With replacement cost, the insurance company pays you the cost of replacing damaged property; there is no deduction for depreciation but there is a maximum dollar amount. (ufcu.pfyfn.com)
It pays for the full cost of damaged property replacing without a dollar limit or a deduction for depreciation. (allinsuranceinfo.org)
Actual Cash Value Cost to repair or replace damaged property with materials of like kind and quality, less depreciation. (freewayinsurance.com)