I thought of another guideline which may be helpful in deciding whether or not one needs additional coverage.
If determining an item's replacement cost involves checking sold results on ebay, auction results, train meet prices, or use of a price guide, then it probably falls under the fine arts limit, which is usually relatively small. If the value can be determined by looking at a manufacturer's current catalog, then there's a good chance that it falls under the contents coverage (up to the policy limits, of course). IANAL and YMMV!
It's also important to remember that what is right for one person may or may not be appropriate for others.
Due to increasing property losses in recent years, insurers have been adding more and more restrictions on what they cover. You'll get new pages every year which list updates to the limitations and exclusions - READ THEM! (Hint: These changes are rarely in your favor.)
