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 Replies: 48 / Views: 5,764 |
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Pillar of the Community
United States
3233 Posts |
Poll Question
I'm finally getting around to applying for insurance from Hugh Wood (as an ANA member) to get (relatively) cheap insurance for my collection. Plus, it will cover a certain amount for items transported to various locations (including the mail!). Traditional homeowners insurance only covers $250 in losses. Riders can be obtained buy traditional insurance companies can make that very expensive and very difficult to deal with. [By the way, this post was inspired by one from the PCGS forums.] Results
| Yes |
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18% |
8 Votes |
| No |
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82% |
36 Votes |
Poll Status:
Locked
Total Votes: 44 Counted
Last Vote:
11/07/2007 2:52 pm Edited by Prethen
09/13/2007 10:33 pm
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Valued Member
United States
367 Posts |
im only 17 but do worry about theft which a gun under the pillow solves that and really I have nothing worth gettng insurance so ill wait untill I complete my lincoln album!
dustin
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Pillar of the Community
 United States
5953 Posts |
When I lived in the UK it cost me less than $200 a year to insure my collection and less than $300 a year to insure my sports car with full coverage.
Now I pay over $1000 a year for my base model pickup truck. The last time I looked into insuring my collection it was going to cost me 5% of the value in premiums per year.
Here in the USA its just not economical to purchase insurance on coins so I hide my valuable ones in a safety deposit box where the rarely see the light of day.
You win some and you loose some there are advantages and disadvantages to both situations.
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Pillar of the Community
United States
1952 Posts |
that's not really true Richard. I have my collection insured and I think I pay $6.00 a month for up to $20.000 I'm not there yet but close to it. the only thing they wanted was that I purchase a safe " I did" and they wanted to see my collection "i did that too" I still have books of coins all over my desk but lock the valuable coins up all the time. the wife don't like it though. she says that we got a safe so she could have the room back lol. the point? now I got two rooms for my coins and I can sleep at nite again lol
Gary
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Moderator
United States
6563 Posts |
which company do you use? I need to get renters insurance and i'd like to do a combo deal with the same company. and after reading your post I'm pretty sure I have $20,000 worth of coins now  |
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Rest in Peace
United States
3730 Posts |
The very few valuable coins I have reside in a safety deposit box.
The rest, though numerous, wouldn't be worth risking a prison sentence for should someone have burglary on their mind.
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Pillar of the Community
United States
2269 Posts |
I think a safety deposit box is a great idea for valuable coins. I read an article awhile back about certain banks that use temperature controls in their vaults. Apparently the temperature controls could end up harming your coins. I believe the author suggested finding an older bank that might not have any temperature controls.
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Pillar of the Community
United States
1713 Posts |
My collection is not insured but then I don't have anything that's greatly valuable. However, I am starting to accumulate a large pile of coins...I should add them up sometime and see how much is actually there, I might be surprised.
This thread kinda makes me feel guilty. I like having my collection in my room because that's where I sort through my bank boxes and it's nice to be able to pull things out to compare to and to be able to put things on the scanner whenever I want.
My dad has a gun vault (next to my room actually) where I should place all my coins. However, he won't give me the combination and it's a bit annoying to have to find something every time I want to take a coin out of the vault. Still, I probably need to take him up on that.
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Pillar of the Community
United States
595 Posts |
I've talked to my agent, and if I provide a list with values, my homeowners policy will cover it. Or so they say.
Jan
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Pillar of the Community
 United States
3233 Posts |
Jan...I doubt it. At least, I doubt they'll cover anything over $250 unless you have a specific rider and that will cost you. Your agent probably doesn't have a clue what you're talking about.
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Valued Member
United States
470 Posts |
I added mine to my home owners for an additional $60 every 6 months. I have $75,000 in coverage. The only stipulation was that I keep them under lock & Key (i.e a safe) and that I file images and an index with them as proof of ownership.
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Valued Member
United States
411 Posts |
My coins are insured as a part of my homeowner's insurance. The problem is, when I got the policy I had a lot less coins that I do now.  |
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Bedrock of the Community
United States
14454 Posts |
only by my Glock .45 and my AK-47
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Pillar of the Community
United States
533 Posts |
I got a rider and pay a few bucks a year to cover my collection. All I had to do was provide a list. Since I already had all of my coins with their grade and value on a spreadsheet this was no problem. I am not sure how up to date it is but it is there. I haven't modified it in a while. Maybe I will go do that right now...
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New Member
United States
15 Posts |
This is an interesting subject that I need to look into. does anyboby know of a good provider of insurance for collections? However large or small the collection, it would be devastating to me to lose it.
On another note, the gun under the pillow is great unless you are robbed when you are not home. I keep my guns in the safe with my coins. It's not worth the lawsuit with my luck someone would steal my guns, shoot their self in the foot and sue me!
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Pillar of the Community
Canada
965 Posts |
My collection isn't worth a whole lot, and wouldn't be worth the trouble to haul it out of my house, so it's pretty safe that way. It's kind of like driving a crappy car. It's not worth the thief's time to try to steal it when there are better ones to be had.  |
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Replies: 48 / Views: 5,764 |
Posted 09/13/2007 11:16 pm
