Definition
With agreed value, you and your insurer agree on your home's value upfront. If loss happens, you get that agreed amount—no post-loss disputes over valuation.
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Find my pathAbout this term
Agreed value clauses eliminate coverage disputes over property valuation after loss. Insurer accepts homeowner's valuation without requiring independent assessment. Especially valuable for unique homes or valuable properties. Requires accurate initial valuation and periodic updates.
Pro Tip
Agreed value provisions are valuable for unique homes. They provide certainty that can't happen with standard valuations.
Example
Agreed value of $500,000 ensures that amount is paid if home is destroyed, regardless of post-loss valuations.