Which of the following is NOT an option of the California Residential Property Insurance Disclosure Statement?

The correct choice identifies "Fair Market Value Cost Coverage" as not being an option in the California Residential Property Insurance Disclosure Statement.

The options listed represent various types of coverage that may be associated with homeowners insurance policies, but "Fair Market Value Cost Coverage" is not a standard term or type of coverage recognized within the context of the disclosure statement for residential property insurance in California.

Actual Cash Value refers to coverage that pays for replacement costs minus depreciation. Guaranteed Replacement Cost and Extended Replacement Cost are both types of coverage that provide assurance that your home can be fully rebuilt regardless of the current market conditions or replacement cost increases. These types of coverages are key components of residential insurance policies and are often highlighted in disclosure statements to inform homeowners about their options for protecting their property adequately.

In contrast, Fair Market Value is more associated with real estate valuations and sales rather than an insurance coverage option, which is why it does not appear in the disclosure statement. Understanding these various coverage options helps homeowners make informed decisions about the type of insurance that best protects their property.