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 Replies: 20 / Views: 3,178 |
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Pillar of the Community
Canada
2428 Posts |
This question is based on Dollar values.
and...
At what dollar value should one obtain insurance for that collection?
I'm guessing about $15,000 -$20,000 is when a collection is considered valueable.
I wouldnt know anything about the point in time when insurance would be a good idea.
Any thoughts from you guys? Edited by darryldarryl
09/29/2011 9:17 pm
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Pillar of the Community
Canada
677 Posts |
My answer to value is, when you have enough to fill a safe. I don't need any more monthly bills.
I guess I should be looking for another safe then.
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Pillar of the Community
Canada
1984 Posts |
I don't see much value in insurance. It is expensive, you have a large deductible generally, and if you claim your rates go up. I think that the best approach is to ensure your coins don't get stolen. Keep the good stuff at the bank. Hide the mediocre stuff well. Don't worry about the mundane stuff. Keep good records.
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Pillar of the Community
United States
642 Posts |
 insurance is over rated. Safety deposit box for single items of high value, and either a good safe, and a good hiding place. A good hiding place is one you never tie anything to do with your collection. Example if you always work on your coins in the den, then walk back into a closet, your coins are hidden in the closet. If every time you do coins at a home desk then walk into the basement, your coins are hidden in the basement. Etc. The higher the dollar value the more covert you should start being  |
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Pillar of the Community
1028 Posts |
Insurance seems like a worthless idea to me. Any money spent on it would be better spent on safes, home security, personal firearms (if you prefer), and your collection.
If my entire collection was stolen, no amount of money would bring back the sentimental value and the hard work.
I personally would prefer not to use a safety security box. I trust them, but I would just prefer to always keep my coins home
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Pillar of the Community
Canada
1984 Posts |
Nothing says "steal me" or "try to smash me open" more than a safe. Or maybe it suggests pointing a gun at you and saying "open it". I have an unlocked 600 lb. fireproof cabinet for important papers. Nothing of value in it to a thief. If a thief can find a safe, I wouldn't be very confident that it will remain safe.
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Pillar of the Community
Australia
7096 Posts |
I don't think you can just put a dollar value on your collection. Besides the dollar value there is the sentimental value and the amount of time and effort that went into hunting for those coins that wanted to finish a particular set off. Also there are those coins given to you by family members that are no longer with us. Insurance doesn't cover certain losses, so it is a wasted expense. A good gun safe will hold a heap of coins along with the necessary "insurance tools" to protect them  |
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Pillar of the Community
1028 Posts |
If you keep your coins in an extremely heavy safe, it won't get taken. If it's a good expensive safe, it won't get broken into unless you're dealing with experts with hours of time on their hands. Being forced at gunpoint to open your safe can be avoided by having a good home security system to alert you combined with the personal firearms and the ability and predisposition to use them.
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New Member
Canada
28 Posts |
I wouldn't put my family in any situation that would involve someone trying to break into my home to steal my valuables, which is why I have multiple safety deposit boxes.
It's well known that a very high percentage of break-ins are "in-side jobs", therefore my theory is if they know I don't have it at home; they leave me alone lol
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Valued Member
Canada
287 Posts |
trout1105 , what about fire will gun safes protect them from heat or do you have to buy one of the very expensive safes to be fire rated?
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Pillar of the Community
Australia
7096 Posts |
No they are not fire proof.  But then again you can't have everything. If there is a fire my collections and swords are the first thing I would grab, then the photo albums. Everything else is covered with houshold insurance and is replacable. |
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Pillar of the Community
Canada
1051 Posts |
YMMV, but I would rather keep stuff safely and discretely at home than in a bank SDB. When the problems in the Eurozone finally bump the global economic system off the edge and pandemonium ensues, you will not be getting into your bank to retrieve your stuff.
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Pillar of the Community
Australia
7096 Posts |
Good point 1cent
As soon as the banks go #rse up they lock the doors pretty quick.
Given the chance of a fire and a bank folding I'll pick a bank folding first
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Valued Member
Canada
170 Posts |
I dont call 911 I call 357.
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Pillar of the Community
United States
3294 Posts |
Yeah, um, I can't find the . button on the phone :)
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Rest in Peace
United States
10625 Posts |
Has anyone ever thought of a decoy safe with minimal or no value contents (just weight)in a location that would be fairly easily found? Chances are if a theif comes across that, they are on their way with just that safe. My idea of a secure safe is a gun safe hidden behind a false wall with the real valuables in it.
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Replies: 20 / Views: 3,178 |
Posted 09/29/2011 8:31 pm
