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5. Types of homeowner's insurance policies Insuring a Standard Home Hilary is the owner of a 30-year-old home, and is looking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $200,000, therefore she insures her home for the minimum legal requirement of $ Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: Medical payments to others: Loss of Use (Additional living expenses): $ $ $ Comprehensive personal liability: Insuring While Away at College Hilary's son, Edison, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Edison's insurance needs are true? Check all that apply. Insuring While Away at College Hilary's son, Edison, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Edison's insurance needs are true? Check all that apply. His computer is covered under his parents' policy Edison should purchase an HO-2 broad form insurance policy because he is not covered under his parents' policy. If he purchases an HO-4 policy, he can choose the value of the property he wishes to insure Insuring a Condominium Hilary's parents own a condominium that they fully insured for the replacement value of $120,000. Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs) 5. Types of homeowner's insurance policies Insuring a Standard Home Hilary is the owner of a 30-year-old home, and is looking to buy a homeowner's insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy. Her home has a replacement value of $200,000, therefore she insures her home for the minimum legal requirement of $ Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: Medical payments to others: Loss of Use (Additional living expenses): $ $ $ Comprehensive personal liability: Insuring While Away at College Hilary's son, Edison, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Edison's insurance needs are true? Check all that apply. Insuring While Away at College Hilary's son, Edison, is a college student living in an off-campus apartment where he resides year round. He owns an expensive computer and wants to make sure the full value is insured. Which of the following statements regarding Edison's insurance needs are true? Check all that apply. His computer is covered under his parents' policy Edison should purchase an HO-2 broad form insurance policy because he is not covered under his parents' policy. If he purchases an HO-4 policy, he can choose the value of the property he wishes to insure Insuring a Condominium Hilary's parents own a condominium that they fully insured for the replacement value of $120,000. Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs)
