I just received my bill for another year of insurance and wanted to share. I have never found a better rate than what they offer. One year of coverage on $100,000 is only $350 and the rate has been the same for many years. Adding the coverage to my homeowners would cost almost 10 times as much and require me to provide an up to date list of every coin. That's hard to do for an active collector. There are a few rules. You must be an ANA member. They require a list of only the coins worth more than $10,000 each. They won't cover coins being shipped unless you pay for a plan as a dealer at a much higher cost. I don't ship enough to make that work for me. You can go online and get a free quote if you wish. Thought this might be of help to folks here.
Yes, very helpful -- both to see a specific example of cost, and to clarify that the base plan does not cover shipment (I mistakenly thought it did). If I start collecting more actively again, getting this insurance will be high on my to-do list.
This post is well timed. I just went through the whole process myself and published a blog about coin insurance. You can read it here: https://coinphotographystudio.com/c...-101-protecting-your-valuable-coin-collection.
I'm out, the way I read that. I don't have any individual coins worth more than $10k. But I'm not sure what that line means. They only insure coins worth >$10k, or they'll insure all of them but you only have to list the >$10k coins?
There are also rules about how you store your coins above a certain value. Just before COVID, my home was burglarized and they stole about 250 trillion dollars. Of Zimbabwe money. It was stilling in a specimen cabinet along with coins of minor value. The only thing of significant value was a $1 Educational Note, so as a result the losses amounted to over $1000. I thought I had lost an Athenian Owl, but I had already secured it. Hugh Wood handled my claim quickly and without any undue red tape. They are the only reason I keep my ANA membership.
Great blog. It cool to get this much information in one spot. You spent some time putting all that together. Fun read. I'm going to read it again.
Thanks. I'm glad it's helpful. That all came with upgrading my own insurance to cover more from my American clients and shooting coins at shows.
Things may have changed, but I don't believe you need a dealer policy to cover shipments. I believe you just need to select that coverage. My dealer policy does not cover shipments as I found their terms too restrictive for the cost. However, I knew a major collector who had an individual policy with shipping coverage. One thing I noticed is that they seem to quote one carrier all the time. Last year when I pushed back at a rate increase, they came back with a quote from another carrier and it was significantly cheaper. And surprisingly it went down again this year at renewal.
Hugh Wood gold coverage for me is $451 a year. Can be more depending on how much your collection is worth. This covers shipping of up to $50,000 per shipment. The only rule is that it has to be shipped by USPS and registered mail. The thing about registered mail is that it is slow as swamp water, but it is very secure. Hey, for $38 a month, it's a safety net. Regards.
