Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first 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 $12,000 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 "0" for any unused categories.

Current Financial Situation Assets: Income:

Checking account $4,300 Gross income (JL) $50,000

Savings account $22,200 Net income after taxes (JL) $37,500

Emergency fund savings $20,500 Gross income (Ross) $75,000

IRA balance $26,000 Net income after taxes (Ross) $64,000

Car (Jamie Lee) $10,000 Monthly Expenses:

Car (Ross) $18,000 Mortgage $1,225

Liabilities: Property taxes and insurance $500

Student loan balance $0 Utilities $195

Credit card balance $2,000 Food $400

Car loans $6,000 Gas/maintenance $275

Credit card payment $250

Original price of home $273,000

Car loan payment $289

Entertainment $300

Please help :(

Real Property (not applicable to renters) Current replacement value of home $285,000.00 Personal Property Estimated value of appliances, furniture, clothing, and other household items (conduct an inventory) $21,000.00 Type of coverage for personal property 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