S. Types of homeowner's insurance policies Insuring a Standard Home Susan is the owner of a 15-year old home, and soon to buy a homeowner's ance policy. She fees it would be overtybus to purchase protection from all perils, but in addition to protection from fire vandalim, dators, and so on, she also wantsurance for damage caused by malfunctioning of internal structures like ar conditioning of plumbing. Based on the pericoverage otters, the purchases insurance policy HO Her home has a replacement val of $250,000, therefore she suresher home for the minimum legal requirement of HO Asing she does not purchase any additional coverage beyond the gems, complete the following table desting the man hr value of reimbursement she can receive for each of the following: HO- HOS HO HO: Damage to personal property Detached buldings Loss of Use (Additional living expenses) Property damage Her home has a replacement value of $250,000, 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: S Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: S $ $ Insuring While Away at College Susan's son, Raphael, is a college student living in a compus 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 Raphael'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 His property is covered up to 10% of the coverage on the home Raphael should purchase an H0-4 broad form insurance policy because he is not covered under his parents' policy Insuring a Condominium Susan's parents own n condominium that they fully insured for the replacement value of $150,000. Last year a portion of their root 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 repaits) He should tell the insura cy that he parks in a garage to save money on premiums HO-6 His property is covered HO-1 Po of the coverage on the home Raphael should purchase 4 broad form insurance policy because he is not covered under his parents' policy HO-8 Insuring a Condominium HO 2 HO-4 Susan's parents own a condominiu hey fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to HO-3 the weight of snow after a severe endering 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) Haphael should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. will be reimbursed up to 20% of the personal property insurance Insuring a Condominium will not be reimbursed Susan's parents own a condominium the weight of snow after a severe sto details of their condominium form staying in a hotel during the repairs) were not eligible for year a portion of their roof collapsed due to complete repairs. Based on the coverage will be reimbursed up to 40% of the personal property insurance as a result of the damage (such as the cost of S. Types of homeowner's insurance policies Insuring a Standard Home Susan is the owner of a 15-year old home, and soon to buy a homeowner's ance policy. She fees it would be overtybus to purchase protection from all perils, but in addition to protection from fire vandalim, dators, and so on, she also wantsurance for damage caused by malfunctioning of internal structures like ar conditioning of plumbing. Based on the pericoverage otters, the purchases insurance policy HO Her home has a replacement val of $250,000, therefore she suresher home for the minimum legal requirement of HO Asing she does not purchase any additional coverage beyond the gems, complete the following table desting the man hr value of reimbursement she can receive for each of the following: HO- HOS HO HO: Damage to personal property Detached buldings Loss of Use (Additional living expenses) Property damage Her home has a replacement value of $250,000, 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: S Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: S $ $ Insuring While Away at College Susan's son, Raphael, is a college student living in a compus 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 Raphael'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 His property is covered up to 10% of the coverage on the home Raphael should purchase an H0-4 broad form insurance policy because he is not covered under his parents' policy Insuring a Condominium Susan's parents own n condominium that they fully insured for the replacement value of $150,000. Last year a portion of their root 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 repaits) He should tell the insura cy that he parks in a garage to save money on premiums HO-6 His property is covered HO-1 Po of the coverage on the home Raphael should purchase 4 broad form insurance policy because he is not covered under his parents' policy HO-8 Insuring a Condominium HO 2 HO-4 Susan's parents own a condominiu hey fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to HO-3 the weight of snow after a severe endering 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) Haphael should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. will be reimbursed up to 20% of the personal property insurance Insuring a Condominium will not be reimbursed Susan's parents own a condominium the weight of snow after a severe sto details of their condominium form staying in a hotel during the repairs) were not eligible for year a portion of their roof collapsed due to complete repairs. Based on the coverage will be reimbursed up to 40% of the personal property insurance as a result of the damage (such as the cost of
