Mark has a Homeowners 3 (special form) policy that provides $120,000 of insurance on his dwelling and $100,000 on personal property. The replacement cost of the home is $200,000. Assume the coinsurance requirement is 80% and ignore any deductible. Treat each case separately.

2. Strong wind during a hurricane (a covered peril) damaged the siding of Marks house. The actual cash value of the damaged siding is $10,000 and it costs him $15,000 to replace. How much will Mark collect from the insurer?