Question
In: Finance
Describe your decision to purchase or not purchase homeowner’s or renter’s insurance. In your situation, what...
Describe your decision to purchase or not purchase homeowner’s or renter’s insurance. In your situation, what happens/would happen as a result of theft or system breakdown? If you have not purchased insurance yet, what type of policy would you consider in the future? Discuss how it could protect you.
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Expert Solution
Answer: Rental Insurance- It is an insurance policy, that provides coverage to you and your belongings. It includes liability coverage, protection for your belongings and additional living expense.
I will purchase rental insurance because it covers:
- It covers the cost of repair or replace your belongings such as clothes, furniture and electronics up to a certain limit.
- Additional costs like hotel bills, of the rented home is damaged.
If something is theft or damaged, it will not be covered under rental's insurance after a certain limit.
If I have still not taken any plan, I will go for, "Personal property coverage". This will cover the cost of replacing your stuff that is damaged or ruined. It also protects from theft and stolen, if your computer is stolen, this insurance will help you to pay the cost of buying new computer.
jeff jeffy answered 2 years agoRelated Solutions
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your words describe the steps in ethical decision making process.
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An insurance agent plans to sell three types of policies— homeowner’s insurance, auto insurance and life...
An insurance agent plans to sell three types of policies—
homeowner’s insurance, auto insurance and life insurance. The
average amount of profit returned per year by each type of
insurance policy is as follows:
Policy
Yearly
Profit/Policy
Homeowner’s
$50
Auto 40
Life 75
Each homeowner’s policy will cost $18.20, each auto policy will
cost $14.50 and each life insurance policy will cost $30.50 to sell
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An insurance agent plans to sell three types of policies— homeowner’s insurance, auto insurance and life...
An insurance agent plans to sell three types of policies—
homeowner’s insurance, auto insurance and life insurance. The
average amount of profit returned per year by each type of
insurance policy is as follows:
Policy/Yearly Profit/Policy
Homeowner’s $50
Auto 40
Life 75
Each homeowner’s policy will cost $18.20, each auto policy will
cost $14.50 and each life insurance policy will cost $30.50 to sell
and maintain. He has projected a budget of $80,000 per year. In
addition, the sale of...
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a. $45,193
b. $45,693
c. $46,500
d. $47,000
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Replacement cost policy pays the homeowner the cost of
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quality.
Homeowner’s policy specifies a deductible that the homeowner is
responsible for paying before any insurance coverage is provided by
the insurer.
Homeowner’s insurance provides insurance in the event of
property damage, theft, or personal and third-party liability
relating to homeownership.
The mortgage lender typically requires that the homeowner’s
insurance policy covers...
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