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Question 9 (1 point) Suppose your house is worth $1,000,000 and you have basic fire insurance that costs $50 per year. The insurance has a

Question 9 (1 point) Suppose your house is worth $1,000,000 and you have basic fire insurance that costs $50 per year. The insurance has a maximum coverage of $200,000. There is a 0.1% chance every year that your house will burn down and lose all its value. What is the expected value of keeping the basic insurance (instead of buying more insurance)? -$850 -$800 -$1000 -$50

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