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 Replies: 13 / Views: 1,509 |
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Valued Member
United States
213 Posts |
Hey Everybody, This is probably discussed somewhere, but I couldn't find it, so I figured I'd ask. My questions are: can you get insurance for your collection if a portion of it is bullion? Do you just claim the numismatic value? It seems unlikely considering market fluctuations. And, do you think I'm being overly paranoid when I feel like the risk of being uninsured may well be favorable to alerting others (even an insurer) to your collection?  I know this is all speculative, and it comes down to personal risk tolerances, but any input/opinions would be greatly appreciated. Thank you
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Moderator
 United States
187702 Posts |
 to the Community! |
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Valued Member
 United States
213 Posts |
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Valued Member
United States
318 Posts |
You are probably better off investing in a fireproof safe that is permanently mounted to a hidden location in your house. Or pay the fee for safe deposit box at your local bank. I hate insurance companies.
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Valued Member
United States
325 Posts |
I thought it was enough to have documentation of your collection in case you need to make a claim (photos, receipts, etc.), rather than tell your insurer in advance what you have.
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Pillar of the Community
United States
7614 Posts |
The thing about insurance companies is they ALL talk a good line to sell you a policy. However, once you file a claim they spend all their time looking for a reason NOT to pay the claim. They know all the "gotchas" and they are experts. Doesn't matter whether homeowners, cars or collectibles. Very frustrating.
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Valued Member
United States
213 Posts |
Thanks for the replies everyone! You've confirmed some of my feelings regarding insurance. I'm going to stear clear!
I thought about getting a safe deposit box, but found info saying that humidity can be a problem because it isn't something they regulate, or if they do it's geared more towards paper. Any thoughts?
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Bedrock of the Community
United States
20753 Posts |
Just remember that what ever you tell an insurance agent goes into their computer system. Now available to most people in that company and if hacked, by many others. May as well just advertise your collection in the newspapers.
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Pillar of the Community
 United States
7934 Posts |
You can find posts out here with photos showing coins (in 2x2s or folders) inside Ziplock bags with silica gel dessicant packets inside. I know space inside most safety deposit boxes is limited, but...
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Pillar of the Community
United States
5825 Posts |
I use Hugh Wood (www.hughwood.com). They have 3 levels of coin insurance depending upon how "portable" you want you collection to be. All they ask is how much do you want to insure for. The Exception: You have to specify coins valued over 10K. REQUIREMENTS:-- Be a member of ANA-- If you store them at home you need a 2-hour fire safe. (For currency you need the higher level document fire safe.) Of course you need to keep a complete detailed inventory for yourself. Look at their costs to decide if your collection is worth insuring through them. Forget homeowners' insurance.If you don't give your homeowners' insurance company a detailed listing AND pay extra they will only give you face value (how would you like to get 10¢ for your 1916-D Mercury dime.) And if you spend enough with homeowners' insurance to insure your collection at book value you'll still need to give them a detailed listing AND pay about 3 or 4 times what Hugh Wood would charge, Edited by kanga
05/30/2019 08:51 am
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Valued Member
United States
213 Posts |
My thanks go out to everyone who responded to my posts. After weighing all of the information provided, I'm going with a floor safe, fixed to a cement floor. So now all I have to do is pick one, and sneak it into my house under the cover of darkness, while it's disguised in an appliance box.  Thanks again, everyone! |
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Valued Member
United States
318 Posts |
Quote:
So now all I have to do is pick one, and sneak it into my house under the cover of darkness, while it's disguised in an appliance box. Wow. Yes. Keep it a secret! It's not like you are telling us where it is or what you are up to... My safe is disguised as a clothes closet, with trap door in back. Open the door and it's dirty underwear in your face. True story. |
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Pillar of the Community
United States
4212 Posts |
Funny you should mention the '16D. About a dozen yrs. ago, I lost 4, in a home (garage actually)
burglary. All in, it was about 40K. What kanga says is true about home insurance. I had a
rider, but what a hassle. Most important, was the receipts when you purchased them.
Trying to orchestrate, between ins; detectives, past sellers and local pawn shops was a nightmare.
I had to prove ownership, via a family trust. Then the legallity of the trust was brought up.
Fortunatly, just about everything I didn't have receipts for, was bought from a member of a different forum.
I thought I had the most tricked-out disguise you could imagine.
Family is overated
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Valued Member
United States
213 Posts |
Yeah, letting everyone in the neighborhood know that you have things worth puting into a safe feels like a terrible plan!!
Wow Mikem007, that sounds awesome! I'm trying to envision it, so I can do something similar.
And unfortunately you're right about family fioti. I had a brother in law who thought we had a joint checking account for a while.
Thanks everyone!
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Replies: 13 / Views: 1,509 |
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Posted 05/29/2019 3:41 pm
