In an agreed value insurance plan I understand that the number X is the amount that will be paid out upon loss. However I have two questions in regard to this:
- Upon renewing my policy yearly am I able to negotiate its value above the number printed on the receipt due to inflation?
- If I'm unable to do such a negotiation I would expect my premium to go down yearly, correct?
This is in regards to insurance on jewelry in addition to a renters policy. I've read my policy documents and I don't see these particular issues addressed.