Fly Navy said:
Quick question actually... I need to retally my firearms to up my insurance... do you use MSRP, average retail, or what you paid for it?
Great question.
Here is a link to data that many insurance companies use: Also a great source of info on "what is my ..... worth"
http://www.usedprice.com/aspsite/chooselookup.asp?associateid=1256
What the insurance will pay depends on your policy. Actual value, will pay what is worth at time of loss. Replacement value: usually they pay you what it worth, then if you replace it, they will pay delta between actual value and what you paid to replace. TV set us good example. Very low actual value, high replacement value. I just lost in severe thunderstorm, a rickety fence around property. Had it replaced, filed a claim expecting couple thousand, to my surprise insurance (Liberty Mutual) paid $12,600, the entire replacement cost.
Think USAA has replacement value policies, GEICO actual value, just two example, but do not take my word for it, carefully read your policy.
Think cost basis has little relevance in insurance, but very important for IRS purposes.
Hope this helps, am only a PM away.