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 Replies: 10 / Views: 1,961 |
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Valued Member
United States
451 Posts |
I spoke to Geico my Renter's insurance agent and they don't cover more than $200 of loss. I was wondering if someone here has used ANA recommended Hugh wood or the company that is talked about by crystalk64 in this page http://www.coincommunity.com/forum/...PIC_ID=13855Thanks |
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Bedrock of the Community
Australia
21788 Posts |
As far as I am concerned, coin insurance is impossible for me. The rising bullion markets have had an indirect, but strong influence on the upward trend of numismatic values. I have spoken to an insurance agent who wants to value the whole collection by a professional each year, for the professional's and his fee, before deciding on the annual premium. Obviously impractical.
On one hand, the collection has to be valued each year because of rising values and additions to the collection throughout the year. On the other, you have the costs of revaluation and re insurance.
My most valuable coins are just kept in a safe.
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Bedrock of the Community
United States
20753 Posts |
I go along with sel_691. Mostly from what he mentioned but with todays computerized insurance companies, it is really not safe. Once you enter your personal info to an insurance company, that all goes into a computer system. Many insurance personal are like bank personal and are almost temporary. And when they leave, they could easily take all your personal info with them.
Better to be safe than sorry.
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Pillar of the Community
United States
1081 Posts |
Quote:
I go along with sel_691. Mostly from what he mentioned but with todays computerized insurance companies, it is really not safe. Once you enter your personal info to an insurance company, that all goes into a computer system. Many insurance personal are like bank personal and are almost temporary. And when they leave, they could easily take all your personal info with them.
Better to be safe than sorry. A little technology adverse are we? If you follow that rule, you mine as well live under a rock. As to the OP's question, is the $200 coverage just the coins, or all your personal property? Can you increase the coverage so at least you would be covered for X amount of loss? It seems to me silly to even have renter's insurance if they will only cover $200. Being in an apartment, a safe may not be the best option either as generally they are useless unless bolted to the ground or very large. Can you store them at your parent's/family's homes if possible? Their home owners may cover any loss. |
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Pillar of the Community
United States
759 Posts |
brokencompass,
You may want to break out the policy itself and read. Although agents SHOULD know the ins and outs of policy coverage, many don't. It could very well be that your base policy tops out at $200 in coverage for coins, but you can purchase additional coverage. That's my situation and the same goes for most. The homeowners policy covers up to $500 max loss for coins/bullion/cash, but I can purchase a rider for coins. In my case, about $100 gets me $15,000 of coverage, $250 deductible. I do need to submit an inventory, one time, but that's all. Coverage remains at $15,000 unless I increase it. Should the value ever exceed $15K (I wish) and I incur a loss, well, they are only going to cut a check for $14,750. Maybe talk to a different person and specifically ask if you could add a rider for coins.
carl,
You are already in more databases than you probably want to imagine. Have insurance? Your loss history is in CLUE. Ever go to the doctor? You're in MIB. Have a checking account? Chex. Have an iphone? Leave it on the table while you go to the restroom and I'll tell you everyplace you've ever been with it. Have an SS number? Database. File a tax return? Database. Use a wireless router with no password, potential trouble. School, job applications, banks accounts, grocery cards, etc., etc., etc. I understand what you're saying, but unless you're a ghost, you have digital exposure. Even being a ghost is not a sure thing. Dead people use credit cards. Just the way it is these days.
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Bedrock of the Community
United States
20753 Posts |
Quote:
carl,
You are already in more databases than you probably want to imagine. Have insurance? Your loss history is in CLUE. Ever go to the doctor? You're in MIB. Have a checking account? Chex. Have an iphone? Leave it on the table while you go to the restroom and I'll tell you everyplace you've ever been with it. Have an SS number? Database. File a tax return? Database. Use a wireless router with no password, potential trouble. School, job applications, banks accounts, grocery cards, etc., etc., etc. I understand what you're saying, but unless you're a ghost, you have digital exposure. Even being a ghost is not a sure thing. Dead people use credit cards. Just the way it is these days.
Your absolutely correct with all that. However, adding even more is like saying if a dob bites you, let him bite you some more. Or if you leave your front doors open and get robbed, next time leave the windows all open too. Yes we all are subject to massive electronic tracings of all kinds but to continue to add to those is rediculous also. True people in banks have your home address too. So why not tell them when your not home, where you have a hidden front door key also. Excessive comparisons but what I'm saying to just keep your personal possesions away from the public as much as possible. My insurance for valuables is a thing called a safe deposit box. Actually 5 of them. And I do have home owners insurance but I do not list items that could eventually create a need for anyone to come calling in the middle of the night either. Possibly due to the area I live, crime is just way to much for me to take any chances. IF you live in a wonderful, crime free area, I can see your point of view completely. But in an area where there is from 500 to 1,000 murcers a year, 30 to 50,000 auto thefts, massive home invasions and lots more, I still think it's better to be safe than sorry. Coins are really a great attraction for criminals. |
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Pillar of the Community
United States
1231 Posts |
I'm glad I live in a state with low crime. For example the statistics for the whole state in 2009.....10 murders, 1124 cars stolen, 5K burglaries
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Pillar of the Community
United States
759 Posts |
I hear you, carl. Point well taken. It stinks to have to think that way though, doesn't it?
Interestingly, I've always lived in low crime areas, yet I've been the victim of crime, twice. Theft. By "friends" of the wife. That's how I learned about insurance.
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Pillar of the Community
1283 Posts |
My insurance policy has the name " COLT .45" written along the side, no really. ;)
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Valued Member
United States
447 Posts |
I use German Shepherd. His name is Bolt!
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Bedrock of the Community
United States
20753 Posts |
Quote:
My insurance policy has the name " COLT .45" written along the side, no really. ;)
One of the best insurance policies ever made. Quote:
I'm glad I live in a state with low crime. For example the statistics for the whole state in 2009.....10 murders, 1124 cars stolen, 5K burglaries Sounds like a typical Chicago weekend. Possibly low on the murders though  It is really odd though that we have so many coin shows here. And so many robberies associated with coins. Sort of like which came first, the chicken or the egg. |
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Replies: 10 / Views: 1,961 |
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Posted 04/26/2011 09:09 am
