Question

5 An insured has a personal property replacement cost endorsement under her homeowners policy. If an expensive painting and an antique chair are stolen from the insured’s home, what will the insured receive on the claim under that endorsement?

Answer 1

Answer:

Nothing

Explanation:

Personal property replacement cost endorsement under her homeowners policy comes with limits of the policy that only covers insurance on replacement cost for structural damage and damages or loss of materials of similar kind and quality.

Some items such as art items, paintings, an antique chair, jewelry and collectibles are not usually listed in the policy contract except a scheduled personal property coverage is added to the Personal property replacement cost endorsement contract.

Therefore, from this question, If an expensive painting and an antique chair are stolen from the insured’s home, the insured will receive nothing on the claim under that endorsement