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Home Safes Again Fail To Protect Coins From Thieves
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<p>[QUOTE="Gao, post: 642958, member: 19409"]I work in Contents Pricing for an insurance company. Basically, my job is to figure out how much we pay out to people who lost whatever it is that we insure. Just last week, I received a contents list that was made up entirely of a safe, an enormous amount of jewelry, silverware, and some bullion coins. It's actually pretty common for safes to go missing with whatever's inside them, so if you are going to go with a safe, make sure you get something of very high quality, or there's really not much of a point.</p><p><br /></p><p>I would like to comment about insuring coins: like GDJMSP said, most policies don't cover them for any more than face value, and there's often a a low coverage limit. I've had to price out someone's large collection of Mercury dimes at $0.10 a piece, and I've had others who hit the $200 limit* they had almost immediately, with many, many more coins that they received nothing for.** Make sure you talk with your insurance company to find out exactly what's covered and how.</p><p><br /></p><p>*Limits like this are generally for any currency, whether it be collectible coins or just some regular banknotes that you took out of your wallet for safe keeping. $200 is the most common amount for this that I see.</p><p><br /></p><p>**This also happens with jewelry and silverware ($1500 limit for jewelry is the most common at my company), so make sure that you have a policy that matches your needs! I've seen someone lose over $20,000 of jewelry and only get the $1,500 back for it. Don't be that person![/QUOTE]</p><p><br /></p>
[QUOTE="Gao, post: 642958, member: 19409"]I work in Contents Pricing for an insurance company. Basically, my job is to figure out how much we pay out to people who lost whatever it is that we insure. Just last week, I received a contents list that was made up entirely of a safe, an enormous amount of jewelry, silverware, and some bullion coins. It's actually pretty common for safes to go missing with whatever's inside them, so if you are going to go with a safe, make sure you get something of very high quality, or there's really not much of a point. I would like to comment about insuring coins: like GDJMSP said, most policies don't cover them for any more than face value, and there's often a a low coverage limit. I've had to price out someone's large collection of Mercury dimes at $0.10 a piece, and I've had others who hit the $200 limit* they had almost immediately, with many, many more coins that they received nothing for.** Make sure you talk with your insurance company to find out exactly what's covered and how. *Limits like this are generally for any currency, whether it be collectible coins or just some regular banknotes that you took out of your wallet for safe keeping. $200 is the most common amount for this that I see. **This also happens with jewelry and silverware ($1500 limit for jewelry is the most common at my company), so make sure that you have a policy that matches your needs! I've seen someone lose over $20,000 of jewelry and only get the $1,500 back for it. Don't be that person![/QUOTE]
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