Insuring your collection

To often collectors fail to have insurance on their collection.

Collectors should have a complete inventory list of their holdings, along with price paid, and current value. Photos are also highly recommended. You should also list the method of storage, be it safe, safety deposit box, or whatever. Most home and auto insurance policies have very strict guidelines when it comes to collectibles.
To minimize your loss, having a professional evaluation is also recommended if your collection has substantial value.

 

Log in or Sign up to hide this ad.

Shipping insurance

I have been looking around for shipping insurance so that my coins coming back from the tpgs can be sent via express service. It looks like this company--http://www.nacacollectors.com/memberApplication.asp -- is the main one to belong to in order to do this.

 

Hugh Wood also covers shipping.

Along with and sometimes in order to have insurance you need a TL rated safe. Gun safes will not qualify for coin insurance, at least that was what I found. I have a dealer policy which took a specific security system and safe to even start the process. My policy covers the SDB, my house, and shipping.

 

If you are an ANA member, you are eligible for a discount through Hugh Wood. I found it to be really worth while. It costs me about half of what anyone else quoted me to insure my collection. About two months worth of savings on the insurance premium pays for my ANA membership for the year.

 

Hi Everyone,

I'm an ANA member and was wondering about the insurance through Hugh Wood. For those of you that did get it was the process fairly painless? What if any documentation did you have to provide? Was the cost reasonable? What level of insurance did you get and why? I'm trying to decide if I should get it or not. I appreciate your opinions!!!

Thanks!!

stoster38

 

I got a cheap rider on my renter's insurance that covers up to $3,000 in coins kept in my apartment. I have American Family Insurance and it added about $2/month to my premium. Well worth having for so little money.

 

Stoster, here are a couple of links for the ANA member discount through Hugh Wood:

http://www.hwint.com/usa/hughwood/ana/index.html

http://www.hwint.com/usa/index.html

I found the process to be fairly painless. I think I emailed them my inventory spreadsheet with estimated value, they sent me back the policy papers with riders explained. I faxed them the contract.

I used to insure my collection with USAA, and then some other outfit that specialized in insuring collectibles. Hugh Wood's premiums are about half of what I was paying with the others, plus they allow for the adjustment of bullion value, which I found to be nice since silver and gold have been climbing over the past year. In other words, I pay a flat premium, but if the value of the bullion in my collection goes up/down they re-imburse for the value of the collection at the time of loss.
The other companies I insured through would only cover the value you listed for your collection on the annual application, regardless of the fluctuation of value during the year.

 

+1

I have a bronze membership with him for my small collection, and the price is very reasonable. Adding a rider to my renters insurance would have cost 4 or 5 times as much, and it would only cover the price I paid (not replacement). That's a pretty big difference in value.

Has anyone on the board had to file a claim? Can you offer your hindsight for things you would do differently / any unexpected roadbumps you encountered?

 

Things must have changed a bit as the quote to me was much higher. I was wanting this more for the SD Box and not travel but was still higher. You'd think it would be cheap for insurance at a banks box.

 

The major bank in my area will ensure items in their SDB's for up to $500k...

 

Also, just to let anyone else who has a valuable library know, regular homeowners will cover books on coins, just not the coins themselves. Not sure why, but I was specific in my homeowners and have it as part of my premium to cover my collection. Its pretty surprising they will cover $30,000 worth of books stored at home, but not $5,000 worth of coins. Maybe they figure theives do not have strong enough backs, lol.

For my coins, I keep most in a safe deposit box. Like others have said, the bank provides insurance on them.

 

On my renters policy, I was surprised to learn that it covers up to $5,000 of collectible comic books, but only $250 of collectible coins.

I guess there's a higher chance of theft for coins than for comics? But it would seem like there's a much lower risk for fire damage (especially in 1-2 hr UL rated storage).

 

I haven't checked with my bank (just assumed that a list of the contents backed up by photos would work) - what does yours require?

 

GDJMSP thanks for the info!! Sounds very reasonable. Your post stated that you "used to have..." so I take you no longer do. Did you feel that the insurance was not needed or did you find a better deal elsewhere. Just curious

Thanks!!