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 Replies: 13 / Views: 2,350 |
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Valued Member
United States
63 Posts |
I'm considering coin insurance. I don't have a big collection, but would like some protection for the small collection I have. I may just drop them off at the bank deposit box as an option, but want to consider insurance.
What experience has anyone had with insurance companies like Collectibile Insurance Services, Asseetsure, etc? Since I don't have a single coin over their stated limit, I don't think I need to get an appraisal. So, just some pictures and an inventory list should do the trick.
A safe would be nice, but no space in my small house.
What are some of you doing? Any thoughts or experiences with the insurance companies.?
Art
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Moderator
 United States
23522 Posts |
Art, I like this topic better in Main Coin; I think you'll get a wider audience of people with good answers. Unfortunately, I'm not one of them.  |
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Valued Member
United States
97 Posts |
If your collection is small you may be better off investing in a small ul rated safe to hide in the back of a closet. But that doesn't guarantee protection from someone stealing the safe or flooding. Very few safes are not water proof. I use Hugh Wood for insurance. The process is fairly simple. When you sign up you will be assigned an agent that you will always work with. They have all different levels. You give them a value of your collection. Any pieces over a specific value must be appraised. I think it's $10,000 now but I can't remember. My plan allows me to travel with any coins between two different addresses or to my bank. If I want to take a coin to a different location I can call them and they can approve that over the phone. I think the lowest level will only insure your coins while they are inside your house. Just like any insurance....the safer your coins are in your home the lower the premium will be. So they may require you to have a safe or some type of secure storage. I've never had to file a claim so I can't give you any info on that.
If your coins are only for investment I would suggest getting box at the bank and keeping everything there. That is the safest place and depending on the value you wouldn't need insurance.
If this is a hobby then I would invest in a good safe and keep the coins at home where you can enjoy them. After getting a safe if you are still worried that something may happen to them you can look into insurance.
Edited by asyrp43
09/25/2014 2:52 pm
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Pillar of the Community
Canada
1747 Posts |
Most home/condo insurance policies include a rider for coins, however the value is low, mine is only $500, they also have a rider for bullion for another $500. So if you already have home/condo insurance for a smaller collection you might already be covered.
My policy does not require any specific storage requirements, however I did have a roommate at one time, and they told me that if there was any "suspicious" theft, then it would probably not get covered.
From what I did fro research, the cost/month is directly proportional to the value of your collection, something like $100 per every $1000, for me it seemed too high.
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Bedrock of the Community
United States
20753 Posts |
1. Ask neighbors to hold your coins for you.
2. Ask relatives to hold your coins.
3. Send all your coins to me and I'll watch them for you at no charge. May never see them again either.
4. Keep getting larger and larger safe deposit boxes.
5. Buy a larger home for a large safe. OR get a large safe and move to a condo for yourself.
6. This comes up a lot. As I've mentioned in many previous posts about this. So much depends on who you can trust today. Remember that for insurance purposes, you would have to document everything to the insurance company. And you would have to constantly inform them of any sales and new purchases. Then too you would have to consider that in case of the coins loss, the insurance company would not give you the full amount unless you insured the coins for way more than they are worth.
Now with all your personal info in the insurance companies files, just how many people have access to those files?
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Pillar of the Community
United States
900 Posts |
I was given a second hand safe (Brinks Model 5161/5160). It is UL fire rated 1600 f for 1 hour, to the best of my knowledge. I believe it is water resistant, not water proof. I was considering bolting it to the concrete floor in my crawl space, putting a box over the top and stacking the holiday decorations on and around it. My only concern is water. I will silicone around the lag bolts inside the safe. In the 6 years we've owned the house, there has never been any indication of flooding.
I don't have anything terribly valuable, but I would be upset if I lost any of it. I've never been a fan of insurance because, generally, the insurance company is the only party that benefits from the arrangement. Even if it was stolen/destroyed, the insurance company would find some way to deny the claim. Additionally, my insurance company requires me to get an appraisal of each coin, which is very costly.
If I put my collection in a safety deposit box at the bank, I would never see the items I enjoy collecting. I'll just put my coins, pocket knives and jewelry in the safe with as much dessicant as will fit and hope for the best.
Edited by scurry64
09/26/2014 2:47 pm
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Pillar of the Community
Canada
4227 Posts |
To give some kind of guide as to what to expect, here is what the Royal Canadian Numismatic Association has available to its members: http://www.rcna.ca/insurance.php |
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Bedrock of the Community
United States
20753 Posts |
Now here is something to think about. If you've been watching the news lately you would have heard so much about hackers getting into places like Target stores and lots more. Now picture this. You give your insurance agent your name, address, age, phone number, number of people in your house and then a list of everything you own. So a hacker not only gets a list of your coins but where you live too.
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Valued Member
United States
70 Posts |
I've been considering insurance as well, but after reading some of the post's I'm a little apprehensive. Maybe I'll go with the can buried in the back yard 10 paces north of the big oak : )
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Bedrock of the Community
United States
17884 Posts |
Quote:
From what I did fro research, the cost/month is directly proportional to the value of your collection, something like $100 per every $1000, for me it seemed too high. I believe that with Hugh Wood the rate runs closer to $0.50 to $1 per $100. And the lowest rate would be for coins kept in a SDB. |
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Pillar of the Community
United States
1554 Posts |
Boy, your house must be small. Are you sure you can't fit a nice small safe in your house?
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Valued Member
 United States
63 Posts |
Boy, great input here. After reading this feedback and other postings, I'm now not sure about insurance. There certainly is a trust factor. And, I agree with the comments about collecting.....it's awful difficult to collect on claims for homes/cars/etc and I imagine it would be more so with coins. I've made a number of transactions and I don't keep the receipts, etc., although I record the transactions in a spreadsheet.
Realistically, I could find room for a small safe. So, this may be the right answer. I'll do some research and see what's available and maybe find a used one.
Thanks, all!!
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Pillar of the Community
Canada
3692 Posts |
With a bit of work, you can hide your safe in plain view by converting it into a coffee table. If I were ransacking a house I would look in the sock drawer and closet but not even think about a coffee table.
The hardest thing with saves is trying to decide what fits and what doesn't need to be in there. I've narrowed it down to PMs, cash, masterpieces and moulds, and important documents. And lock up your tools that can be used against you!
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Pillar of the Community
United States
589 Posts |
Quote:
I believe that with Hugh Wood the rate runs closer to $0.50 to $1 per $100. And the lowest rate would be for coins kept in a SDB.  Vault Policy-Bronze Policy(home only) Silver policy(between home and SDB with up to $50,000) Gold policy( adds carry anywhere in the USA/Canada plus registered mailing) |
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Replies: 13 / Views: 2,350 |
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Posted 09/25/2014 2:47 pm
