Insureds tend to get the benefit of the doubt when a policy is ambiguous. (Credit: Valerii Evlakhov/Adobe Stock)

PropertyCasualty360.com editor's note: Every claim is different, and some insurance policies can be difficult to interpret for unique situations. FC&S Expert Coverage Interpretation, the recognized authority on insurance coverage interpretation and analysis for the P&C industry, makes it simple to find credible answers to your complicated coverage questions. The following letter was edited for length and clarity.

Question: The insured has a homeowner's policy with some unique language.

In regard to recovery of withheld depreciation, the policy requires the insured complete replacement within one year of the Actual Cash Value ("ACV") payment. Actual Cash Value is a defined term in the policy. It is defined, in pertinent part, as the, "amount it would cost to repair or replace covered property, at the time of the loss or damage, with materials of like kind and quality, subject to deduction for depreciation . . .."