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What amount will insurance book company pay for damages

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Reference no: EM133107217

Question - Determining What Amount the Insurance Company will Pay for the Damages - Eric and Susan just purchased their first home, which cost $148,000. They purchased a homeowner's policy to insure the home for $138,000 and personal property for $84,000. They declined any coverage for additional living expenses. The deductible for the policy is $500.

Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $21,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $500. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance Book Company pay for the damages to the roof?

Reference no: EM133107217

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