Is Your Collection Insured?

Let's say you do lose your coins whether to theft, fire, or whatever, who is exactly going to determine their value. Is the insurance company going to pay what you bought all the coins for, their current value per one of any coin value book / list, what you think they are worth, or would you have to hire an "expert" to examine your bad pictures to determine condition and value?

For those that have asked and an FYI for those that didn't. I am an ANA member and through them, I got a quote from Hugh Woods. I just sent in my payment, so I havn't gotten the policy yet, but it was $50 per year for $10,000. The insurance is only in my house I think, but there are other plans to cover you if you go to shows or something. You don't have to send them a list of your coins, unless any individual coin is over a certian dollar amount - it might have been $1000 but I can't remember. It looks like you just keep track of the coins that you have and then if there is a problem you tell them how much they are all worth. Its a lot of peace of mind for less than a $1 per week. I know I have over $50 just in three ring binders, plus the cost of the 20 pocket pages and 2x2's. Oh yea - the coins that are in them is probably a bit too.

Another thing to think about is that I search rolls. At any given time I could have a grand or so in halves in a bucket in my living room. I think my homeowners only covers like up to $500 in cash.

I think its a pretty good deal.

Hi, this is my first post to this forum. All the messages about insurance are very interesting. I keep my most valuable stuff in a couple of bank safety deposit boxes. The problem is that I keep running out of room in them and I'll be renting a third soon. On another note - I recently underwent some foot surgery that keeps me pretty much housebound, and having lots of time to kill, I decided to catalog everything I have. It was a long laborious process, since I decided to grade them myself and scan most of them. I'm using Excel with hyperlinks to the scans.- yakimaboy

Collection?
What collection?

To me it is simple, have two collecting hobbies, One, collect Large, heavy and hollow things. and second, small stuff (like coins) to fill up that empty space.





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Virtually my entire collection of coins & banknotes is in my safety deposit box. It's a sad commentary that I have to lock up my valuables in a bank, but it's the only practical solution for me. I'm a renter, and when I eventually buy a home, I'll buy a big safe with it, and I'll take great pains to secure it to the floor and also to conceal it so that anybody who breaks in, won't even know it's there.
As for the climate controls in safe deposit box rooms, I think it's essential, because the climate controls remove the humidity from the air, which can cause considerable damage. I wouldn't want to store my valuable in a room with unconditioned air.

I guess I need to look into changing my insurance; prices around here seem standard at over 600 a year. I should get a rider but for coins, if you have a list and proof of ownership, I thinnk they have to pay you for it without a rider. HOWEVER, I am not positive of it. I know with my main collection (autographs) this is very much more a subjective area. For example, they will only reimburse I had been told by other graph collectors, what you paid for the item (if you have proof that didn't get lost too) or the value ONLY of the photo/poster/ball or whatever is covered. NOT the signature. They don't value "handwriting" just like they don't cover the memories of family photos. They will reimburse you for the cost of the film only. I will have to confirm all this. My question (from another thread) though is:

Can you get ONE all emcompassing rider for art/antiques/coins/collectibles? Or is each area unto it's own. If that latter is the case, I'll never be able to afford it!