Question
In: Finance
On the front lawn of Sebastian’s 1-acre property stood a 55-year-old willow tree. One hot summer...
On the front lawn of Sebastian’s 1-acre property stood a 55-year-old willow tree. One hot summer day there was a massive lightning storm which struck the tree causing it to split right down the middle. The tree was very badly damaged and had to be removed from the property. The cost to remove the tree was $800 and the tree was valued at $550. Sebastian’s home is worth $305,000 and he has a $500 deductible on his policy. How much, if anything, his homeowners’ policy pays and how much will Sebastian have to pay? Show all workings to get full marks.
Solutions
Expert Solution
value from the tree = $550
cost of removing the tree = $800
therefore, net cost of removing the tree = $250
$250 will be paid by Sebastian to remove the tree from his lawn.
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