The Thomson's house burned to the ground! They felt they were adequately covered (see coverage below). An antique car (recently purchased for $10,000) was in the garage and totally destroyed. How much will they be reimbursed for their auto from their homeowner's policy?
Replacement value of house:$120,000
Actual cash value coverage on home: $120,000
Deductible : $1,000
a. $9,750
b. $10,000
c. $0
d. $9,000
e. $9,500