Carli Verez lost everything to a fire and has spent the last few weeks living in...

Carli Verez lost everything to a fire and has spent the last few weeks living in a motel room at the cost of $6,033. Her dwelling, which was destroyed as a result of a lightning strike, was insured with an HO-2 policy for $401,618. Prior to the loss, her home was valued at $477,000, her detached garage and pool house were valued at $47,523, and her personal property had an actual cash value of $128,354. To make matters worse she sustained $10,000 in injuries while trying without success to save her three Greyhound dogs valued at $6,000 each. How much of her total losses and expenses will be reimbursed if she has a $1,000 deductible?

Expert Solution

Solution

Expense that will be reimbursed
Additional Expenses on living in motel	$6,033

Dwelling - Appraised Value = $477000 Coverage under policy $401618 percentage of coverage 84.20% - paid up to coverage amont	$401,618

Detached garage and Pool House Value $47523 Coverage is limitted to 10% of main dwelling or actual whichever is less - Min(10% * $401618 or $29014) Min($40161.80, $47523)	$40,161.80

Personal Property - Cash Value $128354 Coverage limited to 50% of Dwelling or actual value whichever is less Min (50% * $401618 or $128354) Min($200809 or $128354)	$128,354

Injuries sustained by policy holder trying to save her dogs	-

TOTAL	$576,167
Less - Deductible	$1,000
Amount to be reimbursed	$575,167

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ekkarill92 answered 2 years ago

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Carli Verez lost everything to a fire and has spent the last few weeks living in...

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