Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Finn and Rachel purchased a $200,000 homeowners policy for their house in 1988. They have renewed the policy each year since and have replacement coverage.

Finn and Rachel purchased a $200,000 homeowners policy for their house in 1988. They have renewed the policy each year since and have replacement coverage. This policy has a $1,000 deductible. Their home now has a replacement value of $275,000. Last week they came home to find a small fire which caused the following damages: Home$50,000 personal property$20,000 Landscaping$ 7,000 Assume Finn and Rachel have a standard HO-3 policy with personal property covered at 50% and landscaping covered for 10%. How much will the insurance pay for the losses of their personal property and landscaping?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: John Hoggett, Lew Edwards, Evelyn Hogg, John Medlin, Matthew Tilling

8th Edition

1742466362, 978-1742466361

More Books

Students also viewed these Accounting questions

Question

i need correct answrrs 1 2 . .

Answered: 1 week ago

Question

To what microcultural groups do you belong?

Answered: 1 week ago