Which of the following statements about the Homeowners 3 policy is (are)true?
I.Losses to the dwelling are always settled on an actual cash value basis.
II.Coverage on personal property is limited to $5,000.
A)I only
B)II only
C)both I and II
D)neither I nor II

Question

Quizplus · Accepted Answer

The Homeowners 3 policy typically settles losses to the dwelling on a replacement cost basis, not actual cash value, and the coverage limit on personal property is not universally limited to $5,000; it varies based on the policy's total coverage amount and the insurer's offerings.

Which of the Following Statements About the Homeowners 3 Policy