Purchase additional policies to protect against other types

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Other types of insurance In addition to medical, home, and auto-insurance policies, you can choose to purchase additional policies to protect against other types of losses. Consider Mitch, a lawyer with a standard HO-1 policy with $400,000 of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and a professional liability policy with a $100,000 limit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. She knows her father has all the standard policies, so she reviews a number of situations that aren't always covered under standard policies. For each of the following scenarios, indicate the type of coverage-one Mitch already has or one he should purchase-that would protect against the loss described. How to Protect Against This Loss An earthquake destroys the deck of the home, causing $20,000 in damage. A piece of art (valued at $85,000) is stolen from his living room. The laptop he uses for work is stolen out of his car.

Reference no: EM133576504

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