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insuring a condo chocies

HO-1,2,3,4,6,8

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Will be reimbursed up to 40% of the personal property insurance, we are not eligible for, will be reimbursed up to 20% of personal property insurance, will not be reimbursed

Insuring a Standard Home Kim is the owner of a 2-year-old home, and is looking to buy a homeowner's insurance policy. She is primarily concerned with protection from standard property damaging perils that she has no way of preventing, such as those due to fire, vandalism, windstorms, and so on, and less concerned about those that she feels she can prevent through frequent maintenance (such as 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 $400,000, therefore she insures her home for the minimum legal requirement of 5 . 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 Kim's son, Albert, 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 Albert'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 Albert 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 a Condominium Kim's parents own a condominium that they fully insured for the replacement value of $240,000. 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) Insuring a Standard Home Kim is the owner of a 2-year-old home, and is looking to buy a homeowner's insurance policy. She is primarily concerned with protection from standard property damaging perils that she has no way of preventing, such as those due to fire, vandalism, windstorms, and so on, and less concerned about those that she feels she can prevent through frequent maintenance (such as 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 $400,000, therefore she insures her home for the minimum legal requirement of 5 . 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 Kim's son, Albert, 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 Albert'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 Albert 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 a Condominium Kim's parents own a condominium that they fully insured for the replacement value of $240,000. 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)

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