Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their 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 hav 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. Each 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 $67,000 $50.250 $92.000 $78,200 Emergency fund savings account IRA balance Car Jamie Lee Car Ross) Liabilities: Student loan balance Credit card balance Car loans Income: $6.000 Gross income Jamie Lee) $23.900 Net income after taxes Jamie Lee) $22.200 Gross income Ross) $27700 Net income after taxes (Ross) $11.700 Monthly Expenses $19.700 Mortgage Property taxes and insurance 30 Utilities $2.000 Food 57,700 Gas maintenance Credit card payment $1,480 5670 $130 $305 5215 $335 Original purchase price of home Credit card payment Car loan payment $305,000 $335 $306 $385 Entertainment Real Property (not applicable to renters) Current replacement value of home $ 320,000.00 Personal Property Estimated value of appliances, furniture, clothing, and other household items (conduct an inventory) Type of coverage for personal property Replacement value for items with limi 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 $ 2,000.00 Personal Liability Amount of additional personal liability coverage claims for possible personal injury $ 9.700.00 Specialized Coverages If appropriate, investigate flood or earthquake coverage excl insurance policies dod dod from hom Total Property Insurance Needed