Agreed Value is a method of insuring property where you and the insurance company agree on its value before a loss occurs.
Unlike Actual Cash Value coverage, depreciation is not deducted if a covered total loss occurs. Instead, the agreed amount is paid according to the policy terms.
A classic 1969 Mustang is insured for an agreed value of $85,000.
If the vehicle is declared a covered total loss, the policy pays the agreed amount rather than a depreciated value.
The value of property at the time of loss after depreciation has been deducted.
The cost to replace damaged or destroyed property with new materials of like kind and quality.
A value you state for the property, which may be less than its actual or replacement cost.
Our experienced advisors can help you understand your policy and make sure you have the right protection.
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