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 Replies: 9 / Views: 1,857 |
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Valued Member
Canada
135 Posts |
Poll Question
Hello Community. With my collection gathering a bit more value over time, I'm wondering what protection / insurance methods are trending in 2016. I just called by home insurance company and they limit the coverage of coins to $1000. So my question is how do you protect/secure your collection for fire/burglary/flooding other purposes?
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Pillar of the Community
Canada
1571 Posts |
I doubt these are details many collectors will comment on.
I know most home insurance doesn't cover very much for coins unless specifically listed on the policy.
Any safe can be opened in minutes, and certainly under 1 hour even for a first timer.
Some people hide them but again, with a bit of time, they can be found.
Safety deposit boxes are the safest bet. But costly.
I've heard of people renting PO boxes, and storing their stuff there. That seems a little risky since the postal worker has a key to the box but it otherwise seems pretty secure.
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Pillar of the Community
Canada
3234 Posts |
My vote would have been for the dynamic duo .. "Smith & Wesson"...but a safety deposit is always the best.
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Pillar of the Community
Canada
1923 Posts |
Safety deposit boxes are a big cost as your collection gets larger you have to add boxes if you can get them the larger ones are very hard to get and cost. I had 4 large ones the cost can climb it was a few years back but I think I was paying over $125.00 each a year or more.
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Pillar of the Community
Canada
1571 Posts |
If you want to display them, pay the insurance cost and if anything happens, at least they are covered.
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Pillar of the Community
 Canada
5589 Posts |
There's an insurance company that specializes in insurance for coin and antique collections, but I can't remember the name of it. They used to advertise in the CCN and the person's name was part of the title.
Yes, I see from "upc" that it was the Hugh Wood Insurance Co. Back in the old CCRS days, there were a number of collectors and dealers who used him/them.
Edited by okiecoiner
10/04/2016 03:17 am
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Valued Member
 Canada
135 Posts |
I found this company. Not sure if anyone has used them on this forum: http://www.rcna.ca/insurance.php Disclaimer: Please note I am in no way affiliated with this company :) "Property insured: stocks of coins or numismatic material of every description and/or other articles of numismatic interest belonging to the insured or for which he is responsible. Minimum annual premium is $150.00. Deductible of 1% of package/sending value subject to a minimum of C$500.00 each and every loss." |
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Moderator
 Canada
10458 Posts |
I use Hugh Wood Insurance for the entire value of my collection, whereby most of it is stored in a couple large safety deposit boxes. Your premiums will vary, depending on the value that is stored at your residence versus off-site safety deposit boxes.
"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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Pillar of the Community
Canada
3049 Posts |
SPP - on that rider do they also cover when the coins are in transport (if you take them to a show or to your house) as well as during shipping?
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Moderator
Canada
10458 Posts |
Yes. But if something is lost during shipping, remember, like any insurance, there is a deductible fee...
"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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Replies: 9 / Views: 1,857 |
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Posted 10/03/2016 7:27 pm
