Newlyweds Jamie Lee and Ross have had severai milestones in the past year. Iney are newly married, recently purchased their tirst 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 $$2,000$ diamond wedding band set. They have elected not to get any further liability or other specialized coverage at this time. Currently, their home has increased in value by $$15,000$ since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebuild 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. Eacl answer must have a value for the assignment to be complete. Enter $"$O$"$ for any unused categories.

Current Financial Situation

Assets: $$

Checking 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

Income:

Real Property $($not applicable to renters$)$

Current replacement value of home

Personal Property

Estimated value of appliances, furniture, clothing, and other household items $($conduct an inventory$)$

Type of coverage for personal property

Replacement value

Additional coverage for items with limits on standard personal coverage such as jewelry, firearms,

silverware, and photographic, electronic, and computer equipment

Diamond wedding band set

$$,2,000\mathrm{.}00$

Personal Liability

Amount of additional personal liability coverage desired for possible personal injury claims

Specialized Coverages