1. Which statement is correct regarding homeowners insurance?

1. Replacement cost policy pays the homeowner the cost of replacing the damaged property with an item of a similar brand and quality.
2. Homeowners policy specifies a deductible that the homeowner is responsible for paying before any insurance coverage is provided by the insurer.
3. Homeowners insurance provides insurance in the event of property damage, theft, or personal and third-party liability relating to homeownership.
4. The mortgage lender typically requires that the homeowners insurance policy covers at least the mortgage.
5. All the above.