Some states have a law that requires payment of the face amount of insurance to the insured if a total loss to real property occurs from a peril specified in the law.These laws are called

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Valued policy laws require payment of the face amount of insurance if a total loss to real property occurs from a peril specified in the law. Agreed amount laws allow the insured and insurer to agree on a value for the property, while replacement cost laws require the insurance company to cover the cost of repairing or replacing the property. Homestead laws are laws that protect a person's primary residence from certain creditors.

Some States Have a Law That Requires Payment of the Face