Day 128

Lesson Objectives

  • Understand the importance of property and liability protection.

Assignment IU3.3

  1. Watch Video 3.1
  2. Record the missing words from pages 191-194 of the textbook as they pop up on the left side of the video screen by filling in this form.  (pages 191-194) .
  3. Discussion Questions:
    1. What does a homeowner’s insurance policy protect you against?
    2. What is the difference between guaranteed replacement and extended replacement?
    3. What is an umbrella liability policy?
    4. What is the purpose of a rental policy?  Should you get one if you rent?  Why?

Assignment IU3.4

  1. Make a copy of this Google Document (Espanol), rename the file Rent Insurance-(Your Initials), and move it into your Lesson 3 folder.
  2. Before you start, remember that replacement cost refers to the cost of the item if replaced by the store.  Whereas an item’s value is the current value of the item; what you could get for the item if you sold it.
  3. Use the document to make a list of the personal possessions you would take with you if you went away to college.  Search the internet for stores currently offering these items as new to obtain their replacement cost.  Estimate the value of each item and calculate the total value.  Then go online and search/obtain a no-obligation renter’s insurance quote based on the value of your possessions.  How much would it cost to insure them?