Insuring a Standard Home Deborah is the owner of a 2-year-old home and is looking to buy a homeowner's insurance policy. She is primarily concerned about getting protection from standard property-damaging perils that she has no way of preventing (those due to fire, vandalism, windstorms, and so forth) and less concerned about damages that she feels she can prevent through frequent maintenance (those caused by malfunctioning of internal structures such as air conditioning or plumbing). Based on the peril coverage it offers, she should purchase an insurance policy. Her home has a replacement value of $200,000; therefore, she insures her home for the standard 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: $ Additional living expenses: $ Comprehensive personal liability: $

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter6: Deductions And Losses: In General
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Insuring a Standard Home
Deborah is the owner of a 2-year-old home and is looking to buy a homeowner's insurance policy. She is primarily concerned about getting protection
from standard property-damaging perils that she has no way of preventing (those due to fire, vandalism, windstorms, and so forth) and less
concerned about damages that she feels she can prevent through frequent maintenance (those caused by malfunctioning of internal structures such as
air conditioning or plumbing). Based on the peril coverage it offers, she should purchase an
insurance policy.
Her home has a replacement value of $200,000; therefore, she insures her home for the standard 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:
$
Additional living expenses:
$
Comprehensive personal liability:
$
Transcribed Image Text:Insuring a Standard Home Deborah is the owner of a 2-year-old home and is looking to buy a homeowner's insurance policy. She is primarily concerned about getting protection from standard property-damaging perils that she has no way of preventing (those due to fire, vandalism, windstorms, and so forth) and less concerned about damages that she feels she can prevent through frequent maintenance (those caused by malfunctioning of internal structures such as air conditioning or plumbing). Based on the peril coverage it offers, she should purchase an insurance policy. Her home has a replacement value of $200,000; therefore, she insures her home for the standard 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: $ Additional living expenses: $ Comprehensive personal liability: $
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