(1) This section applies to policies, except motor vehicle insurance policies, that insure specific listed items of personal property against any loss or damage.
(2) If the insurer places specific valuations upon particular items of covered property and bases the premium charge on these valuations, then the insurer shall compute any total loss or total damage to the property, when covered, at the stated valuation with no deductions or offsets except for the selected deductible in the policy.