I have to clarify something here. Stated value is NOT what was suggested
by Jan and Jim. Sorry to be so blunt here. But, I don't want folks out
there to have insurance that they do not have. "Agreed value" is as
stated. Up front the insured and the insurance company "agree" to the
value and the insurance covers that amount, no questions. Of course you
only get to an agreed value with an appraisal or other means. However
stated value is not simply you state the value, they cover it at that
value. Nope. Yes, you state the value, they charge you premiums for that
value. But, if you read yoru insurance contract you will see that they
still have the ability to pay based upon the value determined at the time
of the accident - which has no bearing on the "stated value."
So, please, if you think you are safe with "stated value," please read you
policy and realize that you are not.
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