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We are insured with State Farm on an auto policy in the state of Texas. At our last renewal date they sent a flyer out advising us that we should be insured to value. If we had additional add on Ex... bumper guards, bed liners, special sound systems etc that we should increase our coverage.This was the RV renewal not the truck, but I wanted to know if we could lower our stated value since our RV is four years old. I called the agent and said that we weren't insured to value as we were actually over insured. They called under writing and let us lower our coverage on the policy. While in conversation with the agent I asked if we would receive the amount insured before the value drop if the RV was totaled. I was told no, thus we lowered our insured amount by about 10K and dropped our premium amount.
When I checked with Camping World about their Replacement Cost coverage they told me that they would find me a like kind RV, not pay me in cash for our rig. I asked lots of questions and finally got an answer from the young lady that if we wanted to be paid for, check or cash, the damaged RV we would have to pay a higher premium.
It is good to compared apples to apples. All states aren't the same so be sure you check your information out carefully. Read the policy when it comes to you and fully understand what the wording means. Texas won't allow you to add your RV to your homeowners policy. Your liability from your tow vehicle does extend to your RV. Be sure that you do have a homeowners policy that allows an extension from your contents coverage to your RV contents. Again, not all homeowners policy coverages are the same.
In the event of a loss you would have a deductible on your contents so be sure that your deductible doesn't exceed the value of your contents of the RV.
Hope the above is clear, if not post or PM me and I will try to answer your questions.
Colleen
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