That's why you have the insurance policy, and most likely the rates would be lower if the coins were kept in the SDB. Hugh Wood specializes in insurance for collectables, you do need to be an ANA member though for the best rates. Hugh Wood does not require one, but does require individual items valued over $10K to be separately itemized. That is unusual. Most homeowners policies have a $200 limit if you don't have a special rider. Most riders are expensive and require you to jump through all kinds of hoops, itemized inventories often with appraisals, photos, notification every time you buy or sell an item etc, and then all at a cost considerably higher than Hugh Wood charges.
I have used several companies, right now i am with Gulf Stream. Like i said, most companies offer personal property protection for coins, jewelry, etc they just differ on how much the cover. Insurance has always had a million options, so just like car and health insurance when your buying it make sure your personal property protection is adequate for what you need. If you just buy the bottom of the barrel plan, sure, your coverage is going to be poor as i would expect. For a $10-20 more a month, you can likely get what you need. That all said, if you have some super expensive stuff, your likely going to need to do some work to make sure its all covered.
Here's an old thread that compares rates among Hugh Wood and several other insurers. I don't know how much rates have change since 2012, but $10-20 a month is a good bit higher than Hugh Wood, unless you're covering a six-figure collection.
Good link! Yeah, it seems to me that you can get a good amount of coverage fairly cheap. Rider/base option/added coverage is all semantics....bottom line is its not hard or very expensive to get coverage typically. But you need to check with your insurance company on what is and isn't covered.
Amen. A good insurance agent won't sell you coverage that doesn't fit -- but I don't have good advice on how to find one of those, beyond good luck. (eBay's shipping form is a great example of the opposite; get ready to ship a coin, and it will happily default to selling you their own third-party insurance, which explicitly excludes coins.)
