S. Types of homeowner's insurance policies Insuring a Standard Home Karen is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an HO-1 insurance policy. Her home has a replacement value of $400,000, 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: Detached buildings Loss of Use (Additional living expenses): Insuring While Away at College Karen's son, Clancy, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Clancy's insurance needs are true? Check all that apply. He should tell the insurance agency that he parks in a garage to save money on premiums. Clancy should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy His property is covered up to 10% of the coverage on the home. Insuring an Older Home S. Types of homeowner's insurance policies Insuring a Standard Home Karen is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an HO-1 insurance policy. Her home has a replacement value of $400,000, 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: Detached buildings Loss of Use (Additional living expenses): Insuring While Away at College Karen's son, Clancy, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Clancy's insurance needs are true? Check all that apply. He should tell the insurance agency that he parks in a garage to save money on premiums. Clancy should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy His property is covered up to 10% of the coverage on the home. Insuring an Older Home