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Coin Collection Insurance Suggestion

 
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Author Previous TopicReplies: 9 / Views: 362Next Topic  
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 Posted 01/23/2021  10:09 am Show Profile   Bookmark this topic Add BGLI to your friends list Get a Link to this Message
I know that the ANA recommends Hugh Wood Inc for coin collection insurance. Wondering if any forum members have experience with this company and have been satisfied? Any other recommendations? Thanks
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 Posted 01/23/2021  10:16 am  Show Profile   Check chafemasterj's eBay Listings Bookmark this reply Add chafemasterj to your friends list Get a Link to this Reply
Thanks for posting this question. I too have been thinking of insuring my collection.
Check out my counterstamped Lincoln Cent collection:
http://goccf.com/t/303507
Forum Dad
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 Posted 01/23/2021  11:01 am  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
We used them for years, Susan loved them. Contact Nancy Khoury in the Manhattan office, that was our contact and susan never had a problem. They even covered all incoming and outgoing shipments. No more PO insurance.
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United States
358 Posts
 Posted 01/23/2021  11:27 am  Show Profile   Bookmark this reply Add howell1018 to your friends list Get a Link to this Reply
I also used Hugh Wood for many years to cover a stamp collection I had that was worth many times more than my coins. Never had a problem. Course I never had a claim, so how would there be a problem? That said, I know they are recommended by the American Philatelic Society as well as the ANA. Cost was more than reasonable and well worth the peace of mind in my opinion.
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 Posted 01/23/2021  11:42 am  Show Profile   Bookmark this reply Add twslisa to your friends list Get a Link to this Reply
Can someone also remind me what you need to do in order to get insurance? I remember someone saying I'd need to have a safe, right? Also an appraisal?
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 Posted 01/25/2021  01:40 am  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Whatever you do, you need to make sure you have good evidence of what you have (photos, inventory, etc), and, if possible, an appraisal.

A safe is NOT required to be insured, but it's not a bad idea in general, and may? get you a discount with your insurance company if you can prove it. Just make sure it is bolted to the floor if it is less than 600 pounds empty. And big box store safes are generally worthless for theft prevention unless they have a theft rating.

I was burglarized about 10 years back, and my homeowners insurance would only cover face value. I didn't have much of a collection at that point, but I had *just* purchased the 2011 25th ASE set. So, I couldn't claim anything on it except that "several silver coins were stolen". Bleah.

Like for jewelry (think those giant engagement rings), you're going to need to get a rider from your home/renters insurance (or a separate policy) to cover the full value of your collection. That is NOT covered in your homeowners/renters policy, so you're going to have to pay more to insure your collection. The problem is, it's usually pretty costly for those riders or seperate policies. You have to do the math to figure out if it's worth paying the insurance. Or do you pay the bank and put your expensive stuff in their deposit boxes? Or do you buy your own safe (like I may have)? Or do you just risk it and hide your stuff under your mattress?

Decisions, decisions....

After collecting as long as I have....and knowing what my collection is worth... I've decided to self-insure with a rather large safe. I paid about $1,500 for it shortly after I was burglarized. It is more than adequate protection for what I have and also keeps my important documents protected.

So, there is no "right" answer. Depends on your collection and your wishes. Do your research. Evaluate what you have to help you make your decision.

And let us know what you end up doing.

Backstory



Edited by CelticKnot
01/25/2021 01:53 am
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 Posted 01/25/2021  11:18 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
I remember someone saying I'd need to have a safe, right? Also an appraisal?

Not with Hugh Wood. They are very laid back and from what I understand they only require individual documentation on individual coins that are worth over $10K.
Gary Schmidt
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United States
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 Posted 01/26/2021  9:45 pm  Show Profile   Bookmark this reply Add ericalynn13 to your friends list Get a Link to this Reply
No experience, I did research the rider on my home insurance option and dismissed it.

I can't say I've had any desire to provide a list of what I have, which is a base requirement to insure, to anybody. We do the mattress route CelticKnot alluded too but a bit more high tech.
Edited by ericalynn13
01/26/2021 9:47 pm
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 Posted 01/27/2021  1:23 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Think of this. You will need to constantly inform any insurance company of what you have. Also, in most instances they will require documentation of your purchases. And location of your collection. And methods of safety. Do you really want some strangers to know all that?
just carl
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 Posted 02/22/2021  02:37 am  Show Profile   Bookmark this reply Add TinyRetreat to your friends list Get a Link to this Reply
I have found insurance to be quite expensive and chose a "high end", heavy, fire-rated safe that I bolted to the concrete. I don't recommend advertising your "vast/valuable" collection to anybody but your trusted friends and family.
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