Questions regarding insurance policy

[gerobak]

I insured my Sub (valued at: 9,414) for $76.00 a year from Amica Home Insurance under Scheduled Personal Property.

If you insured your watch under the similar Scheduled Personal Property (probably under other companies. e.g: State Farm, etc)
I have few questions:
1. Should we update the market value (Dealer price or Market price) from time to time?
2. When something happened (loss, broken, or stolen), how would they cover it? Do they try to give us the watch back or just give us a check of the valuation?

Thanks in advance.