Andrew Is Applying for Insurance for His New Home

question 36

Multiple Choice

Andrew is applying for insurance for his new home.Which of the following is correct?

• A) He should base the amount of insurance on the price he paid for it.
• B) He should insure the building for 75% of its replacement cost.
• C) He should use the replacement value method for settling claims to receive the full cost of repairing or replacing his personal belongings.
• D) His personal belongings should automatically be covered with his home at 125% of his home's insured amount.
• E) His insured amount should remain the same as long as he lives in his house.

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Definitions:

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