Eleanor 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 $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: Damage to personal property: $ _____________________ Detached buildings: $_____________________ Loss of Use (Additional living expenses): $____________________ Property damage: $____________________ Insuring While Away at College Eleanor’s son, Darnell, 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 Darnell’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 ____________Darnell should purchase an HO-4 broad form insurance policy because he is not covered under his parents’ policy. Insuring a Condominium Eleanor’s parents own a condominium that they fully insured for the replacement value of $150,000. 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) ____________________________________________________________________________ .

Eleanor 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 $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: Damage to personal property: $ _ Detached buildings: $_ Loss of Use (Additional living expenses): $ Property damage: $ Insuring While Away at College Eleanor’s son, Darnell, 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 Darnell’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 Darnell should purchase an HO-4 broad form insurance policy because he is not covered under his parents’ policy. Insuring a Condominium Eleanor’s parents own a condominium that they fully insured for the replacement value of $150,000. 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) ____________________________________________________________________ .

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 2RP

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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:

Damage to personal property:	$ _____________________
Detached buildings:	$_____________________
Loss of Use (Additional living expenses):	$____________________
Property damage:	$____________________

Insuring While Away at College

Eleanor’s son, Darnell, 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 Darnell’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

____________Darnell should purchase an HO-4 broad form insurance policy because he is not covered under his parents’ policy.

Insuring a Condominium

Eleanor’s parents own a condominium that they fully insured for the replacement value of $150,000. 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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