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 Replies: 26 / Views: 10,128 |
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Moderator
 United States
23522 Posts |
Quote:
I'd imagine that bank vaults are common ways of securing a collection. Is that a good assumption? With the understanding that the contents are not insured, yes. |
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Pillar of the Community
United Kingdom
856 Posts |
Quote:
I'd imagine that bank vaults are common ways of securing a collection. Is that a good assumption? Unfortunately in the UK most banks are reducing the number of physical branches, preferring people to bank online. And those branches that do exist are generally reducing their safe deposit / vault storage for individuals. The nearest branch with a safe I could use was 20 miles away and is no longer accepting any new items for storage. I believe most dealers have to rely on old fashioned branches in small towns, but in due course even they will need to be refurbished. And outside of London and Birmingham safe storage for things like jewellery hasn't really caught on yet, making options limited unless you are a customer of a premier bank like Coutts. |
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Pillar of the Community
United States
1795 Posts |
An excellent post Thank You.
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Pillar of the Community
United States
840 Posts |
Thanks for all the posts on this topic!
I am in the midst of insuring my coin collection. Yes, an insurance rider is necessary. With my insurance company, they will insure up to $10,000 USD value in collectible coin with only my cataloging (Excel spreadsheet) and self-appraisal backed-up by the reference guide I used to self-appraise each coin. For coin collection value >$10,000, a formal collection appraisal is required, which would be far too expensive to be worthwhile to me, plus I continue to add coins to my collection so the re-appraisal requirements would be exhausting.
As a result, I will insure my collection for up to $10,000, and the coins will continue to live in my high quality gun safe, which is hidden away from prying eyes.
Next question is, who, besides me, should know the safe combination in case I meet an untimely demise? Answer: my wife. I will also add the safe combo to our last will and testament, which is kept not only inside the safe, but also at the attorney's office my family has historically used.
Happy collecting everyone :)
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Bedrock of the Community
United States
17884 Posts |
Join the ANA, and then get insurance through Hugh Wood. Typically homeowners insurance that doesn't have a rider for the coin collection will typically cap the insurance reimbursement at around $200. If you do get a rider, as many here have said you will need appraisals, photographs, and other hoops you have to jump through. In the cost is typically high. The Hugh Wood insurance only requires statement of value and individual listings of items that are worth over $10,000 each. Cost is typically one half of 1% of the declared value. And the coins are insured whether they are where they are normally stored, in transit, or in the mail. I've only seen one report where collector had to make a claim on his collection, and it went very smoothly. He simply reported the loss and the amount, and he had a check within a week. Not guaranteeing it's the best way to go, but it bears looking into. |
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Pillar of the Community
 United States
6514 Posts |
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Always remember that today everything you tell an insurnce compamy goes into a computerized record. And as with any company, those records may well be open to all employees. This means that almost anyone in that company could khow what you have, where you keep it, who lives in that house and anything else you tell them.
With todays computerization of almost everything and anything, your safest insurance is to keep your mouth shut and don't tell anyoneeeeee. So true Just Carl. I feel the same way. Check out my counterstamped Lincoln Cent collection: http://goccf.com/t/303507 |
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Bedrock of the Community
Australia
21788 Posts |
Basically, what I get from all of the above discussion is that insurance companies are just not interested in the insurance of valuable numismatic collections.
A better alternative?
Just shut up, and get a decent safe.
In the U.S., a real mean pit bull, and an AR15 would also help.
Fortunately, I don't need the last two.
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CCF Advertiser
United States
1533 Posts |
I have Hugh Woods. They understand collectibles. Your homeowners insurance will not and will ask for ridiculous things at ridiculous costs.
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Pillar of the Community
United States
6514 Posts |
Hey Andrew99. I just looked at Hugh Eood's website. They appear to really specialize. Thanks.
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Pillar of the Community
United States
2023 Posts |
I took a look at Hugh Wood shortly after I joined ANA (i.e. not very recently). I recall a question about home security. Obviously it's to everyone's advantage, mine and theirs in the event I have to file a claim, but to what degree does that affect the premium, and does it vary by what kind of security you have? |
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CCF Advertiser
United States
1533 Posts |
I only got the Safety Deposit box insurance, but there are multiple tiers, for example:
- Safety deposit box
- home storage (safe, security systems all affect premiums)
- You travel with coins (dealers)
Everything that affects the risk, affects the premium. A low risk situation is very cheap, like $250 per $100K insurance.
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Bedrock of the Community
United States
20753 Posts |
Just remember that the good old days of an insurance agent and company were sort of like a good friend. Today everything and anything you tell them goes into the computer. Not everyone that works at an insurance agency is like your best friend. They are just people and when they leave that company, who knows what info they take with. Could well be your coin collection info as well as you address.
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Pillar of the Community
United States
2023 Posts |
That's a good point, justcarl. I've had mixed experience with insurance companies and the bottom line is often that they'll do what they can to avoid paying out. Document everything, dot every I and cross every T and you still might not get what you want or expect. Worth having in some cases, your mileage may vary. standard disclaimers apply.
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Valued Member
United States
337 Posts |
I see several people already ANA. I just renewed, and if you take the Numismatist online it is only $28, then you have the insurance option. I have never looked into it because my collection is not worth that much, and is in a bank box. But, I lived in the Hurricane Katrina area and did worry about that bank box. Fortunately, mine was high enough. But, what would insurance really cover? Damage from moisture? environmental damage? Probably not. |
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Pillar of the Community
United States
1963 Posts |
Well, my collection is not large enough to merit insurance.
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Replies: 26 / Views: 10,128 |
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Posted 04/19/2013 3:28 pm
