Should I get insurance for my coin collection?

Log in or Sign up to hide this ad.

I didn't work as an agent, but my mother worked in the industry for a number of years, and she was the one who warned me about the lack of coverage. As I recall, our standard policy (State Farm) specifically limited coverage of certain classes of items, and coins and bullion were among the things limited. (I'm thinking the limit was not much more than $1000 or so.)

They would be happy to sell us coverage on a rider, but it would be MUCH more expensive than Hugh Wood.

 

I had been reading this thread to find out what I should do to cover my coins and other precious items (jewelry, electronics). One advantage I have is that I have retired as a state auditor (CPA). I have always been detail oriented when keeping up with the cost of things. I have binders and folders with invoices and other detailed information for the purchase and renovation of our house. I have all my warranties and serial numbers on all of furnishings of the kitchen and other electronics.
I knew that my father had left his coin collections to me and my brother, however, although his will was specific, that we would get his collection, my mother would not let us have anything from his will. He died in 1997 and she died in 2006. We finally got my father's coin collection after my mother passed. I did not start collection coins until I finally got my share of our father's coin collection. I have kept a record of all the coins that I got. There were some Morgans, Peace, and other collectible coins. I have a detailed record of what I got and when I got them. It was my work in recording my father's coin collection, that I got the "bug" of coin collecting. It was then, I started buying coins and collections. Some from coin stores, over the internet, and other locations. I have a detailed record of all the coins I bought. Then I started buying from the Mint. I kept a detailed record of every coin I bought. Those that I bought from the Mint, was easy to keep a record of. I have a binder with all of the detailed transactions that I purchased from the Mint. I make a copy of the Mint's listing on their website and all the information they entered on thir website, i.e. emails recorded the order is placed and any and every document the Mint publishes on their website about the purchase. I also print the "Scheduled Release" for each year. I have "Scheduled Releases" for each year, as well as a copy of each order. I'm sure most of you remember that the Mint provides a print out of the item in the event you need to return it. I keep all of those. I have never, nor will I ever return anything to them.
I also keep an EXCEL spreadsheet for each item purchased from the Mint. All purchases are kept in a binder in "Scheduled Release" order.
I guess that because I am retired, I take the time to keep detailed records on everything we own so that our insurance company won't question our claims.

 

I keep my valuables in a safe deposit box. That is my insurance. However, I am a fan of having insurance in general in life and being prepared for the worst. It is never money wasted if you don’t use it. That is a blessing.

 

Many if not most homeowners policies that have coverage for "valuables" specifically exclude coins, or only cover them up to a token amount unless you purchase a specific rider for them.

 

A Hugh Wood policy was a no brainer for me. That, along with a burglar rated safe, gives me peace of mind. I have found Hugh Wood to be extremely easy to deal with as well as reasonably priced.

 

Keeping ALL of the pertinent documentation is a good practice; easily accessing the particulars of the coin (e.g. grade; certification; purchase price; description; variety; and comments) and being able to search for an individual coin or having a running total of your costs vs. market value is more easily obtained by using a specialized database. I used Collector's Assistant by Carlisle Development Corporation to keep track of my collection; initially entering your collection info takes some effort and time, but once that is done, adding a new addition or change (such as getting a once raw coin graded) is quick and easy. If you are anyone else is interested, here is the Link: http://www.carlisledevelopment.com/

 

Personally I have a Hugh Wood account, and 800 pound safe on the second floor, Guns, and most importantly my attack cats. Disappointingly the Hugh Wood lady did not give me a discount For the security benefit of having attack cats. I guess some people are just ignorant