I'm currently studying for the Massachusetts State Property & Casualty Insurance Agents Test. And boy am I glad I am. I am learning a lot of useful information for my inventory business. It's amazing how complicated insurance is. I would speculate that most people don't know what they have covered and for how much.
Example: You buy a house and your insurance. You plant a treet. Five years later, that tree's replacement value has increased. But your coverage hasn't. There are limits per tree. And there are endorsements to increase those limits.
That is only one example. There are countless more. Even if you don't want to become an agent, you might consider buying the study book for your State's exam. Mine was $65.
My next step is to find out how claims adjusters arrive at dollar values for items damaged or lost. Whether claims are settled an ACV or Replacement Cost basis, there are likely standards for assigning value for every item you might possess.
