I'm no insurance expert, and hopefully someone more knowledgeable will jump in here. But I seem to recall potential pitfalls with valuations in insurance.
A similar thing occurs with classic cars. Is it a 20-year old Chevy or a classic Corvette? If it's the latter, you call the company, cite the Bloomington Gold award and get it insured for $50k.
Now, is that "stated value" or "agreed value"?
As I understand it, 'Stated Value' basically puts a cap on what the insurance company will pay out. They will pay no more than the stated value. They usually pay out the actual cash value which is, you guessed it, the average cost of a 20-year old Chevy.
'Agreed Value' is far less common (and understood). Insurance companies are less likely to offer them because it creates a fraud potential - one could overinsure their vehicle and then have a loss and come out ahead. Insurance is supposed to cover a loss, not advance your position.
Many insurance adjusters will say a stated value policy will pay out the stated amount. They may be unaware of how it really works or even that 'agreed value' is an alternative.
In short, read your policy v-e-r-y carefully.
(And as I said earlier, I hope someone with actual knowledge and experience can post on this subject).
