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 Replies: 12 / Views: 2,651 |
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New Member
Canada
15 Posts |
Although I have just recently entered the world of coin collecting and bullion purchasing, I've quickly amassed thousands of dollars of "inventory".
Given that fact I am trying to determine the best approach for securing my inventory and was hoping for some information from fellow collectors on the approach they use. Although our house has an alarm system I don't rely on that more than a simple deterrent for a thief (it's quite easy to break in, grab, and run before any response by police/etc.).
Therefore I'm looking at the possibility of insurance (house insurance for gold/silver is nearly non-existent on typical plans and from my understanding to insure such valuables the yearly premiums would be insane). A bolt down style safe seems to be a logical choice and I'd appreciate any information/tips on expected costs, things to look for, things to avoid, etc.
I've posted this in this forum as insurance varies from country to country so being a Canadian I was hoping to hear from fellow Canadians and possible insurance options.
Thanks,
Andreas
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New Member
Canada
31 Posts |
I'm in Canada, I have my car insurance through State Farm, just recently added home insurance through them, and there is somewhere between $3500-5000 coverage included for silver and coins, they ask you to get it appraised, but appraised or not I'm still covered, and I have a safe at home also, big city living and the world rapidly getting more violent, insane, and reckless carelessness everyday by the most random people, better to be safe than sorry...call them and ask, it's a start
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Pillar of the Community
Canada
2366 Posts |
I talked to my insurance company last year about it and they didn't really know how to answer me. Broker it from Lloyd's of London or something seemed to be the only option. I haven't followed up on it. Safe deposit box at the bank is the best option; at least for the most valuable pieces you can fit into it. The downside of a safe is that thieves know where your valuables are and can just use heavy equipment to extract it if they find out you have it. Anonymity is your best defense. Plus a good alarm system of course. Also think about protection against fires, floods, earthquakes etc as well as the usual humidity control problem and so on.
Edited by kuh_85
05/24/2013 3:29 pm
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Pillar of the Community
Canada
2366 Posts |
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Pillar of the Community
Canada
3690 Posts |
Regarding safes, it's best to take the advice of experts. Fire is as big of a threat as thief. See glenzy1's comments here: https://goccf.com/t/121311#1049437Insurance can be tricky, and usually requires an appraisal. Be careful with insurance and believe nothing unless you read and understand your policy - insurance agents can and will 'tell' you anything on the phone. Also the RCNA offers some coverage and information here: http://www.rcna.ca/insurance.phpGood security is to not tell people you collect coins (loose lips, sink ships) or have lots of RCM packages/coin magazines etc. delivered to your house.. If you choose to keep coins in your house, hide their location (especially a safe) but the best, and most often recommended approach is a bank safety deposit box. |
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New Member
 Canada
15 Posts |
Thanks for your tips...I continue my search with the various insurance companies, unfortunately the limits are usually very low (even at $3000-$6000 it won't cover my collection in the near future). I have seen the RCNA link but I'm not a member so didn't pursue that option (perhaps the annual fee would be worth it). On that note, is anyone using that insurance option through RCNA membership? I have a few gold bug relatives and they tend to be hush hush on where things are stored/located/etc. I do know they avoid banks (deposit boxes) as if the day came when we had our own local "bank holiday" you would be out of luck trying to get access to your resources. May sound far fetched but it is a possibility. I always had concerns about safes and installations as there have been many stories where the person installing the safe "tips off" friends/etc. on the homeowner with a new safe. I tend to discount those stories but you never know. Andreas |
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Pillar of the Community
Canada
3692 Posts |
Decoy stash (Proof sets) and a big loud dog.
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Valued Member
Canada
329 Posts |
costco.ca has a great selection of safes. i'd recommend something larger than a cubic foot though as I outgrew that quickly.
perhaps get a 2cubic foot one that has a bolt down feature.
another thing you can do is to take them out of their clamshells and put them in the safe and then stash the clamshells in a drawer or something...that can make a great decoy
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Valued Member
Canada
242 Posts |
i use my hole room...i added a steel door to it with combination locks....just like a really big safe....its 10X12....i can display all my coins on the wall no problem, and if someone wants to see it (very very good friends) il show them....i store my guns in that room too....when I go in my room I feel like I'm in a bank vault....LOL
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Moderator
 Canada
10456 Posts |
I use the insurance company endorsed by the RCNA, and I use a safety deposit box. The protection of my family is first and foremost; coins can be replaced... Oh yeah, a minor mention, my wife's hobby (raising German Shepherds), protects my hobby...  "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Valued Member
Canada
121 Posts |
I use several storage methods. I cancelled my bank safety deposit box last year. I have a medium size safe, bolted to the floor in a laundry room. I cut the bottom out of a plastic tote and cover that in the corner and throw some crap on it. I also have a bit of a library in my office and I carved out an old text book (just like the movies) and store some gold bars and gold maples in there (only my wife and mother know about this place). I also have a small box behind my desk that has more gold and silver plus another large box in a storage closet that I use for my NCLT. For my numismatics I have them in ring binders on one of my library shelves with bogus labeling about recipes or something. If thieves find anything, they will find my safe and they'll get some penny rolls, and silver bars but will miss all the good stuff. Someday, I'll spring for a large floor safe that weighs 1600 lbs empty and hope for the best. I may have to kill the delivery guys though  |
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Valued Member
Canada
121 Posts |
I also have an alarm and two large Labrador dogs. The dogs aren't much good as a couple of wieners and they'll probably show you around. They do look menacing if they can stop their darn tails from going back and forth all the time.
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New Member
Canada
15 Posts |
During my research years ago for a house alarm, I soon found out that one of the best deterrents is a dog (regardless of size); not so much for attacking but for the noise factor as most thieves don't want to draw attention to themselves. Since I don't plan on getting a dog anytime soon, I think people's suggestions on a variety of protection is the best choice: be it an alarm for the house, multiple safes, etc. The next problem is finding a safe that is "safe enough" but not too heavy for a second floor installation :)
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Replies: 12 / Views: 2,651 |
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Posted 05/24/2013 3:28 pm
