Finn and Rachel purchased a $200,000 homeowners policy for their house in 1988. They have...
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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?
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