I'm looking at the standard ISO language from the DP 00 03 12 02 and 07 14 edition dates, the language concerning replacement cost is the same. Each policy states that the insured may disregard replacement cost settlement and opt for actual cash value. The insured has 180 days after the loss to notify (emphasis added) the carrier of their intent to repair or replace the damaged building. The repairs don't have to take place in that 180 days, the insured just has to notify the carrier of his intent to do so. If the insured does not notify the carrier of his intent to repair the property and he later does so, he cannot collect the difference even though the property was repaired. For example the property is damaged in January. In May the insured informs the carrier that he is going to repair the damage in August; once repaired the insured can then go back to the carrier for the difference between actual cash value and replacement cost. However, if the property is damaged in January and the insured doesn't say anything to the carrier and repairs the property in August, and then goes back to the carrier, that is beyond 180 days and there is no coverage for the difference between actual cash value and replacement cost.