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Joan and Katy's studio - the building - is insured for $200,000 replacement cost, which was the right price 5 years ago. The building is

Joan and Katy's studio - the building - is insured for $200,000 replacement cost, which was the right price 5 years ago. The building is now destroyed by a covered peril. The actual cash value of the building is $150,000, but the replacement cost is $230,000, plus an additional $20,000 to comply with current building codes

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