In terms of replacement cost coverage, that could be accurate for a personal collection.
If I were to attempt to replicate my modest collection, I'm sure it would set me back a few grand. What you pick up for $1 at library and garage sales over a 20 year period will cost $30 per to replace on demand via alibris.
I was calculating replacement cost. The agent told me that it's not impossible to attach a rider onto a typical Renter's Insurance policy, but the bean-counters at corporate would look askance at it due to the possibility of fraud. He said they would fear me simply taking a match to the apartment.