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Kyle and Leica have personal property coverage with a $250 limit on currency, $1000 limit on jewelry, and a $2500 limit on gold, silver, and pewter
Kyle and Leica have personal property coverage with a $250 limit on currency, $1000 limit on jewelry, and a $2500 limit on gold, silver, and pewter. They do not have a personal property floater. If $351 cash, $2265 of jewelry, and $1365 of pewterware were stolen from their home, what amount of loss would be covered by their homeowners policy? round to the nearest dollar, no commas, no dollar signs.
Expert Solution
Computation of Amount of Loss covered by the Homeowner Policy:
| Particulars | Maximum Coverage limit | Actual loss of D because of theft | Reimbursement amount(minimum of coverage or loss) |
| Cash | $250 | $351 | $250 |
| Jewelry | $1,000 | $2,265 | $1,000 |
| Pewter ware | $2,500 | $1,365 | $1,365 |
| Total Amount Covered | $2,615 | ||
Amount of Loss Covered is lower than the amount of Loss due to theft or the amount of Coverage on Individual item basis.
So, Amount of Loss covered by the Homeowner Policy is $2,615.
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