Please explain why and how you got the numbers for the answers.

Do the Math 10-1 How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $52,000 of damage to the dwelling itself. Their garage, valued at $19,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $25,000. In addition, $350 in cash and a stamp collection valued at $3,200 were destroyed. While the damage was being repaired, the Millers stayed in a motel for one week and spent $1,360 on food and lodging. The house had a value of $190,000 and was insured for $145,000 under an HO-3 policy with a $250 deductible. Use Table 10-1 to answer the following questions. (Hint: You must first determine whether the Millers have adequate dwelling replacement coverage and, if not, what percentage of the necessary 80 percent coverage they do have. The resulting answer will determine the percentage of the loss to the dwelling covered, and consequently the amount to be reimbursed by the insurance company.) a. Assuming that the deductible was applied to the damage to the dwelling, calculate the amount covered by insurance and the amount that the Millers must pay for each loss listed: the dwelling, the garage, the cash and stamp collection, and the extra living expenses. Enter all amounts as positive numbers. Leave no cells blank. Enter "0" wherever required. Round your answers to the nearest dollar Amount covered by Amount that the insurance Millers must pay The dwelling The garage The cash Stamp collection The extra living expenses b. How much of the amount of the personal property loss would be covered by the insurance policy? Assume that the Miller's policy includes contents replacement-cost protection. Enter all amounts as positive numbers. Leave no cells blank. Enter "0" wherever required. Round your answers to the nearest dollar $ Paid for by the Millers? $ c. Assuming that they have contents replacement-cost protection on the personal property, what amount and percentage of the total loss must be paid by the Millers? Enter the values as positive numbers. Round your answer for amount to the nearest dollar and answer for percentage to two decimal places Amount: $ Percentage: Jable 10-1 Summary of Homeowner's Insurance Policies HO-1 (Basic Form) HO-2 (Broad Form) HO-3 (Special Form) Perils covered Perls 1-4, 6, 8-12 Perils 1-16 All perils except those specifically excluded for buildings; perils 1-16 on personal property (does not include glass breakage) (descriptions are given below) House and any other attached buildings Amount based on Amount based on Amount based on replacement cost, minimum $15,000 replacement cost, minimum $15,000 replacement cost, minimum $20,000 Detached buildings (appurtenant structures) 10 percent of insurance on the home (minimum) 10 percent of insurance on the home (minimum) 10 percent of insurance on the home (minimum) Trees, shrubs, plants, etc. 5 percent of insurance on the home, $500 maximum per item 5 percent of insurance on the home, $500 maximum per item 5 percent of insurance on the home, $500 maximum per item Personal property 50-70 percent of insurance on the home (minimum) 50-70 percent of insurance on the home (minimum) 50-70 percent of insurance on the home (minimum) Loss of use and/or additional 10 percent of insurance on the home 20 percent of insurance on the home 20 percent of insurance on the home living expense $1,000 Credit card, forgery counterfeit money $1,000 $1,000 Liability coverage/limits (for all policies) Special limits of liability For the following classes of personal property, special limits apply on a per-occurrence basis (e.g., per fire or theft): money, coins, bank notes, precious metals (gold, silver, etc.), $200; computers, $5,000; securities, deeds, stocks, bonds, tickets, stamps, $1,000; watercraft and trailers, including furnishings, equipment, and outboard motors $1,000; trailers other than for watercraft, $1,000; jewelry, watches, furs, $1,000; silverware, goldware, etc., $2,500; guns, $2,000 $300,000 Comprehensive personal liability No-fault medical payments No-fault property damage $1,000 $500 List of perils covered 1. Theft 10. Riot or Civil Commotion 2. Fire or Lightning 11. Damage caused by Aircraft 3. Explosion 12. Vandalism or Malicious Mischief 4. Smoke 13. Damage due to weight of lce, Snow, or Sleet 14. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging 15. Sudden & Accidental Damage from Artificially Generated 5. Freezing 6. Vehicles 7.Falling Objects 8. Volcanic Eruption Electric Current 16. Accidental Discharge or Overflow of Water from Plumbing, Air conditioning etc. 9.Windstorm or Hail Do the Math 10-1 How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $52,000 of damage to the dwelling itself. Their garage, valued at $19,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $25,000. In addition, $350 in cash and a stamp collection valued at $3,200 were destroyed. While the damage was being repaired, the Millers stayed in a motel for one week and spent $1,360 on food and lodging. The house had a value of $190,000 and was insured for $145,000 under an HO-3 policy with a $250 deductible. Use Table 10-1 to answer the following questions. (Hint: You must first determine whether the Millers have adequate dwelling replacement coverage and, if not, what percentage of the necessary 80 percent coverage they do have. The resulting answer will determine the percentage of the loss to the dwelling covered, and consequently the amount to be reimbursed by the insurance company.) a. Assuming that the deductible was applied to the damage to the dwelling, calculate the amount covered by insurance and the amount that the Millers must pay for each loss listed: the dwelling, the garage, the cash and stamp collection, and the extra living expenses. Enter all amounts as positive numbers. Leave no cells blank. Enter "0" wherever required. Round your answers to the nearest dollar Amount covered by Amount that the insurance Millers must pay The dwelling The garage The cash Stamp collection The extra living expenses b. How much of the amount of the personal property loss would be covered by the insurance policy? Assume that the Miller's policy includes contents replacement-cost protection. Enter all amounts as positive numbers. Leave no cells blank. Enter "0" wherever required. Round your answers to the nearest dollar $ Paid for by the Millers? $ c. Assuming that they have contents replacement-cost protection on the personal property, what amount and percentage of the total loss must be paid by the Millers? Enter the values as positive numbers. Round your answer for amount to the nearest dollar and answer for percentage to two decimal places Amount: $ Percentage: Jable 10-1 Summary of Homeowner's Insurance Policies HO-1 (Basic Form) HO-2 (Broad Form) HO-3 (Special Form) Perils covered Perls 1-4, 6, 8-12 Perils 1-16 All perils except those specifically excluded for buildings; perils 1-16 on personal property (does not include glass breakage) (descriptions are given below) House and any other attached buildings Amount based on Amount based on Amount based on replacement cost, minimum $15,000 replacement cost, minimum $15,000 replacement cost, minimum $20,000 Detached buildings (appurtenant structures) 10 percent of insurance on the home (minimum) 10 percent of insurance on the home (minimum) 10 percent of insurance on the home (minimum) Trees, shrubs, plants, etc. 5 percent of insurance on the home, $500 maximum per item 5 percent of insurance on the home, $500 maximum per item 5 percent of insurance on the home, $500 maximum per item Personal property 50-70 percent of insurance on the home (minimum) 50-70 percent of insurance on the home (minimum) 50-70 percent of insurance on the home (minimum) Loss of use and/or additional 10 percent of insurance on the home 20 percent of insurance on the home 20 percent of insurance on the home living expense $1,000 Credit card, forgery counterfeit money $1,000 $1,000 Liability coverage/limits (for all policies) Special limits of liability For the following classes of personal property, special limits apply on a per-occurrence basis (e.g., per fire or theft): money, coins, bank notes, precious metals (gold, silver, etc.), $200; computers, $5,000; securities, deeds, stocks, bonds, tickets, stamps, $1,000; watercraft and trailers, including furnishings, equipment, and outboard motors $1,000; trailers other than for watercraft, $1,000; jewelry, watches, furs, $1,000; silverware, goldware, etc., $2,500; guns, $2,000 $300,000 Comprehensive personal liability No-fault medical payments No-fault property damage $1,000 $500 List of perils covered 1. Theft 10. Riot or Civil Commotion 2. Fire or Lightning 11. Damage caused by Aircraft 3. Explosion 12. Vandalism or Malicious Mischief 4. Smoke 13. Damage due to weight of lce, Snow, or Sleet 14. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging 15. Sudden & Accidental Damage from Artificially Generated 5. Freezing 6. Vehicles 7.Falling Objects 8. Volcanic Eruption Electric Current 16. Accidental Discharge or Overflow of Water from Plumbing, Air conditioning etc. 9.Windstorm or Hail