Homeowners Insurance Answers

Sam knows that his annual homeowners insurance premium is $0.27 per $100 of value, which usually works out to be $683.10 annually. But Sam is confused by a letter from his insurance company telling him that an increase in the value of his home has led to an increase in his annual homeowners insurance premium. He is now being charged an annual premium of $720.90. Based on the increase in his annual homeowners insurance premium, what was the increase in his home's value? (Note: The cost is still $0.27 per $100, even though the annual premium went up.)

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?

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?

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?

Ralph wants to purchase a renters insurance policy for his new apartment. His insurance company charges an annual premium of 16.53% of the approximate value of the items he owns and is keeping in his apartment. Below is a list of items Ralph made of the items he has in his apartment that he would like to be insured with his policy. What will Ralph’s annual renters insurance premium be?Ralph's StuffValue TV$150 VCR$60 DVD Player$100 Stereo$80 Sofa$200 Entertainment Center$100 Microwave$40 Coffee Maker$20 Computer$850 Bicycle$200 Coin Collection$600 Pictures/Posters$175

Which of the following is something that will not affect your homeowners insurance premium?

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?

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?

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.

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?

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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?

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.

Ralph wants to purchase a renters insurance policy for his new apartment. His insurance company charges an annual premium of 16.53% of the approximate value of the items he owns and is keeping in his apartment. Below is a list of items Ralph made of the items he has in his apartment that he would like to be insured with his policy. What will Ralph’s annual renters insurance premium be?Ralph's StuffValue TV$150 VCR$60 DVD Player$100 Stereo$80 Sofa$200 Entertainment Center$100 Microwave$40 Coffee Maker$20 Computer$850 Bicycle$200 Coin Collection$600 Pictures/Posters$175