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16 April, 17:39

Dave Amata and his family purchased a new home that has an estimated replacement value of $275,000. They want to insure their home for 85% of its replacement value. What is the amount of the coverage on their home to the nearest dollar?

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  1. 16 April, 18:10
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    Replacement value of the home = $275000

    Percentage of Insurance required = 85%

    The amount of coverage is 85% of the replacement value of the home. Therefore, the coverage amount would be:

    Coverage amount = $275,000 x 85%

    = $275,000 x 0.85

    = $$233,750

    Therefore, they need to have an insurance cover of $233,750 to cover the 85 percent replacement value of the current home.
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Home » Business » Dave Amata and his family purchased a new home that has an estimated replacement value of $275,000. They want to insure their home for 85% of its replacement value. What is the amount of the coverage on their home to the nearest dollar?
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