Final answer:
An insured with personal property replacement cost endorsement on their homeowners policy would typically receive 100% of the replacement cost of the stolen items such as an expensive painting and an antique chair, assuming there are no special limits or other considerations.
Step-by-step explanation:
The question addresses a situation where an insured has a personal property replacement cost endorsement on their homeowners policy. When an insured has this kind of endorsement and experiences theft of covered items, such as an expensive painting and an antique chair, the typical outcome is that the insured would receive the full replacement cost of these items, providing there are no special limits or considerations for high-value items like art or antiques.
In this case, assuming the painting and chair are covered under the policy and there are no other limiting conditions, the insured should expect to receive option 3: 100% of the replacement cost of the stolen items. It's important to note that coinsurance usually refers to situations where the policyholder pays a percentage of the loss and the insurance company pays the remaining cost, but in the context of a replacement cost endorsement for personal property, the insurance is designed to cover the full cost to replace the item without depreciation.
However, specifics can vary based on the actual policy language and limits set by the insurance contract, so for real-world situations, the policy should be reviewed carefully.