During an unusually heavy rain, the basement of your house flooded and an antique dresser from the 1860s was destroyed. The dresser was originally purchased for $1,300 ten years ago and was recently appraised for $2,600; you recently received an offer from an antique collector for $3,100. Under a standard homeowner's policy, how much would you receive from your insurance company to cover this loss?

Question

Quizplus · Accepted Answer

The Answer of During an unusually heavy rain, the basement of your house flooded and an antique dresser from the 1860s was destroyed. The dresser was originally purchased for $1,300 ten years ago and was recently appraised for $2,600; you recently received an offer from an antique collector for $3,100. Under a standard homeowner's policy, how much would you receive from your insurance company to cover this loss?

During an Unusually Heavy Rain, the Basement of Your House