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 bables 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 $14,000 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 Emergency fund savings account $52000 $39.000 $77.000 $65.450 IRA balance Car Jamie Lee Car ROSSI Income: $4.500 Gross income (Jamie Lee $22.400 Net income after taxes Jamie Lee! $20.700 Gross income (Ross $26.200 Net income after taxes (Ross) $10.200 Monthly Expenses $18.200 Mortgage Property tres and Insurance $0 w ed $2.000 Food 56.300 bagi menenance Liabilities $ 256 5520 $205 S410 Student loan balance credit balance carloans Original purchase price or home $289.000 car en permen 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 Additional coverage for items with limits on standard personal coverage such as jewelry, firearms. Silverware, and photographic, electronio, and computer equipment Diamond wedding band set Personal Liability Amount of additional personal liability coverage desired for possible personal injury claims Specialized Coverages If appropriate, investigate flood or earthquake coverage excluded from home insurance policies Total Property Insurance Needed PROTECTED VIEW i NOTICE AMWAY Be carefulfiles from the Internet can contain vinuses. Unless you need to edit, it's safer to stay in Protected View Most features are disabled because your Office product kinactive. To use for free, sign in and use the Web version. x fix Enable Editing Activate G F Home Inventory with Estimated Replacement Values - Calculate the total replacement cost for household. Closets/Hallway: Value Attic Value Bathrooms: Value Tenor Saxaphone $450.00 4 pc. Luggage set $85.00 Linens, towels, shower $350.00 Vacuum cleaner $90.00 Holiday decorations $200.00 curtain Rugs $40.00 Winter Coats $600.00 Off-season clothing $300.00 Electric Toothbrush $50.00 Table/Mirror $350.00 Personal Belongings: Clothing Dewelry (excluding wedding rings) Value Bedrooms: $4,000.00 Master Bedroom Furniture $300.00 Guest Bedroom Furniture Nursery Furniture (twins) Value Family Room: $1,500.00 Sofa Set $1,200.00 TV $2,000.00 Lamps Value $1,800.00 $2,000.00 $200.00 Value $800.00 $500.00 Garage: Lawn mower Tools Bicycles Golf Clubs Lawn Tools Value $250.00 $150.00 $250.00 $200.00 $50.00 Kitchen/Dining: Table/chairs Refrigerator Dishwasher Microwave Toaster Coffee Maker Value Electronics: $750.00 Laptop Computer $1,400.00 Tablet Computer $450.00 $120.00 $30.00 $150.00 Total value: Addendiim Household Inventory 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 bables 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 $14,000 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 Emergency fund savings account $52000 $39.000 $77.000 $65.450 IRA balance Car Jamie Lee Car ROSSI Income: $4.500 Gross income (Jamie Lee $22.400 Net income after taxes Jamie Lee! $20.700 Gross income (Ross $26.200 Net income after taxes (Ross) $10.200 Monthly Expenses $18.200 Mortgage Property tres and Insurance $0 w ed $2.000 Food 56.300 bagi menenance Liabilities $ 256 5520 $205 S410 Student loan balance credit balance carloans Original purchase price or home $289.000 car en permen 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 Additional coverage for items with limits on standard personal coverage such as jewelry, firearms. Silverware, and photographic, electronio, and computer equipment Diamond wedding band set Personal Liability Amount of additional personal liability coverage desired for possible personal injury claims Specialized Coverages If appropriate, investigate flood or earthquake coverage excluded from home insurance policies Total Property Insurance Needed PROTECTED VIEW i NOTICE AMWAY Be carefulfiles from the Internet can contain vinuses. Unless you need to edit, it's safer to stay in Protected View Most features are disabled because your Office product kinactive. To use for free, sign in and use the Web version. x fix Enable Editing Activate G F Home Inventory with Estimated Replacement Values - Calculate the total replacement cost for household. Closets/Hallway: Value Attic Value Bathrooms: Value Tenor Saxaphone $450.00 4 pc. Luggage set $85.00 Linens, towels, shower $350.00 Vacuum cleaner $90.00 Holiday decorations $200.00 curtain Rugs $40.00 Winter Coats $600.00 Off-season clothing $300.00 Electric Toothbrush $50.00 Table/Mirror $350.00 Personal Belongings: Clothing Dewelry (excluding wedding rings) Value Bedrooms: $4,000.00 Master Bedroom Furniture $300.00 Guest Bedroom Furniture Nursery Furniture (twins) Value Family Room: $1,500.00 Sofa Set $1,200.00 TV $2,000.00 Lamps Value $1,800.00 $2,000.00 $200.00 Value $800.00 $500.00 Garage: Lawn mower Tools Bicycles Golf Clubs Lawn Tools Value $250.00 $150.00 $250.00 $200.00 $50.00 Kitchen/Dining: Table/chairs Refrigerator Dishwasher Microwave Toaster Coffee Maker Value Electronics: $750.00 Laptop Computer $1,400.00 Tablet Computer $450.00 $120.00 $30.00 $150.00 Total value: Addendiim Household Inventory