Homeowners Insurance Answers

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Greg just purchased a house for $450,000. His annual homeowners insurance premium is $0.42 per $100 of value. If his annual premium is divided into equal monthly payments, what will Greg have to pay on a monthly basis to keep his home insured?a.$1,890.00b.$157.50c.$1,575.00d.$131.25

Kurtis had purchased a renters insurance policy for his new apartment at an annual premium of $588.00. The items covered in the policy included a bicycle kept locked to the railing in front of the apartment. When the bicycle was stolen, the insurance company covered the replacement cost of the bicycle, but told Kurtis that, because of the loss, his premium would increase by 35% if he wished to continue with the policy. What would Kurtis’ new annual premium be if he chose to keep the policy. a.$36.75b.$66.15c.$441.00d.$793.80

Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0.42 per $100 of value and a deductible of $500. Under this policy, in the event of a major mishap, Stephanie would have a total annual out-of-pocket expense of . Stephanie would like to lower her premium by increasing her deductible. If Stephanie wants to increase her deductible to $1000, what annual premium would result in an annual out-of-pocket expense that is about the same as her current plan? a. $0.16 per $100 of value b. $0.28 per $100 of value c. $0.35 per $100 of value d. $0.46 per $100 of value Please select the best answer from the choices provided

Cindy's apartment complex is offering renters insurance through their insurance company. The insurance company charges an annual premium of $565.00 which can be paid in equal payments throughout the year with her monthly rent. Cindy's monthly rent is currently $789.00. What will Cindy's new rent be if she includes the renters insurance? a. $47.08 b. $630.75 c. $836.08 d. $1,354.00 Please select the best answer from the choices provided

Sarah pays $48.00 each month to keep her house insured. If her house is valued at $223,050, about how much is Sarah paying per $100 in homeowners insurance annually?a.$0.13b.$0.26c.$1.55d.$3.09

Determine what Paul will have to pay on an annual bases for his $449,000 home if his insurance company is charging him $0.41 per $100 of value in his home.a.$153.41b.$220.76c.$1,840.90d.$2,649.10

Jennifer purchased a house in a brand new development in the outskirts of town. When her house was built, the nearest fire department was nearly 20 miles away. As her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. What effect will the new fire station have on her homeowners insurance premium?a.A new fire department will be more demanding on local taxes. Her annual premium will go up.b.The location of a fire department has no bearing on the value of her house. Her annual premium will stay the same. c.The new fire department will reduce the risk of financial loss in her home. Her annual premium should decrease.d.With a fire department so close (less than 5 miles), financial risk on Jennifer’s home practically disappears. She will not need to pay insurance anymore.