Sam (Jessica's husband) home has a replacement value with a deductible. A couple of years ago he insured his home and the coverage never increased, even though the policy required coverage of 80% of the replacement cost. Last month, he had a kitchen fire, which caused damages. Step 1: Calculate the Total Amount Reimbursed Step 2: What is the % she will pay? (1 minus the % amount covered)   Amount of Loss - $75,000 Deductible - $500 Amount of Insurance Actually Carried - $150,000 % Percentage Amount Needed - 80% Replacement Value - $200,000

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