Question: Vincent is applying for insurance for his new home. Which of the following is correct? He should base the amount of insurance on the price

Vincent is applying for insurance for his new home. Which of the following is correct?
He should base the amount of insurance on the price he paid for it.
His insured amount should remain the same as long as he lives in his house.
His personal belongings should be covered with his home insurance at 55-75percent of his home's insured amount.
He should insure the building for 75 percent of its replacement cost.
He should use the actual cash value method for settling claims to receive the full cost of repairing or replacing his personal belongings.
Vincent is applying for insurance for his new

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