Jake and Leslie White (both aged 55) are the owners of a wonderful old Victorian home that is on the official city historic registrar and thus, cannot be significantly modified without express city approval. Being an older home (built in 1940), its infrastructure, e.g., plumbing, roof, etc., are relatively old. That said, if they were to require replacement, the city would require the use of like equipment and materials, thus driving up the repair costs significantly. The market value of the home is about $300,000 but given the special craftsmanship required to rebuild the home, the replacement cost would be about $500,000. Homes like this have an estimated 100 years of use. It is located on a one-acre lot and has a detached garage. The cost to replace the garage alone would be $100,000. They also have a $200,000 mortgage on the home and expect to have it paid off in 10 years. The homes property borders a river that has been known to overflow its boundaries occasionally and poses a moderate threat to the home. The home is nicely furnished with approximately $210,000 worth of personal contents. In addition to that personal property, the Smiths also own some unique pieces of jewelry (family heirlooms), valued at $50,000

What kind of homeowners insurance should they buy to properly cover their homes and personal property? Give an explanation