Question on property insurance type

[Andy Sabisch]

Quick question . . . . for rentals, would you select a policy that is based on the replacement cost or the actual cash value?  Obviously the replacement cost on an older structure is 2X or better what the property might be worth and as a result 2X or better what the premiums are for a policy that is based on ACV but is the difference worth it and if so, why?

We have some of both (going through year end paperwork) and wanted to see if what we are spending is justified or can be leveled out possibly saving some money in the process.

Thanks

Andy