Why do the antique experts suggest insuring an item for more than it’s worth?

Question

For example, on the Antiques Road Show, the expert will say an item is worth 5-8K and that they would insure it for 10K.

In: Economics

Answer 1

Generally it’s because the value of an item will change over time. With antiques the value will often increase. The insurance company will never give you more than the amount of insurance that you have. And most people aren’t tracking the value of the item with the amount of insurance every month etc. So they likely suggest that to ensure in the event of a loss that you are able to recover the full value of the item in the event of a loss.