I recently moved, and with a new home owner insurance policy I've been thinking for a couple months that I need to finally get a rider on my insurance or take advantage of the NRA additional coverage, or something like that (something I've needed to do for a while, but the move is a good excuse).
But the sudden increase in prices during this recent panic has made me wonder how on earth I'm going to value my "collection." (The price increases have also probably pushed me well past the normal home owners coverage limit, whereas in the past I was probably over it, but wasn't bothered to do the math.)
I've done some research on this forum on doing valuations, but it seems like right now the market may not be stable enough to get a good handle on real and stable replacement costs -- even on items like magazines, which I hadn't considered much before. In November I was making a preliminary list of what I estimated my replacement costs would be, but it seems like I need to crumble up that paper and start over with the new prices.
I guess in the end when I choose a coverage amount, I am in effect placing a limit on the amount I can be compensated for, and then I pay more or less (in premiums) for a higher or lower limit. Then once I experience a loss, that is when I really have to prove the replacement value, correct? With that in mind, do many of you ever inflate your coverage a little bit to hedge against inflation/time between valuations?
Is anyone else looking at their coverage in light of the skyrocketing prices? If you have any thoughts or advice on how I should approach this (including where I should look at this crazy time for real/reasonable comparable valuations), I'd love to hear it. Thanks!
But the sudden increase in prices during this recent panic has made me wonder how on earth I'm going to value my "collection." (The price increases have also probably pushed me well past the normal home owners coverage limit, whereas in the past I was probably over it, but wasn't bothered to do the math.)
I've done some research on this forum on doing valuations, but it seems like right now the market may not be stable enough to get a good handle on real and stable replacement costs -- even on items like magazines, which I hadn't considered much before. In November I was making a preliminary list of what I estimated my replacement costs would be, but it seems like I need to crumble up that paper and start over with the new prices.
I guess in the end when I choose a coverage amount, I am in effect placing a limit on the amount I can be compensated for, and then I pay more or less (in premiums) for a higher or lower limit. Then once I experience a loss, that is when I really have to prove the replacement value, correct? With that in mind, do many of you ever inflate your coverage a little bit to hedge against inflation/time between valuations?
Is anyone else looking at their coverage in light of the skyrocketing prices? If you have any thoughts or advice on how I should approach this (including where I should look at this crazy time for real/reasonable comparable valuations), I'd love to hear it. Thanks!