Insuring Your Collection - Coin Community Forum

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Author	Replies: 5 / Views: 1,365
pilotaggie Valued Member United States 165 Posts	Posted 02/06/2021 7:52 pm Just a general question for everyone. My mom has been in the process of moving and trying to figure out her insurance policy. She was WAAAYYY undervaluing what she had in ASE's. Her current insurance company will give coverage for about 200 a year per 50k worth of coins. Any coin worth over 1000 would need to be appraised. So here are my questions. What would you put down for an insurance value for a typical ASE nothing special mostly dated after 2000? Second does anyone have other recommendations for insuring their collection? Thanks in advance! Report this Post to the Staff

sel_69l Bedrock of the Community Australia 21786 Posts	Posted 02/06/2021 8:46 pm An insurance company would want to know the size of financial risk. To this end the best for them is to have your collection valued by an independent valuer. That involves fees by that valuer. An alternative is to nominate the value of your collection hand have the insurer insurer cover you for that level of potential loss. Although I suspect this approach is often adopted it is open to a greater possibility of fraud by the owner of the collection, and insurance companies are aware of this. ------------------------------------------------------------------------------------------------------------------------------------------- My collection have some very significant value. Despite this, I have never insured it. Instead, I have just stored the more valuable items of my collection in a small, but very strong safe, that is also hidden. The much greater part of my collection is not in a safe, and is a working collection, used in much the same way as a museum would. The reason for this is the collection covers the whole of numismatics, and has been assembled over a period of nearly 50 years. Report this Post to the Staff
pilotaggie Valued Member United States 165 Posts	Posted 02/06/2021 9:57 pm Yeah this is a sort of strange policy. Basically they are just asking for a stated value of itemized coins but if you state the value over 1000 for any single coin they want those appraised. She is in a similar boat with basically 50 years of collecting mostly silver. I'm not sure the policy is any good just trying to get some opinions. Report this Post to the Staff
westcoin Pillar of the Community United States 9792 Posts	Posted 02/07/2021 01:10 am Look into Hugh Wood, especially a good deal for ANA members. Most home owners policy riders are way too expensive and they rarely pay out if called on. Many have a $200 limit on cash, and all coins are valued only at face value. I learned the hard way a long time ago in a burglary of our home. https://hughwood.com/specialties/fi...ollectibles/ "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 Report this Post to the Staff
kanga Pillar of the Community United States 5825 Posts	Posted 02/07/2021 09:35 am Quote: What would you put down for an insurance value for a typical ASE ...? You can put down anything you want, but they are not coins. Therefore if they are not slabbed they will probably be treated as bullion, therefore valued at 1oz silver spot. Quote: Look into Hugh Wood, especially a good deal for ANA members. As I recall you MUST be an ANA member for them to insure you. But they are far and away the best for coin insurance. Cost of homeowner's insurance for coins runs about 3-4 times what Hugh Wood costs. P.S. I'm insured through Hugh Wood. Report this Post to the Staff
suipakpaikungfu Pillar of the Community United States 992 Posts	Posted 02/09/2021 4:24 pm I would also ask your insurance company if they insure bullion. Most of them do NOT insure it. Or they give you a $200 limit. Report this Post to the Staff
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