Coin insurance with Hugh Wood Inc.

...and the expectation of rising prices.

Besides, we're being told that we all need to be more fertile (actually "fecund"), and have lots and lots and lots of American children (whatever that means). If that happens, we're still going to have increased housing demand, right?

 

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Can’t build the herd all that fast or easy. The same is true of our cattle

 

I just applied for this insurance. I am curious, how did you file the claim, what supporting documents did you need?

 

Most insurance claims are for partial losses, not total loss. Hence the reason why you need to stay insured to above 80% of Replacement Cost, at the time of any loss.
Say a fire starts in the plastic trash can. Major smoke damage throughout the building. $75k claim. Home is 10 years old so much of the damage is walls, ceilings, floors, windows and doors. If you all got out, be thankful. Now the bad news is 50% depreciation on damage to building if your limits drop below 80% of replacement. And if you don’t have replacement coverage for contents (addl premium maybe) expect 25% of lost furniture and clothes.
Larry the old insurance guy

 

Life has risks. Very low on that list would be your example. Insurance companies just transfer some of the risk to themselves. A risk for them. A service to you. Banks have cameras & who knows what other security. Visit your SDB once a year, 4 times , monthly or whatever lets you sleep better. Take a few photos of your contents.

 

Obviously demand for construction and cost of reconstruction are related, but again market price of a house has nothing to do with your insurance coverage limit. I've owned a rental for many decades and could sell it for well over $150k more than my insurance coverage limit. You are not insuring a home for how much you could sell it for, as your original post implied. You recalibrate your coverage limit based on changes to the cost to rebuild in the event of total loss, new finishes, personal property that now costs more to replace - not how much the house is worth on the open market.

Coin insurance is a different animal. You can never replace that exact coin or "rebuild" it. All you can hope for is for the settlement to allow you to purchase a different coin with the same market value as the one lost/stolen/destroyed.

 

I understand your concern. Insurance companies are in business to collect premiums, not pay claims. However, the chance of a bank employee opening a safe deposit box on their own is extremely low provided your box is in the right kind of bank. Right kind is one that belongs to the Federal Reserve. The FR has required security measures and inspections. Required security measures in a safe-deposit-only “bank” are no different than a storage facility where you might store furniture and Christmas decorations … it’s up to the company to do what they want. Some of these have laughable security. I recall one where the vault ceiling was the roof of the building. Thieves only had to cut a hole in the roof to get in.

My bank has a strict policy than no one can be in the vault alone … not even bank employees. And of course, there are video cameras in the vault.

Mike