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Property and health insurance decisions

Life situation:
Pam 36
Josh 38
Three kids ages (9,7,4)

Financial Data:
Monthly income-43,000
Living expenses-4,075

The Brocks are assessing their health insurance coverages. Since Josh's current employer offers him only 30 days of sick leave, they need to consider this factor when assessing disability insurance plans.

Since Pam's work activities have varied, the family is dependent on Josh's health insurance. In recent weeks, his company is considering several types of plans. These alternatives include traditional health insurance programs and HMOs, with a wide variety of coverage and cost differences.

Both Pam and Josh Brock are pleased with their lives and various family activities. They now have three children, are enjoying their home, and are more financially secure than six years ago. Yet the Brocks still have financial needs they must address.
Several changes have affected their financial planning. The value of their home has increased due to inflation and home improvements. They have purchased a used car to meet additional transportation needs. These situations must be considered in relation to insurance needs for the Brock household.

How should the Brocks determine whether they have enough insurance coverage for their home?

Solution Preview

Brocks can take several steps to determine whether or not the coverage for their home or property is adequate or not. First of all, they can approach an expert such as local contractor to ascertain the replacement cost of their house, so that they can compare the figures provided by the insurer with the replacement cost of the house. Further, they should ...

Solution Summary

Steps to make decisions pertaining to family health and property insurance are discussed.