Question
JerryCarter's home is currentlyvalued, on a replacement costbasis, at $368,000. When he last checked hispolicy, his home was insured for $287,419 and he did not
JerryCarter's home is currentlyvalued, on a replacement costbasis, at $368,000. When he last checked hispolicy, his home was insured for $287,419 and he did not have an inflation guard endorsement. If he has a $30,922 claim due to a kitchenfire, how much will hishomeowner's insurance policypay? How much would be paid if his home were totallydestroyed? In order to obtain full replacementcoverage, how much insurance should Jerry carry on hishouse?
If he has a $30,922 claim due to a kitchenfire, hishomeowner's policy would pay $____. (Round to the nearestdollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started