Insurance and appraisals for a coin/medal collection

My situation for now is that I have my home owner's insurance covering my collection, which resides in my safe and safety deposit box. My collection has never been appraised, and the insurance amount is what I paid for the medals/coins. My suspicion is that I am paying too much for this insurance. What is the recommended route to lessen this cost.
Thanks

 

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http://www.cointalk.com/t198511/

I read through this thread again and would like to point out that it was not as informative as I had hoped for. If anything it probably left people more confused because nobody here could give their experience of actually having an appraisal done. None-the-less, that was the result of a discussion that took place here a few months ago.

From what I read, it might be a good idea for you to join the ANA and go with their company Hugh Woods. They have group rates. I haven't done it yet but I plan to. I will either go that route or go with an inland marine policy through state farm. If I choose the latter, it's only because I have additional items beyond coins that I need to insure.

As for values, like recommended in that thread, you need a good inventory. That I have done. Then I would try your best to conservatively appraise it yourself. Since there really are no professional coin appraisers to go to. I would imagine anything slabbed would make the task a lot easier. But even with those, prices fluctuate month to month, even day to day on online auctions.

No "professional appraiser's" opinion can be in stone with price fluctuations the way they are. Especially with PM flucutations. Let alone numismatic values. Which tells me you should be able to appraise your collection close enough on your own. Then make sure you cover it for replacement cost and then some. Then check it yearly as prices could fluctuate dramatically.

 

I think you might want discuss with your agent what the exact premium is for your collection over and above what your normal homeowners policy covers for loss to to theft or fire. Where you will loose out is in the event due to theft or fire, will that coverage be adequate enough to cover actual replacement costs of the collection, if possible. Thats where things could get a little tricky and expensive. A good security safe in home is a good idea when it comes to fire damage, but theft is another issue . You really need to understand the limitations and coverages of your policy and decide which is the safest way to protect your collection and cost effective. I'm sure others will chime in here with some suggestions for you as well.

 

If your collection exceeds 10k really i'd get a seperate collection policy with Chartis. They have collection policies for antiqueties and such. It specifically outlines things like jewelery, coins, rugs, mink and other animal coats, etc. One benefit is that through your homeowners insurance claims can be more difficult. Through a seperate policy they are not.

I cannot speak for price though.

 

Drop the insurance :thumb:

 

Questions I need answered
1. I have some medals that maybe worth much more than I paid for it. Would it be better for me to send these to a TPG to get it graded and verified? I am not sure about the worth of medals such as a Commitas Americanus John Paul Jones medal. The medal has been restruck many times. My suspicion is that it is a early French restrike but can't be sure until someone else looks at it.
2. Does the ANA insurance cover transporting and shipping losses?

Rather I need advice to protect my collection but not pay an arm and a leg to do it.

 

Have you look at hugh wood coin insurance for ANA members? They cover both home and SDB.

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

 

Just curious why do you want to insure coins in your SDB? DO you think the risk of loss is prevalant? I am asking since I just put about 40k into a SDB yesterday.

 

Well it protects not just SDB but also the transit back and forth from bank to home, safety deposits boxes are more safe than keeping at home but if natural disasters hits at least the valuables at home are covered by some insurance but at bank you are out of luck (flooding, tornadoes etc).

 

Actually, One idea I had was to change the insurance in my safe deposit box to a less expensive insurance that covers transportation etc, but keep what I have at home. Now I am paying the same amount for both. What I am paying now would either buy a very nice medal or several nice less expensive medals. What is the price per $1k in insurance that Hugh Woods cover?

 

The government can also seize your SDB...

I wouldn't store 40k in one, atleast spread your collection around in multiple SDB's or branch locations. Like that old saying "dont put all your eggs in one basket", just my opinion.

 

There is different coverages you could fill out the form and get a quote.

 

I am not worried about back taxes, my main worry is a junkie.

 

Understand far too well. Two months ago, I looked out at my balcony, and a strange young man had climbed up there. He left quickly, but it scared me.

 

I would guess he was referring to the fact that governments are completely bankrupt from the top down and that the box could easily be confiscated in an extreme economic event. Forget the red tape. Anything that can physically happen, can happen. "For the sake and common good of the country, state, county, city", of course. Whatever level chooses to confiscate it or find a reason to confiscate.

Sometimes they accidentally liquidate them as well.

 

I have Hugh Wood and his coverage was about one third the cost of what my home owners would have charged. It covers at home, SDB and coins in transit. Coverage cost will depend on your type of dwelling, construction, location and how your coins are kept. Another factor is your collections worth. It will need to be broken down into bullion, classic coins, modern coins, world coins and paper currency. A percentage will do fine. He charges by the tier system. 10k to 20k or 50k to 60k, so if you add a few coins or sell a few, it won't affect your coverage. Neither will fluctuations in the intrinsic value affect it, unless it is pushed up or down a full tier. You would notify him if this happens. Currency with high values, $1000+, are inventoried on a separate sheet. The rest are rolled into the overall number, in the five classifications listed above. I appraised my own collection and have the paperwork to back it up. It would be required to process a claim, but not until then.

 

Thanks Sam. I found that to be very informative. That tier system is a great way to do it.

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Ditto

 

I hear you, but having silver in the house and reading about the seemingly increasing number of home invasions where they not only take your metal but your life led me to conclude maybe a SDB is a safer place to store things. I very well could be wrong.

 

If you have a home invasion involving somebody willing to kill over property, your life will be in danger whether you have anything there or not. Unless you live in a cardboard box, all it takes is the perception that something may be there. Youre in the same boat whether anything is at home or not.

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