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 Replies: 14 / Views: 1,975 |
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Rest in Peace
United States
9104 Posts |
Most of you prolly don't realize that your coin collection (jewelry, other rare collectables) isn't covered by your insurance, until too late. I had an insurance company agent just call me, and she's finding most insurers won't even offer coverage. I know there used to be an insurer offer coverage for ANA members, but a quick search didn't show his ad. Anyone know an insurer (other than Messers Smith & Wesson) offering either independent or rider coverage? |
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Bedrock of the Community
United States
12437 Posts |
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Moderator
 United States
187702 Posts |
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Bedrock of the Community
United States
20753 Posts |
I really find that hard to understand since on programs like The Antique Road show they are always saying "For insurance purposes, this is $xxxx" Or many of the jewlery stores say that there merchandise will insure for double what you pay. I know lots of this is guess work and advertising, but something to look into.
Just called State Farm and they said OF COURSE WE DO. Coins, Stamps, Guns, Knives, Paintings are all covered under a separate policy for those articles.
Then I called Alstate and was told the same thing.
Like I said it sounded odd that no insurance company would cover coins.
Edited by just carl
11/10/2011 4:59 pm
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Forum Dad
United States
24148 Posts |
Contact Nancy Khoury at Hugh Wood. Call the Manhattan office and ask for her. Tell her Susan at CCF Numismatics sent you. We have business insurance but they do personal also. One policy insures a total dollar amount on the premises plus anything shipped to or from us. (No more PO insurance  ) If the value we have on the premises is going to go up or down, Susan just shoots her an email to adjust it. |
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Pillar of the Community
Canada
4227 Posts |
Hugh Wood Canada Ltd. offers coin insurance at 'special' rates for RCNA member too. The link Bobby posted is the same for Canada. |
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Pillar of the Community
United States
3278 Posts |
I always assumed it was covered under my homeowners.
They said my antiques were.
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Forum Dad
United States
24148 Posts |
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I always assumed it was covered under my homeowners. They probably are...... up to about $200.  |
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Pillar of the Community
United States
3278 Posts |
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Pillar of the Community
United States
759 Posts |
Contact the carrier for your homeowners or renters policy and ask them (when you say an insurance agent called you, it implies to me that it's not your carrier). I've had coverage by 5-6 carriers in my life and every single one would write a rider for coins. Last quote I got about 4 months ago was a premium of $99-$120 for $12K-$15K of coverage.
For all insurance purposes, it is imperative that you actually read the policy and for anything that isn't crystal clear, ask your agent for clarification. Coverage, as well as the claims process can be tricky. "Replacement Cost" coverage can be especially tricky. You'd think if you had a loss on an item that costs $1000 to replace, you'd just get a check for $l000 (after deductible is satisfied). Well, maybe not. It depends on the policy terms. Many policies would first pay you the depreciated value, then after you provide a receipt for the replacement, they cut a check for the difference. I didn't really need a chain saw with a 48" bar when I knew I was moving out of WA state, but had to buy one or else all I would have gotten was their $38 depreciated value.
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Rest in Peace
 United States
9104 Posts |
For upstate and anyone else reading this thread...contact your agent and ask exactly how your coin collection and jewelry are covered. Odds are good that total coverage is under "money", up to $100, unless you have a rider. Not cool.
Thanks for those who answered.
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Bedrock of the Community
United States
17884 Posts |
Any company will write you a rider to cover your collection, but the rates tend to be high and the reporting requirements tend to be a real hassle. Hugh Wood specializes in collectibles, their rates tend to be lower and reporting/documentation tends to be simpler.
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Rest in Peace
United States
9104 Posts |
Make your inventory scans before a loss.
Asking a dealer what 100 raw MS65 Morgans are worth after a loss won't cut it. Two immediate questions:
Where's the proof they were MS65?
Where's the proof they even existed?
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Forum Dad
United States
24148 Posts |
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Any company will write you a rider to cover your collection Actually that's not true Conder. Some will flat out refuse, the one's that will do it... you are correct though. Very high. |
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Pillar of the Community
United States
4333 Posts |
Ninety percent of what I have is kept in safe-deposit at the bank...uninsured...
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 14 / Views: 1,975 |
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Posted 11/10/2011 4:32 pm
