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The named insured leaves a backpack filled with personal belongings in his garage. The backpack is later stolen. The loss is valued at $2,686 replacement

The named insured leaves a backpack filled with personal belongings in his garage. The backpack is later stolen. The loss is valued at $2,686 replacement cost and a depreciated value of $785. The HO-3 contract has a $150 deductible on Section I. How much will the HO-3 contract pay for this loss?

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