InstructionsPlease post your answer to the question below directly beneath the question. Then, post a comment to at least one answer posted by a classmate. You must post your own answer before seeing those of your classmates. When you respond to a classmate’s answer, please identify that classmate in your response.BackgroundFred and Susan Melrose insured their home and personal property under an unendorsed Homeowners 3 policy. The home has a current replacement cost of $800,000. The policy contains the following limits:? Coverage A – Dwelling $480,000? Coverage B – Other Structures $48,000? Coverage C – Personal Property $240,000? Coverage D – Loss of Use $144,000? Coverage E – Personal Liability $100,000 (Each Occurrence)? Coverage F – Medical Payments to Others $1,000 (Each Person) QuestionsWhat dollar amount, if any, is payable under their Homeowners 3 policy for the following losses. Treat each loss as a separate occurrence. Ignore any deductible. Please show your calculations. If the loss is covered, you must indicate under which coverage(s) the claim would be paid, and show your calculations. If a loss is not covered, you must indicate why the loss is not covered.? Three bedrooms and the attached garage were totally destroyed in the fire. The replacement cost of restoring the bedrooms and the garage is $120,000. The actual cash value of the loss is $100,000. Please show your calculations.? The fire destroyed all the furniture in the three bedrooms. The furniture was 5 years old and was 50% depreciated. When the furniture was five years ago, it cost $30,000. Today, the cost to replace the furniture today is $50,000. Please show your calculations.? The Melroses family car, which was stored in the garage, is also a total loss. The family car has a replacement cost of $30,000 and an actual cash value of $25,000.? The furnished apartment above the garage, which the Melrose family had been renting to a visiting professor, suffered extensive smoke damage from the fire. It took three months to clean-up the smoke damage. During these three months, the tenant was not required to pay the rent of $800 per month. In addition, the apartments furnishings were completely ruined by the smoke damage. The furniture has an actual cash value of $7,500 and a replacement cost of $10,000.? While the garage was being repaired, the family motor boat had to be stored in the driveway. It was totally destroyed by a severe wind and hail storm. The actual cash value of the motorboat was $12,000. The replacement cost is $18,000.
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