Opting for Actual Cash Value vs Replacement Cost if Home Damaged by a Fire

[Alex Tang]

One of my rentals was heavily damaged by a fire after Thanksgiving.  Looking my insurance policy it mentions that I can opt for settlement under Actual Cash Value vs Replacement Cost.  The itemized damage estimate that my insurance provided me lists an Actual Cash Value that is 15% higher than my Dwelling A Coverage.  That means I can ask my insurance to pay me the higher Actual Cash Value instead of the Dwelling A Coverage?  

[Owen Rosen]

Quote from @Alex Tang:

One of my rentals was heavily damaged by a fire after Thanksgiving.  Looking my insurance policy it mentions that I can opt for settlement under Actual Cash Value vs Replacement Cost.  The itemized damage estimate that my insurance provided me lists an Actual Cash Value that is 15% higher than my Dwelling A Coverage.  That means I can ask my insurance to pay me the higher Actual Cash Value instead of the Dwelling A Coverage?  

 Not enough information here to answer this question accurately.

Is the home a total loss?  If you choose not to rebuild/replace your settlement would usually be for actual cash value.

It's unlikely you can get a settlement for above the coverage amount you paid for.

@Ryan Kelly mentions what is known as extended dwelling coverage.  That is coverage above the stated coverage A/dwelling amount if needed to rebuild.  That applies to replacement cost only and only if more $ is needed to restore the home to a pre-loss condition than what is available under coverage A.