An agreed amount endorsement waives the coinsurance clause on the insured property. Thus, there is no coinsurance penalty at the time of the claim. While there is no allowance for depreciation, there is also usually no allowance forappreciation. This endorsement is often used for property that cannot be replaced with like kind and quality. For example, very old homes or historical buildings are often insured under an agreed amount. This is also known as a “valued policy.” (See Valued Policy).