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 Replies: 13 / Views: 2,392 |
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New Member
United States
26 Posts |
Is there anyone who has their bullion insured on their homeowners policy? I'm guessing those of you with huge collections have policies, but is it easy to get insurance (and is it worth it?)
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Moderator
 United States
34413 Posts |
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Rest in Peace
10197 Posts |
Easier to get insurance, a high rated fire safe or try yo sell the slag afterwards. Knew folks who had steel cents, silver dimes/quarters in glass canning jars,, house fire, ranch in CO, 13.2 mi from the road to begin with. Once the shelf caught fire, all collapsed into a pile of glass,metals and on fire wood(old homestead wood), They got slag weight for that mess.
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Valued Member
United States
65 Posts |
I asked our insurance carrier about it and the response was that there wad a limitation on the homeowners policy and a rider or separate insurance would be better. For me, separate insurance wasn't cost effective.
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Pillar of the Community
United States
4211 Posts |
I just use a safety deposit box. Homeowners insurance was just not a good option for me with my existing carrier.
Plus living in a hurricane prone state I just feel better with it locked up in a bank vault.
But there are times I wish it was here so I could look at it from time to time.
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Rest in Peace
United States
17900 Posts |
The link Spence gave covers the options pretty well.
If you are paying $3,000-6,000 per year on $100,000 you can purchase a SERIOUS vault rated for hours against a cutting torch.
Only drawback is if you ever move.
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Valued Member
Canada
178 Posts |
My house insurance just came up for renewal. Looked closely at it, and the limit for numismatics and bullion is $200! My deductible is $1000! So useless in other words. Didn't bother to check with them what it would cost to boost that $200 amount.
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Pillar of the Community
United States
992 Posts |
If your only coverage is your Homeowner's policy, you have no coverage at all. You can get a collector's policy for about $200 a year. Collectinsure.com is one source, just Google your needs and links will appear.
If you have no alarm system, you're hanging out there, anyway.
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New Member
United States
2 Posts |
Bank safe deposit box and safe deposit box insurance from https://safedepositboxinsurance.com is the best way that I've found. They don't ask what's in your box, you just insure to the value you're comfortable with and that's it. |
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Pillar of the Community
United States
1101 Posts |
My insurance w/ State Farm only covers the denomination value, not true value. I can get another policy that covers actual value of the items, no questions asked. Discovered this after about $3000 worth of coins/paper money that my grandfather gave me came up missing.   |
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Pillar of the Community
United States
4333 Posts |
Like any insurance, a scam.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
467 Posts |
Hugh Wood is an easier cheaper option than home owner's insurance, at least from my experience.
A large home safe does provide good protection from burglary when you are not home. The drawback is if you are ever home invaded. If someone has a gun to you or your family, you are likely to open the safe.
As Debra mentions, a safe deposit box is also good option for the more valuable stuff. The drawback is that you can only look at your stuff during banking hours.
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Pillar of the Community
United States
581 Posts |
The following is in reference to bullion only:
1. Insurance is a scam.
2. Safety deposit box is a waste of money and a loss of privacy.
3. Do not store in a home safe.
I recommend the following.
1. Purchase a used safe off of Craigslist. Fairly substantial ones can be had very cheap. The heavier the safe the better the deal you'll get. $15-20 max.
2. Place an empty 9mm cartridge box in the safe.
3. Put the closed but not locked safe in a guest room closet.
4. No one but you should know you have bullion. Ever. Period.
5. Hiding the bullion effectively in only limited by your imagination.
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Valued Member
Canada
117 Posts |
Insurance company will give you BS excuses to deny your claim.
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Replies: 13 / Views: 2,392 |
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Posted 11/30/2017 7:39 pm
