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Real Estate Practice : Lesson 2636
#2636
A homeowner insurance policy contained a provision for coinsurance along with coverage that insured the home for total replacement cost.
The home burned down and the homeowner had to settle for the present cash value of property damaged in the fire.
True or false ?

A. False
Because the homeowner policy insured the home for total replacement cost, the homeowner can make a claim which covers the full costs of replacement or repairs resulting from any damages to the property whatsoever. No deduction for depreciation is taken into consideraration because the home is insured for total replacement cost.
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