Insurance - What to do?

[brian628]

My apologies if this topic has been covered previously, but I have a question about insurance coverage.

I have been insuring my V-series WG Sub (along with a few other pieces) for a couple of years with a very popular jewelry insurance company well known to the members of this forum. Because its replacement value is estimated at $34k, the yearly premium for this watch is $437. The insurer tells me that they will only insure it for the full appraised retail cost replacement value. However, I know that I can replace it for considerably less - probably $26k looking at the current market.

Am I being taken to the cleaners here? Why can't I insure it for a true replacement cost? Is this the same for all insurance companies, or are there any that will let me set the replacement amount? Do they fear fraudulent claims for quick cash or something?

Thank you very much for any recommendations or insights that you can provide!