PMB STEP 8: Insurance

OVERVIEW
Students should learn the basics about finding their first job based on the college or training they chose. Make sure that they understand that their first job may be in the field they chose, but not necessarily the position they see themselves in to start off with. That will lead to them choosing a place to live and then understanding the community they are a part of. Students will continue to work on their Personal Monthly Budget Project by creating a map of their new neighborhood and locating businesses, organizations, and stores with basic needs and other necessities that will make their new home more comfortable. Today students will investigate and add the cost of insurance to their monthly budget spreadsheets.

OBJECTIVE(S) / (SWBAT)
Participate in-class discussions about different places that might be needed in your new neighborhood.

Complete ALL Documents, Spreadsheets, and Google Forms associated with the PMB Project.

Open, Copy, Share, and Start the PMB Google Spreadsheet for PMB Project

Complete the Personal Monthly Budget Worksheet Section for STEP 8: INSURANCE

LINKS & DOCUMENTS (Open Documents, Click FILE and MAKE A COPY)
Primary Document for Personal Monthly Budget Project (500pts)
PMB GOOGLE DOCUMENT DIGITAL WORKSHEET PACKET

Primary Spreadsheet for Personal Monthly Budget Project
PMB GOOGLE SHEET TEMPLATE (Click Here)

Simple Survey to list choices from Steps 3 and 4 yesterday:
PMB START-UP SHEET TFDL2022 SURVEY

PROJECT

Students will learn why insurance is critical to making sure they are covered in the event of a catastrophic loss. Students will complete a GMail Response about the primary types of insurance they may require in their lives. Students will discover what Renters Insurance is and why it is important. Students will calculate basic costs for different types of coverage and estimate monthly costs associated with Renters Insurance. Students will then choose a Dream Car and investigate the costs of owning and operating it.

STEP BY STEP
  1. Read Lifehacker Article and Complete GMAIL RESPONSE Assignment
  2. Follow steps to learn about and estimate Renters Insurance Needs.
  3. Follow directions for the Dream Car exercise and investigate insurance costs.
  4. Enter costs on Budget Sheet prior to leaving class today!
  5. Work on any items still outstanding for class.

(❗️) GMAIL REFLECTION

Please READ the following article:

https://www.trustedchoice.com/insurance-articles/opinion-variety/college-graduate-insurance-guide/ and write a Gmail Response about what types of insurance you need and why (In Your Own Words!). Then continue with the exercise below and enter your insurance costs (ACTUAL Cost Column) on your Budget Sheets.

Example Gmail
To: harvey.scribner@techfreire.org
Subject: Insurance GMail Response
Body of Email: 2-3 Sentences about what types of insurance you might need at your new apartment for the Personal Monthly Budget (PMB) Project.

R.A.C.E.S. Method R - Repeat the Question, A - Answer the Question, C - Cite Evidence, E - Examples / Explanation, S - Summarize your Thoughts

RENTERS INSURANCE

Unfortunately, sometimes bad things happen. We get car insurance, homeowners insurance, and health insurance to be on the safe side. But what if you are a renter? Who protects your belongings and makes sure you are not held responsible for personal or property damage at your apartment? If you rent an apartment, condo, or home, renters insurance is your safeguard against property loss and personal liability.

Imagine the following scenarios:

What if all your clothes, TV, computer, furniture, and other belongings were destroyed by fire? Could you replace them, immediately, out of pocket? Could you be held liable if your friends or family were injured on the apartment grounds or in your apartment?

What if your apartment unit was broken into and your personal property was stolen, how would your belongings be replaced?

Fire. Injury. Robbery. These are just a few reasons why people get apartment renters insurance. It is up to you to protect your belongings and prepare for the unexpected with rental insurance. Whether you are looking for apartment renters insurance or insurance to cover your storage rental you need to consider these:

  protect you against the financial risk associated with property damage
  

  insure full replacement value for your personal property and that of your neighbors
  

  provide you with quick payment for approved claims
  

  provide you with temporary living expenses over and above your normal living expenses if

  your apartment is covered in the loss
  

  give you peace of mind!

Use this calculator(s) to total up the value of everything in your apartment and think about how you would replace it in the event of a disaster or problems:

https://www.valuepenguin.com/average-cost-renters-insurance

https://www.allstate.com/tr/renters-insurance/compare-coverage.aspx

Other Calculators for Life Insurance, Retirement Savings, etc.

https://www.allstate.com/tr/calculators.aspx

PICK YOUR DREAM CAR Use this calculator to find out how much you might pay annually for insurance: (If you have a car in this budget, enter the amount of your monthly payment estimate)

https://www.carinsurance.com/car-insurance-estimator.aspx
Use this calculator to estimate your monthly payment. You must estimate using a 48-month loan at 7% interest. Good Luck!

http://www.bankrate.com/calculators/auto/simple-loan-payment-calculator.aspx
NOW use the following calculator to think about how much Savings you will need to set aside while you are earning a living (your starting amount is the amount leftover from your shopping trip on moving day:

http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx
Add your monthly savings into your budget. You might also need some life insurance, but that is normally handled with your employee benefits people. Your new jobs could include Life, Health, and other benefits we will discuss today.

STOCK MARKET EARNINGS

Finally, you can now add your EARNINGS from our MarketWatch.com Stock Market Game. Call me over to make the withdrawal if you want. I will have today's printout with totals and will approve all withdrawals.

Enter all of your items into your budget and save them for tomorrow!!

ESSENTIAL QUESTION(S)
What will my monthly bill for Renters Insurance look like? How do I fit it into my budget?

What other Insurance might be covered by my employer?  How much would Car Insurance be if I needed a car where I live?

What services or stores are most important, and which ones would be considered luxuries?

What items do I need to buy to survive, and what is not necessary. Based on the selection of my apartment, where can I go to buy these items, and how much will they cost.

ACADEMIC STANDARD(S) (PA)
PA Career Education & Work Standard 13.3.11.D

Analyze Budgets and Pay Statements to include paychecks, bank statements, bills, and other documents that would be required to keep a Personal Monthly Budget

Jump$tart Standards: Financial Responsibility Standards 1, 2 and 4

National Standards for Economics:
Standard 2: Decision Making

PA Social Studies:6.2.12.D: Evaluate changes in economic institutions over time (e.g., stock markets, non-government organizations)