if you 買10萬,就會賠 up to 10萬, whether its replacment value or market value.
replacement policy = more expensive on premiums.
lets say the building worth 300k but it cost 600k to build, if you only buy 300k of coverage of any, the policy will only pay up to 300k.
only if you buy 600k worth of replacement value, then the policy will pay you 600k to rebuild, but if you choose not to rebuild, then they send you a check base on depreciated value, which may or may not have any correlation with market value.
well, at least this is how I understand it...