Questions: If an insurance claim is submitted for Event 1, what is the owner's out of pocket cost for the repair? Deductible: 2000.00 - Event 1 Event 2 - Description: Tree damage Foundation repairs - Repair Cost: 2,500.00 25,000.00 [?]

If an insurance claim is submitted for Event 1, what is the owner's out of pocket cost for the repair? Deductible: 2000.00 - Event 1 Event 2 - Description: Tree damage Foundation repairs - Repair Cost: 2,500.00 25,000.00 [?]
Transcript text: If an insurance claim is submitted for Event 1 , what is the owner's out of pocket cost for the repair? \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{ Deductible: $\$ 2000.00$} \\ \hline & Event 1 & Event 2 \\ \hline Description & Tree damage & Foundation repairs \\ \hline Repair Cost & $\$ 2,500.00$ & $\$ 25,000.00$ \\ \hline \end{tabular} $\$[?]$
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Solution

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Solution Steps

Step 1: Identify the deductible

The deductible for the insurance claim is \( \$2000.00 \).

Step 2: Identify the repair cost for Event 1

The repair cost for Event 1 (Tree damage) is \( \$2500.00 \).

Step 3: Calculate the owner's out-of-pocket cost

The owner's out-of-pocket cost is the repair cost minus the deductible: \[ \$2500.00 - \$2000.00 = \$500.00 \]

Final Answer

\(\boxed{500}\)

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