Jo Jo and Lorreta Martin insure their home in Tuscon,Arizona for 85% of its repl

Question

Jo Jo and Lorreta Martin insure their home in Tuscon,Arizona for 85% of its replacement value.Their policy covers the detached garage at 15%,personal property at 60% and loss of use at 25%.The home's replacement value is $187,000.What is the amount of coverage on Jo Jo and Loretta's garage? Jo Jo and Lorreta Martin insure their home in Tuscon,Arizona for 85% of its replacement value.Their policy covers the detached garage at 15%,personal property at 60% and loss of use at 25%.The home's replacement value is $187,000.What is the amount of coverage on Jo Jo and Loretta's garage?

Explanation / Answer

Replacement value $187,000.00 Coverage at 85% of replacement value = 187,0000 x 85% $158,950.00 The amount of coverage on Jo Jo and Loretta's garage = 158950 x 15% = $23,842.50

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