Is it insured for agreed value or market value?
You have to look at the policy in detail. If market value then you pay a premium based on an amount but at the time it is damaged they pay you what it is worth at that later date. If it is agreed amount they cannot pay you less.
If you wish to challenge then you have to take it to the Insurance Ombudsman.
But you have to read your policy in more detail to see what you have signed up for.
If you know who it is then you can sue them for the balance of money.
I hope this makes sense and is of assistance. If there is nothing further happy new year and
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