Question: please type to answer if u can. 3. Martin and Carrie Jones insured their home and per- sonal property under an unendorsed Homeowners 3 policy.

please type to answer if u can. please type to answer if u can. 3. Martin and
3. Martin and Carrie Jones insured their home and per- sonal 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 pay- able under their Homeowners 3 policy for the follow- ing (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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!