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Insurance

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isali's Avatar
United States
11 Posts
 Posted 02/23/2010  11:26 pm Show Profile   Bookmark this topic Add isali to your friends list Get a Link to this Message Number of Subscribers
I have the same question as many others. As my collection becomes worth more and more money, at what point do I get insurance?
What types of insurance are worth getting?
Is there anything to look for in an underwritter or agent?

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GO's Avatar
United States
6563 Posts
 Posted 02/23/2010  11:29 pm  Show Profile   Check GO's eBay Listings Bookmark this reply Add GO to your friends list Get a Link to this Reply
Do you want to insure your Entire collection or just the higher dollar coins? I believe most insurance companies will require you to have a detailed inventory with pictures. Some even have certain restrictions on how it's stored such as thickness of a safe and such.
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Nic's Avatar
Philippines
1156 Posts
 Posted 02/23/2010  11:52 pm  Show Profile   Bookmark this reply Add Nic to your friends list Get a Link to this Reply
if the silver and gold content in your collection is already high, include fire insurance. Nothing worse than melted gold and silver coins
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numismo's Avatar
United States
3039 Posts
 Posted 02/24/2010  11:38 pm  Show Profile   Bookmark this reply Add numismo to your friends list Get a Link to this Reply
I think I've seen ads in Coin World or NumiNews from a coin insuring company.
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RPT's Avatar
United States
920 Posts
 Posted 02/25/2010  11:54 am  Show Profile   Bookmark this reply Add RPT to your friends list Get a Link to this Reply
I tried to add a rider on my home insurance policy for coins and the company I'm insured with doesn't offer one. Do most people who insure have a rider on their home insurance policy or some type of separate insurance coverage?
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afcop13's Avatar
United States
1409 Posts
 Posted 02/25/2010  11:57 am  Show Profile   Bookmark this reply Add afcop13 to your friends list Get a Link to this Reply
I have the high value stuff in a big fireproof safe.

My next house will have it bolted to the floor, in a secret room, next to the armory. LOL.
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RPT's Avatar
United States
920 Posts
 Posted 02/25/2010  2:23 pm  Show Profile   Bookmark this reply Add RPT to your friends list Get a Link to this Reply
A big firesafe like a gun fire safe? Those $200-300 fire safes only have like 2 cubic feet of storage.
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United States
20753 Posts
 Posted 02/25/2010  2:25 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:

I have the high value stuff in a big fireproof safe.

My next house will have it bolted to the floor, in a secret room, next to the armory. LOL.



Actually that is one of the better insurance plans. A banks safe deposit box is also a fantastic insurance policy.
Just remember a few things when you take out insurance on valuables today. In the past you would discuss what you wanted to insure with a freind in the buisness. He and his office were all people you knew and trusted and they were there for many years.
Today you talk to somene you don't know, they work in an agency full of people you don't know. Many are there today and gone tomorrow. Same with some of the actual agencies that represent some large insurance company that too you know little about.
Now you go there and list all your valuables, such as coins. All that goes into a computer and now the entire company knows everything you own. And all full of people you don't know. When some leave those companies they could easily take all your personal info with them.
One neighbor had his house robbed a few days after insuring everything. Not that the insurance company had anything to do with that robbery but all they were looking for was the coins. ODD, HUH?
The really best insurance for coins is to keep your mouth shut.
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