CIA - info on insuring and explanation for increases

For those concerned, as a couple of people mentioned that it seemed that their policies increased every year, if you go to the site and print off (or just download) one of their forms called "FAQ for Collectors", then go to page three and it is explained that you are insured with an auto appreciation of 1% per month for the life of your policy so if you insure at $10,000 in January, come June, you're covered at $10,600; then you renew the next January at the next level (don't know if rounded up or down) due to your collection being covered at $11,200. You have the right to waive this and change it on your own if you feel more comfortable doing that or feel that they are overcharging you.

The two questions refering to that were about acquiring new pieces and increase in value, but you are responsible to let them know as your level increases or you won't be covered for new acquisitions.

Hope this helps (I believe Rich and Mombo) any one who was perhaps unaware of this fact.

FYI, Steve

Steve - Thanks for the research and info. I was aware of the automatic increase each year and used it for a couple of years as the secondary market prices kept going up. I dropped this feature several years ago as the market started to decrease. I also call them yearly when my policy comes due and either increase or decrease(mostly decrease) my coverage based on my research and value of my collection.

Yes, thanks Steve. I guess I was aware of the inflation bit, now that you mention it. Although I never increased my initial coverage I figured that the few new pieces that I was buying combined with the devaluation of what I already had would be about the right coverge for me.