insurance needs are true? Check all that apply. He should purchase an H0-4 broad form insurance policy because he is not covered under his parents' policy. 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 his parents' home. Insuring a Condominium Eleanor'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)