Insurance question

[james1787]

How often do you update the appraisal value for insurance purposes? I probably don't update mine as often as I should..

[c.rod]

unfortuantely i had to use the insurance once. had a seperate rider on a watch.
i cant speak for anybody else, but im not sure if it matters on updating or not. what they told me was they look at current replacement value... im interested to hear what everyone else says.

[77T]

On loss of an individual item, it might not matter if the appraisal value is a bit outdated. But if you have "stated value" on each watch then annual updates are wise.

If you experience a total loss like fire, then it is really important since your loss will be capped by the total value upon which your annual premium was based.

For me, annual updates make life easier - or just raise your insured value for the whole collection based on price/market increases

[gwalker]

Every time there is an increase.

[mattyb65]

Most of the time you can do small increases to the limit without having to get a new appraisal.

[Htab]

When there's an increase in msrp

[Speed]

Originally Posted by c.rod

unfortuantely i had to use the insurance once. had a seperate rider on a watch.
i cant speak for anybody else, but im not sure if it matters on updating or not. what they told me was they look at current replacement value... im interested to hear what everyone else says.

After seeing some of these posts...I checked with State Farm. Apparently I am covered for replacement cost. Good thing as my appraiser wanted to charge me $25 per appraisal to look up the MSRP on a price list.

[bycrom]

Originally Posted by Speed

After seeing some of these posts...I checked with State Farm. Apparently I am covered for replacement cost. Good thing as my appraiser wanted to charge me $25 per appraisal to look up the MSRP on a price list.

Interesting, just fyi about my findings, I too am a state farm client and inquired when I purchased my sub c, I was only covered for a max of $5k for each item. That was an eye opener for me since there are a few things beyond that cap that I own.

For my watch I did a quick rider to cover replacement, it was (I think) ~$50 for a years worth of coverage. I simply brought the watch and receipt into my agents office, he copied the receipt, looked at the watch, wrote it up and that was that.

I only mention this since I was surprised by the $5k max.