To determine the owner's out-of-pocket cost for the repair in Event 2, we follow these steps:
1. Identify the deductible amount: The deductible is the amount the owner needs to pay out of pocket before the insurance covers any costs. Here, the deductible is \[tex]$2000.00.
2. Identify the repair cost for Event 2: The repair cost for Event 2 (Foundation repairs) is \$[/tex]25,000.00.
3. Calculate the out-of-pocket cost: The owner's out-of-pocket cost is the repair cost minus the deductible. This is calculated as:
[tex]\[
\text{Out of Pocket Cost} = \text{Repair Cost} - \text{Deductible}
\][/tex]
Substituting the given values:
[tex]\[
\text{Out of Pocket Cost} = \$25,000.00 - \$2000.00 = \$23,000.00
\][/tex]
Therefore, the owner’s out-of-pocket cost for the repair in Event 2 is \$23,000.00.
