You asked whether an insurer of a homeowners' policy with a replacement cost endorsement can pay the actual cash value of items lost and withhold the difference between replacement cost and actual cash value until the items are replaced. You also asked whether the insured can replace the items at a later date and receive their replacement cost value now.

Yes, an insurer can withhold the difference between replacement cost and actual cash value until the items are replaced.

The standard homeowners' policy with a replacement cost endorsement permits the insurer to pay the replacement cost value of inexpensive lost items with a monetary value of $ 500 or less. The insurer pays actual cash value for items with a monetary value greater than $ 500. The insured has 180 days from the date of the loss to provide proof of the items' value and that it has been replaced. Upon receipt of such proof, the insurer pays the items' replacement cost value.

JH: eh