I know this thread has been posted many times, but today I added my coins to our home insurance policy. The price was $1.30/$100 (coin value) per year. I thought that seemed reasonable. I sent him my coin inventory and receipts. That's it. Some piece of mind for me. Does this seem in line with others?????
ANA members can buy insurance at a group rate for their collections. I don't know the rate but from what I have heard it is attractive. I have even heard of people joining ANA so they can get the discount on the insurance.
I haven't gotten quotes myself but depending on how and where it is stored I think the Hugh Woods rates are in the 50 cents to $1 per hundred in value and the reporting requirements are pretty good as well. That having been said $1.30 per hundred for a rider on homeowners policy sounds pretty cheap. They have a reputation for being quite a bit more.
Seems like it would be a constant work in progress adjusting your rates with the fluctuations in values. I mean some pieces may adjust 30-60% over a year's time. Guy
was does the insurance cover? I always find policies to be tricky... such as, many policies cover Fire damage, but not water. The Fire department will hose down a lot of living space around a fire to prevent spreading, especially when it comes to apartments. Even more policies will not cover "Acts of God" which leaves plenty of variables of damage uncovered.
It's not that big of a deal to adjust. Probably once a year. I just want to cover the worst case scenario.
Well, even at $1.30/$100 you're paying roughly 3 times as much as you would through the ANA program. And there is no adjusting, just pick you total dollar amount and you're done. But if it works for you - works for me.
Be sure to read the restrictions that apply to the rider on your HO policy. I seem to recall that members of other forums have said that the coverage on the HO policy is nowhere near as good as the Hugh Wood coverage because of the restrictions. Chris
Doug, I think the Hugh woods rates have increase slightly since you collected. I currently pay just less than $0.60 per $100 of collection value.
I am seriously considering the Hugh Woods insurance. I am not an ANA member yet so I guess I would have to join. On ANA's website there are different lengths of time for membership 1yr, 3yr, etc... I am assuming that with the Hugh Woods policy you would have to remain an active member of the ANA to get your policy renewed each year? I.e. you couldn't just get a 1 year membership with ANA, get your Hugh Wood policy, then let your ANA expire and keep renewing your insurance policy each year right?
Give Hugh Wood a call. I just got my bill from them. My case is very different as I cover shipping and other peoples coins while in my possession but I think the rate you are paying is to high and may have limitations. Most definitely worth a call to Hugh Wood.
I pay less than that and also have travel insurance, shipping insurance, and show insurance. But I had to go through some security measures and think mine is considered a dealer policy. I also just gave them a $$ figure, no receipts or questions.
