Determining Collection Value for Insurance
I just received a letter from my Insurance Company asking me to review my Homeowners Policy and see if the coverage is a still adequate. The thing that came to mind is the possibility of adding additional coverage for my firearms collection or as the Media would say, my arsenal.
It seems there are three prices one could use to determine collection value: the original purchase price, replacement cost and Blue Book value. So, for those with previous experience which number is the insurance company going to use?
A major source of objection to a free economy is precisely that it ... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
- Milton Friedman