Collection Insurance - Current Valuation/Options Questions

[Harliduck]

So my insurance renewal is here and due, and I am really wrestling where my collection sits. I am certainly one of the type collectors that is NOT in for the investment...just the pure love and passion for the hobby...and pretty much just a buyer, not really a seller. That said, I know my collection like many here have not only grown in size during the last year, but obviously whether you care or not have grown in value.

I currently use CIS (Collectables Insurance Services) and my current policy is a far cry from my collection as it currently sits. Would be curious how others are handling this...

1. Do you valuate your collection based on the insurance premiums (set policy based on what you want to pay)? Retail value? Replacement value?

2. Is everyone "upping" their policies to reflect the current environment?

3. Does anyone think insurance is a waste of time/money? (I do not think that and am paranoid and realize my homeowners will not cover much)

I do love the specialized insurance that is available to collectors. I also collect cars and use Hagerty, an outstanding company. With the volume of cars I have my last addition actually LOWERED my yearly premium...crazy.

Anyhow, would love to hear opinions on this as I have to cut a check here. Also, if anyone would look at my signature and shoot me a PM on their opinion of my collections value would be awesome as I would love to hear an expert opinion other than my own biased one, lol. I would say my 50s are in the 1 to 4 range (avg 2?), my 60's are 4 to 6 range (avg 5), and my 70's are in the 5 to 7 range (avg still probably 5)....and my worthless 80s are all mint as they should be...haha.