Vincent is applying for insurance for his new home. Which of the following is correct?
A) He should base the amount of insurance on the price he paid for it.
B) He should insure the building for 75% of its replacement cost.
C) He should use the actual cash value method for settling claims to receive the full cost of repairing or replacing his personal belongings.
D) His personal belongings should be covered with his home at 55-75% of his home's insured amount.
E) His insured amount should remain the same as long as he lives in his house.
Correct Answer:
Verified
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