Bridget has a weekend home on Strawberry Island that she purchased in 2005 for $

Question

Bridget has a weekend home on Strawberry Island that she purchased in 2005 for $250,000. Recently, the home was appraised at $260,000. After the appraisal, a hurricane hit Strawberry Island, severely damaging Bridget's home. An appraisal placed the value of the home at $140,000 after the hurricane. Because of its prohibitive cost, Bridget had no hurricane insurance. Before any reductions or limitations, Bridget’s casualty loss amount is: Question 12 options: A) $140,000 B) $120,000 C) $0 D) $10,000

Explanation / Answer

Bridgets Casuality loss= Appraised value-Appraised value after hurricane

=260,000-140,000= $120,000

Answer- Option B is correct

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