Types of homeowner's insurance policies Insuring a Standard Home Vicky 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 _____________ insurance policy. Her home has a replacement value of $300,000, 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): ______________ Comprehensive personal liability: __________ Insuring While Away at College Vicky's son, Deshi, 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 Deshi's insurance needs are true? Check all that apply. His property is covered up to 10% of the coverage on the home. He should tell the insurance agency that he parks in a garage to save money on premiums. Deshi should purchase an HO-4 broad form insurance policy because he is not covered under his parents policy. Insuring an older Home Vicky's parents live in the home a Georgian style home built in the early 1800s. Although the house is still standing, it has fallen into disrepair, and the cost of rebuilding it with the original style and quality would be extremely high. If their home were destroyed, Vicky's parents would choose to rebuild a mu more modest structure rather than try to restore it to it's original state, therefore they purchase a ____________ farm policy to provide __________ protection