Valued policy law (VPL) is a legal statute that requires insurance companies to pay the full value of a policy to the insured in the event of a total loss. Valued policy law does not consider the actual cash value of the insured property at the time of the loss; instead, the law mandates total payment.

A valued policy differs from an unvalued, or open, insurance policy, in which the value of the property would need to be proven subsequent to a loss through the production of invoices, estimates, claims adjusters, or other evidence.