I know this has been a topic of discussion on the forum, but I can't seem to locate the thread(s). I contacted my homeowner's insurance carrier today about coin/currency collection insurance. They quoted me a price of $1.20 per $100 of coverage. How's this compare to what else is out there and available? I think I remember discussion about insurance through ANA but don't recall cost (of ANA membership or insurance). I am not currently an ANA member.
Seems really high to me. Our isn't broken down like that so I don't know if that's comparable. We just have a certain amount to cover everything.
When you say yours isn't broken down, are you certain your homeowner's coverage covers coins/currency? Although I have plenty of contents/personal property coverage, my agent indicated that it would only cover $250 of a coin/currency collection. Therefore the need for a separate policy.
Like I said, it isn't broken down. We have an amount the entire contents of the house is insured to, which more than covers everything, coins included. No need for a seperate policy in my case.
I recommend you be very cynical for just one day, and make the phone call to your agent to be positive. I know of no homeowner's policy that covers more than just a few hundred dollars worth of coins against loss. Unfortunately, I learned that the hard way, which you need not do. - Mike
Home owners insurance for coins is expensive -- period. Join the ANA and use their recommended insurance. For me it cost about 1/3 to 1/4 the amount quoted by my home insurer.
I never said it covered coins. I said it covers more than the value of the contents within, including the value of my collections. As I'm sure most people's insurance does as well, providing they have a decent policy.
You really should call your agent. Although you may think you have enough coverage to cover everything in your home including coins, I think you may be missing the fact that most policies specifically exclude covering certain things (i.e., coins) no matter your level of coverage.
Agreed. SERIOUSLY, call your insurance carrier and see specifically what value they have your collection covered at. It could be nothing more than face. Or bullion value.
I would also do some due diligence regarding the insurance carrier's claims process, specifically as it relates to proof of ownership. Photos, TPG cert numbers and other objective evidence are always helpful.
O.K. . . My original question got lost. Does anyone know the current rate per $100 through ANA (Hugh Wood)? I read some dated information on the internet suggesting around 0.60 per $100. Still in that range?
Hugh Wood Inc through ANA for a $20,000 coverage they charge $110.00 a year. More or less coverage you'll have to contact them.
Thank you. That price compared to the quote I got from my homeowner's carrier more than pays for ANA membership.
I use Hugh Wood and get $9500 for $50 per year. As long as you keep a detailed inventory you are good. They don't even need a copy of it except for individual items over $10K each. I have dealt with them on the phone and via email, and they just make it very easy AND save you a ton of money. Previous to this I used my homeowners (Nationwide), and it was a nightmare. They don't know about coins, and every little increase results in basically applying again with new inventory report, which they want "appraised" and a new premium, back to the underwriters, a new policy in the mail, and blah blah. Imagine doing this every month as coins come and go in your collection? I fired them for the coin related (inland marine) policy after only 6 months. Hugh Wood is the way to go.
Thanks Geek. Are you aware of any restrictions and/or qualifications with Hugh Wood (other than ANA membership)?
I still never said my coins were specifically covered, as most things inside your house arent. basic reading comprehension here folks.
Basic reading comprehension In all seriousness, if your intent is to cover your coin collection, you really should call your agent. If that's not your intent, all's good.
