Good day everyone, I have a question about insurance on a coin collection. My personal collection is reaching the point where I want to make sure that I am covered in case of the unthinkable happening. Fire, flood and especially theft. I called my local agent and was told that most of the coins would be covered by my homeowners except any that were " above and beyond what a normal collector would have" wouldn't be covered. This sounds like a buch of cover your butt company lines. I asked my agent if there were any insurances for specialty collections. The quotes he gave were kind of high I thought from $1750.00 to 3000.00 per year. I guess my question is what do all of you do for insurance out there. Any leads to a cheaper alternative would also be appreciated. Thanks
I don't know much about the details of insurance for coins, but don't just consider the popular "theft" as the only reason to consider insurance. I live in a recently flooded area. Heck, the flood wasn't going to get to point "x", then it wasn't getting to point "y". In most cases, people had only a short time to get out and how much can you get in a car? If you didn't have anything important (like family photos, etc.) to grab and IF you knew exactly where all your most valuable coins were, you might have been able to grab a few. Lesson learned? Coins don't float.
Just a few years ago, 3 to 4, you get up to $100,000 of coverage through the ANA program for about $150 a year.
It depends on the type of coverage Jack. There are basically 3 different policies - 1 covers only at home, another covers storage at a bank and another covers both of those and while you travel with your coins, like to a show. Each has a different cost.
Standard HO policies cover up to $2500 for collectible coins.....Anything above and beyond would need to be written on a different policy or an endorsement to current HO policy...
A co-worker was able to to save 25% on a firearms rider. As a general FYI, You may be able to get discounts for a variety of home improvements. Each insurance company is diffrent. Some things to discuss with your agent: 1) Security consultant reviews your house and make reccomended improvements. 2) Insurance company approved fire-safe bolted to floor and wall. 3) Sprinkler system 4) MONITORED Fire / burgularly alarm
You need to get a new agent as this one is not serving your interests. If your agent can't give you specifics and point to those in your policy, you should assume you have no coverage. Many homeowner policies will cover a nominal amount for collectibles. Some will cover nothing. Ask what it would cost to add a collectibles rider to your policy. These will range from a couple hundred to way out of line depending on the insurance company. I had one that cost a couple hundred a year and then I switched insurance companies and the new one wanted over a thousand. The ANA has insurance programs administered by Hugh Wood and their policies are reasonable. I've got two policies thru them and it's only a couple hundred a year.
