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CS 8.docx - Financial Planning Case 8 Chapter 8 Case in...

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Financial Planning Case 8Chapter 8 “Case in Point” – Questions 1-4:1.Why is it important for people who rent to have (renters) insurance?Renter’s Insurance Covers:Personal property loss or damage.Additional living expenses.Personal liability.Renter’s insurance does not provide coverage on:The building or other structures.2.Does the building owner’s property insurance ever cover the tenant’s personalproperty?A building owner’s insurance usually will notcover a tenant’s personal property.This is the case only when the landlord is proved liable for some damage.3.What is the difference between cash value and replacement value?Actual Cash Value:Payment you receive is based on the replacement cost of an item minusdepreciation.Cost is less due to depreciation of the item so pay-out will be less also.Replacement Value:Cost to repair or replace the damaged or lost item, without consideringdepreciation of the item.
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Fall
Professor
Padula

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