Dear Lee,

“Turquoise bangle bracelet” read the title of one of the offerings in a North Carolina auction catalog. Under it was a complete description (by an appraiser) of the exact size and number of the turquoise beads, circumference of the interior and more. “Insurance replacement value $2,478, with appraisal.” Then I saw “Estimate [auction value]: $300-$600.” Dozens of other pieces of jewelry from the same consigner included the insurance replacement appraisal, but not the date of the appraisal. I assume the owner paid for replacement value insurance coverage. Antiques Roadshow appraisers often say an item is worth $2,000 but it should be insured for $3,500 or more.

Rates for fine arts and jewelry insurance coverage have gone up, partly because of recent natural disasters like hurricanes and floods. My biggest worries are fire and theft. But would I take the “appraised value” insurance proceeds and buy another similar item at high retail price? Or would I wait and buy something at a sale or auction? Would I even replace it? My insurance for most antiques is the wholesale price, not replacement cost. Many of the objects on Antiques Roadshow are one-of-a-kind family items that can’t be replaced. Would the generous replacement money make up for the loss of Great-Grandmother’s sampler?

Take a good look at your collections and your insurance. Values of many things have changed, buying habits have changed, and sales and bargaining are more prevalent in the world of collecting than they were years ago. Maybe insurance coverage is a good place to save money. Then you can buy more pieces or save for a rainy day.