Home Insurance Needs Project and Narrative

  Ken and Beverly Austin continue to run into unfortunate incidents. Upon returning home from their New York City vacation, the Austin’s discovered that the apartment building had a fire. The apartment building firm destroyed all of their personal property. Although their personal property had been depreciated or the actual cash value of all their property was $5,000, it will cost the Austin’s about $37,000 to replace all of their lost items. How much will the insurance company pay for their loss? Using the Home Insurance Needs Worksheet calculate how much insurance the Austin family should have had.