Spector owned a small automobile repair garage in rural Kansas that was valued at $40,000. He purchased fire insurance coverage against loss to the extent of $24,000. The policy contained an 80 percent coinsurance clause. A fire destroyed a portion of his parts room, causing a loss of $16,000. Spector believes he is entitled to be fully compensated for this loss, as it is less than the $24,000 of fire protection that he purchased and paid for. Is Spector correct?