Homeowner insurance policy on her residence

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Reference no: EM13986711

Mary Marble took out a homeowner's insurance policy on her residence. One of the policy provisions listed the insured's duties with respect to a loss. This provision required the policyholder to give notice and required an inven- tory of damaged personal property within 60 days of the insurance company's request and to supply proof of loss.

In November of the current year, Mary's home was damaged by a fire. Shortly af- ter the fire, Mary reported the loss to the insurance company. In December, the insur- ance company generated a claim report sheet with a claim number and sent Mary a proof of loss form. Mary failed to provide the insurance company with the proof of loss form within the required 60-day period; hence, the insurance company denied Mary's claim for damages. Discuss whether Mary is entitled to a casualty loss deduc- tion for the damage to her home caused by the fire.

Reference no: EM13986711

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