The Wallace Insurance Agency

Agreed Value Coverage

Understanding Agreed Value Coverage: Protecting Your Assets with Precision.

Agreed Value Coverage is a type of insurance policy that ensures you receive the full value of your insured item in the event of a total loss. Unlike other forms of coverage, where the insurance company determines the value of the item at the time of the loss, Agreed Value Coverage allows you to agree on the value upfront with your insurer. This can be particularly beneficial for items that may appreciate in value over time, such as classic cars or artwork. By agreeing on the value at the outset, you can eliminate any potential disputes over value during the claims process. Additionally, Agreed Value Coverage often provides more comprehensive protection than other types of coverage. It typically covers not only the cost of repairing or replacing the item, but also any additional costs incurred, such as transportation or storage fees. This type of coverage is especially popular among collectors, who want to ensure they are adequately compensated in the event of a loss. However, it is important to note that Agreed Value Coverage may come at a higher premium compared to other insurance options. Nonetheless, for those who want peace of mind and assurance that they will receive their item’s full value, Agreed Value Coverage can provide the necessary protection.

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