Zach 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 the new home.
B) He should insure the building under the replacement value method to receive the full cost of repairing or replacing it.
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 automatically be covered with his home at 125% 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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