Should I Insure My Collection?

Based on your limited collection I would say no. The only exception would be if the coins were high graded coins from a top grading group and that the limited coins were key issues.

its usually collections that are worth quite a bit of money that one would suggest getting insurance for. I have heard a number thrown around for people with collections over $100,000.00 should consider getting insurance. I am not sure I agree with this but that is what I have heard more than once on when a person should consider purchasing insurance for their coins, because its not cheap and it is a hassle because you have to keep updating the insurance with each purchase and the payments go up along with those purchases

For what you mentioned in the way of coins I suggest not insuring them. It really wouldn't be worth an insurance policy price. And then too, for that small amount of coins, a lot of trouble with all the paper work. Wait until your collection is worth a few million or a bit less before you think about insurances.

for 20.00 a year I would insure it from theft,fire,flood,obscure space junk,meteor shower and lightning strikes. Wanted to add this is just a joke because I just saw the insurance jack in the box commercial where the obscure space junk crushed it instead of the jack jumping out so I had to say it

Short answer: NO.

If your collection has significant value, get yourself a decent safe and keep it out of view. Or collect coins that are not worth much. Also fewer tax problems that way. The numismatic fun is just the same.

If you have VERY valuable coins, keep them in a bank. Same with large gold bars.

The majority of coins in my collection would be worth 10 dollars or less. A tiny number would be valued at over $1,000.

To get my coins insured proved to be a nightmare, so I said 'No thanks'.
They wanted every coin assessed independently by a commercial professional every year, to assess the risk and to establish the premium to be paid each year.
Their reasoning was that the coins would increase in value each year, and they need to know by how much.
Hence the need for annual re assessment. Crazy!

sel69L, that is insane! Glad I don't have to do that with any of the personal property we have insured.

A disinterested third party protects them by evidencing that you actually have the coins and their condition.

I get people wanting an appraisal on a list of coins that were stolen, burnt, whatever. No way I'm gonna put a price on something that he might have sold a month earlier.

I met with my insurance agent last week. Coins ARE NOT insured under normal homeowners policy.
They will insure if a professional appraisal is done, but it's expensive.
On a side note, he did mention to read the contract closely regarding my safe-deposit box at the bank. The bank does not normally offer any type of insurance againt fire or theft, and coins and bullion may even be prohibited against storage in said bank. Wow!