| Author |
 Replies: 15 / Views: 1,840 |
|
|
Pillar of the Community
United States
790 Posts |
Awhile back a few people recommended Hugh Wood. I'm just trying to piece things together right now, so I called just to get a general price range for insurance The woman told me that she couldn't give me information unless I fill out an application. The first thing the application requires is a membership number for ANA. I'm not a member, and don't want to pay for a membership unless it makes sense. Also it asks where I'm storing the coins and all that rot. THAT is why I wanted to TALK to someone. I'm guessing that insurance covering a safe deposit box is cheaper than one covering a safe at home. On the other hand, between the documents we already have in a SD box and the coin collection (whose value is mostly in a quantity of "junk" silver, so LOTS of coins, no one of any substantial value) and etc., we could fill up more than a couple more boxes. So do I save enough on insurance to make it worth the annual SD fees, or would it make sense to spring for a safe in the home? I've priced safes. The one that is most affordable for me right now is rated at 1/2 hour--a safe rated at more than that costs more than twice as much. But again, is that going to be offset over a short period of time by better insurance prices? In other words, I need to TALK to someone. I can't fill out an application. I haven't made the decisions yet. I need a human being at the insurer to give me info so I CAN make them.  Does anybody here use a different insurer who is easier to deal with? Thanks! |
|
|
|
Pillar of the Community
United States
4212 Posts |
I have a supplemental policy w/Liberty Mutual for $28/mo.
Worth every cent. Some know of a 40K loss I took about a decade ago.
I'm anti home safe. As for displays, fagettaboutit.
|
|
Rest in Peace
United States
4078 Posts |
There are a lot of variables here. Where do you live? Is it a high/ low crime area? Can you afford a supplemental policy? Most home insurance consider coins as personal property and is covered to a certain extent. Getting a safe deposit box means no easy access to view your collection. How many of your "friends" know you collect. "Friends" could be your biggest downfall. Living in a rural area I have a home safe. The safe itself weighs a lot, with the collection it would take a strong person to move it. Not that it couldn't be done. Twslisa, living in Denver you need to consider all of the above, Your collection seems small but I'm sure you value it as your own.  @ fioti, What a tragic loss. I still would be bitter. |
|
Pillar of the Community
 United States
790 Posts |
Yeah, no displays. I haven't told anyone but people I trust about the collection, but it's gotten out. I think my mom has a big mouth (we both inherited Grandpa's collection). Thing is, I know someone who lost everything in their SD box when the BANK had a fire. And it turned out to her surprise that banks don't insure the contents of the boxes. The safe I'm considering would be quite a job to wrestle out of the house, especially with my burglar alarm shrieking. It may not be as fireproof as would be ideal, since I also want to store paper records and photos in it, but it's gotta be better than the file cabinet they're in now. And yeah, my personal collection probably isn't worth insuring on its own, but combined with grandpa's coins and stamps and some jewelry of my mom's, it's probably worth taking out a rider. Only I hear most homeowner policies only cover face value on coins unless you have an appraisal or receipts. Is that true? |
|
Pillar of the Community
United States
790 Posts |
Want to hear a really sad theft story? My grandpa collected two ways--by going through the till at his service station every night and getting the silver, and he als bought coins he liked. He kept part of us collection in his locked desk, and part in a locked gun cabinet upstairs. While he was away thieves got in and found the coins in his desk. Since the coins WE now have are all well circulated silver, and only a few are in holders that look like he bought them, I'd say the thieves made off with the best of his collection. I would really like to know what they got. Or maybe I wouldn't.  Edited by twslisa
11/11/2016 7:02 pm
|
|
Rest in Peace
United States
17900 Posts |
The ANA keeps the foundation of our hobby alive. Please reconsider becoming a member. The magazine, The Numismatist, is my favorite of all the many historical type mags I enjoy. If you love the history of coins from all over the world, it well take more than one sitting to read it all. |
|
Pillar of the Community
United States
790 Posts |
Thanks! The magazine does look good, but at the moment I'm looking at some large expenses and trying to save nickels and dimes, both figuratively and literally.
Does anybody work with a different collectors' insurance company they can recommend? ANYBODY?
|
|
Pillar of the Community
United States
4469 Posts |
Hugh Wood is the best and least expensive for a coin collection. The typical collection without a 10K coin will run around $250 per year. The ANA membership is cheap and you will get submittal rights to NGC. |
|
Pillar of the Community
United States
790 Posts |
If they were actually willing to talk to me, that'd be great. But if this is their level of customer service before they have my business, I'm not sure I want to go there.
Any other companies out there?
|
|
Bedrock of the Community
United States
12057 Posts |
State Farm (my insurance company) will insure jewelry and coins for up to $1 million, if I recall correctly, but getting a rider above the bare minimum ($2.5k?) requires professional appraisal of jewelry, and certified/appraised inventory lists for coins and bullion. I had about $40-$50k in estate jewelry to get insured, the appraisal costs alone from a GIA-certified gemologist with photos but no laser measurements ran me nearly $2,500 and that was with only insuring the pieces with a retail value above $500.
I do not know (personally) of insurance that will insure without professional appraisal for coins/jewelry, as the potential for fraud is extremely high. There are plenty of coin dealers who specialize in appraisals/valuations for insurance, though. I have never checked out this Hugh Wood company although I have seen them frequently recommended.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis Edited by paralyse
11/13/2016 9:16 pm
|
|
Pillar of the Community
Norway
1358 Posts |
Reading this thread makes me happy to live in Europe. Insurance companies can be annoying where I live, but not half as simultaneously arrogant and ignorant as Hugh Wood acts here: it's unheard of that you first must buy to hear what you bought. I also don't have to worry about criminality: the biggest local crime here in the last decade was a guy speeding a few mph. Also, insurance just goes here under the contents insurance. Putting your coin collection far away from you in a safety deposit box in a bank just for safety would be completely unheard of and unthinkable here.
I'm wishing you good luck in finding a solution!
|
|
Pillar of the Community
United States
1298 Posts |
I have had nothing but positive experiences with Hugh Wood. The lady I spoke to was very polite and answered all my questions to my satisfaction.
|
|
Pillar of the Community
United States
513 Posts |
I had a similar experience with Hugh Wood--would not talk to me, person-to-person, to answer questions. I was told to fill out the application and then they'll tell me how much they'll charge me. Also, I could not insure a collection not owned by me (like my parent's coins). They had to get a separate policy for themselves. So I could not pay for an insurance policy that my parents don't think they need. The customer service I got from Hugh Wood was lousy. Why should they care? They're pretty much the only game in town.
|
|
Bedrock of the Community
United States
20753 Posts |
My way of thinking is simple. Never, ever tell anyone where your coins are located. Never, ever tell anyone what you have, how many, their values. The best insurance is secrecy. The less people that know of what you have, the better your chances are that all will be safe. Just remember, everything you tell an insurance company, goes into their computers. Do you know who all has access to that?
|
|
Pillar of the Community
United States
790 Posts |
I'm pretty sure my grandpa never told anyone outside the family about his coins. The burglars still found some of them.
|
|
Pillar of the Community
United States
589 Posts |
 Quote:
I have had nothing but positive experiences with Hugh Wood. The lady I spoke to was very polite and answered all my questions to my satisfaction. The basic ANA membership is $28 annually     Per $10,000 of coverage is only $35 a year. |
| |
Replies: 15 / Views: 1,840 |
|
Posted 11/11/2016 3:53 pm
