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 tables on the way, they are working on developing a risk management plan to help them should an unexpected event arise. Jamie Lee and Ross orealed a Household Inventory (see Addendum .excluding the $2.000 diamond wedding band set. They have elected not to get any further ilability 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 "o for any unused categories. Current Financial Situation Assets Checking account Savings account Emergency fund savings account IRA balance Car Jamie Lee) Car (Ross) Income: $4,300 Gross Income Jamie Lee) $50,000 20 Net Income after taxes $22.200 $37,500 (Jamie Lee) $20,500 Gross Income ( RSS) $75,000 Net Income after taxes $26,000 (Ross) $64,000 $10,000 Monthly Expenses: $18,000 Mortgage $1,225 Property taxes and $500 Insurance $0 Utilities $195 $2,000 Food $400 $6,000 Gas/maintenance $275 Credit card payment $250 $273,000 car loan payment $289 Entertainment $300 Llabilities: Student loan balance Credit card balance Car loan Original purchase price of home 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 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 tables on the way, they are working on developing a risk management plan to help them should an unexpected event arise. Jamie Lee and Ross orealed a Household Inventory (see Addendum .excluding the $2.000 diamond wedding band set. They have elected not to get any further ilability 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 "o for any unused categories. Current Financial Situation Assets Checking account Savings account Emergency fund savings account IRA balance Car Jamie Lee) Car (Ross) Income: $4,300 Gross Income Jamie Lee) $50,000 20 Net Income after taxes $22.200 $37,500 (Jamie Lee) $20,500 Gross Income ( RSS) $75,000 Net Income after taxes $26,000 (Ross) $64,000 $10,000 Monthly Expenses: $18,000 Mortgage $1,225 Property taxes and $500 Insurance $0 Utilities $195 $2,000 Food $400 $6,000 Gas/maintenance $275 Credit card payment $250 $273,000 car loan payment $289 Entertainment $300 Llabilities: Student loan balance Credit card balance Car loan Original purchase price of home 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
