Martin and Carrie Jones insured their home and personal property under an unendorsed Homeowners 3 policy. The home has a current replacement cost of $300,000. The policy contains the following limits:
Coverage A: ................................. $240,000
Coverage B: ................................. $24,000
Coverage C: ................................. $120,000
Coverage D: ................................. $72,000
The home was badly damaged in a fire, and the Jones family was forced to live in a motel for 60 days while their home was being rebuilt. Undamaged personal property was stored in a rental unit during the period of reconstruction. What dollar amount, if any, is payable under their Homeowners 3 policy for the following (ignore any deductible)?
a. Three bedrooms were totally destroyed in the fire. The replacement cost of restoring the bedrooms is $80,000. The actual cash value of the loss is $50,000.
b. Monthly mortgage payment of $1,500 on their home.
c. Rental of motel room at $100 daily for 60 days.
d. Meals eaten in the motel restaurant for 60 days at an average cost of $60 daily (food costs at home average $20 daily).
e. Rent for storing undamaged furniture in a rental unit while the home is being rebuilt, $200 monthly.