Which of the following statements about the personal property replacement cost endorsement used with the homeowners policy is (are)true?
I.The damaged or destroyed property must be repaired or replaced,no matter the size of the loss.
II.It is designed primarily for antiques and fine art.
A)I only
B)II only
C)both I and II
D)neither I nor II

Question

Quizplus · Accepted Answer

The personal property replacement cost endorsement ensures that the policyholder is compensated for the cost of replacing the damaged or destroyed item with a new one of like kind and quality, without deduction for depreciation, and is not specifically designed for antiques and fine art, which often require specialized insurance coverage due to their unique valuation challenges.

Which of the Following Statements About the Personal Property Replacement