Question

A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use what loss valuation method?

Answer 1

A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use Stated amount as loss valuation method.

What is the stated amount in property insurance?

• With stated value insurance, the most that can be paid to the policyholder in the event of a covered loss is the sum that was "stated" by the insured (you) at the time the policy was bought.
• You and your carrier will decide on the maximum amount, or cap, that will be paid when you buy a stated value insurance policy.
• In the event of a total loss, the policy may pay the stated value, the actual cash value, or, if the car is repairable, the repair expenses.

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