Marisol has $100,000 in coverage for her fine art collection, as stated in the Scheduled Personal Property endorsement of her homeowners policy. She just purchased another piece of art worth $30,000. Which of the following statements is TRUE?

Marisol has $100,000 in coverage for her fine art collection, as stated in the Scheduled Personal Property endorsement of her homeowners policy. She just purchased another piece of art worth $30,000. Which of the following statements is TRUE?



Answer: The new piece is automatically covered for $25,000, and she has 90 days to report the acquisition to the insurer to be eligible for full coverage.


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