Hello all, Last year I cataloged all of my gold coins and put them on my homeowner's insurance policy. My thought was that it would be just my luck that the day that I bring my gold coins home from the safe deposit box would be the same day I get robbed or my house would burn down. I have not yet insured the rest of my coins, but I am thinking about it. I keep all of my collection at my safe deposit box at the bank. The bank has informed me that the safe deposit boxes are not federally insured as there's no way they could know what is kept in the boxes. The cost for insuring my gold coins is about $50 a year. I'm not sure what it will cost to insure the rest as I haven't figured out what it's value is. I was wondering if anyone else has done the same thing or has any suggestions on a better way to protect my investment. Thanks! -StephenS
I have all my collectables insured as a seperate addition to our household policy (got a lot of autographs n stuff) costs a bit more but worth it for the peace of mind. Make a list and get values remember you would need to replace the items so allways but down full bv and not necisserily what you paid for it, if you can photograph everything. Good luck. De Orc
If you can cover your coins with your homeowner's policy, by all means do so. Some companies will and some won't - and others will insure them but only against certain things and that often does not include theft. I would read the policy very carefully were I you. In the event you can't get what you want through your homeowner's - contact a company called Hugh Wood - CLICK HERE
When I was looking into insuring my coins, the various insurers, when I described roughly what I had, advised me that to add a rider to my renter's policy (I live in a parsonage), would make my collection easier for probate courts to track if my wife and I died suddenly. If I didn't have it on the policy, because there was no legal record of them, the coins could be passed on or sold without their value being counted against the value of my estate, and thus get charged inheritance tax. Now I'm not advocating tax evasion, but with someone like me, whose total collection value is just into 5 figures, but with lots and lots of "junk silver," was it worth the potential liability to my heirs (those of them I like, anyway) to get the insurance?
KLJ - I would suggest talking to a tax lawyer & an accountant to answer that question - not an insurance company.
My collection is in a bank vault, not near floods or hurricanes. I almost put mine under a separate rider but for tax consequences (the collection is well into 6 figures). I've told my sons the first thing you do if something happens is clear out the bank vault. By the way, many banks offer vault coverage beyond the guaranteed minimum. Once again, though, you have created a paper trail. By all means, if you keep the collection at home, get insurance.
