Need help understanding ACV Landlord insurance

[Ronald Trepton]

Hello BP Community,

I have two rental properties that my insurace provider Allstate will only do ACV policies on. I am told this is because they were built prior to 1941. Replacement policies are easy enough to understand. I also understand ACV in regards to items like for example: Tree falls on 7.5 year old A/C compressor. Unit has a 15 year lifespan so ACV pays 50% minus deductible.   

My confusion comes in when say there is a fire that either destroys a kitchen or worse the entire house. How is depreciation figured then? If the cabinets, walls, windows basically everything other than appliances > 30 years old am I completely out of luck because everything is fully depreciated or do I walk away with the limit specified in the policy minus deductible of course? 

Thank you in advance,

Ron