Assignment 10 - Managing Property and Liability Risk Insuring a Standard Home Kathy is the owner of a 15-year-old home and is looking to buy a homeowner's insurance palicy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so forth, she wants insurance for damage caused by malfunctioning of interal structures such as air conditioning or plumbing. Based on the peril coverage it offers, she should purchase an policy insurance Her home has a replacement value of $30D,000; therefore, she insures her home for the standard minimum legal requirement of $ complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following Assuming she does not purchase any additional coverage beyond the legal minimums, Damage to personal property: Detached buidings: Additional living expenses: Comprehensive personal liability Insuring While Away at College Kathy's son Deshi is a college student living in a campus dormitory. He drives a car that he 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 He 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 his parents' home. He should tell the insurance agency that he pars in a garage to save money on premiums. Kathy's parents own a condominium that they fully insured for the replacement value of $180,000. Last yeara portion of their roofcollapsed 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 hatel during the repairs) Assignment 10 - Managing Property and Liability Risk Insuring a Standard Home Kathy is the owner of a 15-year-old home and is looking to buy a homeowner's insurance palicy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so forth, she wants insurance for damage caused by malfunctioning of interal structures such as air conditioning or plumbing. Based on the peril coverage it offers, she should purchase an policy insurance Her home has a replacement value of $30D,000; therefore, she insures her home for the standard minimum legal requirement of $ complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following Assuming she does not purchase any additional coverage beyond the legal minimums, Damage to personal property: Detached buidings: Additional living expenses: Comprehensive personal liability Insuring While Away at College Kathy's son Deshi is a college student living in a campus dormitory. He drives a car that he 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 He 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 his parents' home. He should tell the insurance agency that he pars in a garage to save money on premiums. Kathy's parents own a condominium that they fully insured for the replacement value of $180,000. Last yeara portion of their roofcollapsed 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 hatel during the repairs)