Insurance, claims and donations
How often should I update my insurance documentation?
In short: Once a year, or whenever you add or sell significant cards. Values move, and a schedule that no longer matches the collection weakens a claim.
An update adds new items, removes ones you no longer own, and restates values as of a new effective date. It works from the retained copy, so it is quicker than starting again.
If a card you own jumps in value, tell your agent and ask whether the schedule should be updated before the yearly review. An underinsured card is only paid at the scheduled amount under many policies.
What to send for an update
Tell me what you have added and what you have sold or given away since the last schedule, with photographs of anything new: front and back, flat on a matte surface, straight on. I compare that against the copy I keep under the retention and consent policy, and the updated schedule states its new effective date.
Insurance documentation is a flat fee for the collection, and the annual update is quoted in writing before I start, like everything else; see how is insurance documentation priced?. If you are not sure whether a change is big enough to update now, ask your agent what the policy requires.