Actual cash value (Section 2051(b)): the cost to repair, rebuild or replace, less a fair and reasonable deduction for physical depreciation, or the policy limit if less. Example: a new roof would cost $40,000 and fair depreciation is $15,000, so actual cash value is $25,000.

Replacement cost: when a policy requires the insured to repair, rebuild or replace in order to collect full replacement cost, the insurer pays actual cash value until the work is done, then pays the difference up to the full replacement cost reasonably paid, within the limits (Section 2051.5(a)(2)). Depreciation is held back at first, not lost.

Time to collect (Section 2051.5(b)): a policy may not set a limit shorter than 12 months from the first actual cash value payment, or 36 months for a loss related to a declared state of emergency. Either period can be extended in six-month steps for good cause when delays are beyond the insured's control.