Glenda insured her home for its full replacement cost under an unendorsed Homeowners 3 policy. Which of the following statements is true?

Question

Quizplus · Accepted Answer

Glenda insured her home for its full replacement cost under an unendorsed Homeowners 3 policy, which provides coverage for the dwelling and other structures on a replacement cost basis. Personal property coverage would typically be on an actual cash value basis unless she had added an endorsement for replacement cost coverage, and the policy would cover perils that are named in the policy, rather than providing open-perils coverage.

Glenda Insured Her Home for Its Full Replacement Cost Under