QUESTION 1 Michael Peterson’s

QUESTION 1

Michael Peterson’s 5-year old property was recently destroyed in
a house fire. Luckily, Michael had a home and contents insurance
policy on the property. The house was originally constructed on
land that Michael owned due to an inheritance. The construction
costs at the time he built the house were $315,000 and he spent
$50,000 on various appliances, furniture and fixtures and fittings
for the home (home contents). The current construction costs for a
similar home would be $405,000 and the cost of replacing the home
contents would be $75,000. The market value of the home contents at
the time of the fire was $22,000. Calculate the total value of the
insurance claim to be made by Michael if the home and contents
policy was a replacement value policy.

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