Insurance for my coins

Discussion in 'Coin Chat' started by texmech, Sep 10, 2009.

  1. texmech

    texmech Wanna be coin collector

    I'm just curious about at what point you get insurance for your coins. I'm sure it has to do with total value, etc., but I was wondering about lessons learned from this community about whether this is needed or don't even bother. I'm sure the insurance companies will screw me somehow, so it may not be worth it.
     
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  3. danfierce70

    danfierce70 Member

    I know I checked into it and my insurance company will only insure US coins and only up to a $2000 total. They said there are special insurance companies that will cover foreign coins (if you have any), but it's incredibly expensive. Also, you have a lot of information to keep track of when insuring coins, so a good excel file of coin software will hel a lot with that. Check with your agent. It doesn't cost anything to ask, but if something happens and you have valuable coins and no specific insurance, you may be fookered.
     
  4. krispy

    krispy krispy

    I recall this recent thread discussed this topic. Insurance for collections
    as well as this one: Coin Insurance

    Use the CT search feature in the tool bar above and you can probably find more threads that have addressed insurance issues related to coins & currency and/or how much coverage you get in safe deposit box at a bank if you keep such items there.
     
  5. texmech

    texmech Wanna be coin collector

    thanks for the assist
     
  6. Mark Feld

    Mark Feld Rare coin dealer

    Insurance for rare coins can be purchased at rates that I consider to be very reasonable. If you haven't already done so, check the links provided by "Krispy".
     
  7. dreamer94

    dreamer94 Coin Collector

    There's an article in the November Coin Values magazine about insuring a coin collection. It states that the contents of safe deposit boxes are not insured at all by the bank. If you want insurance on the contents, you have to buy a separate policy.
     
  8. krispy

    krispy krispy

    And as with any insurance policy that protects in case of loss, make sure you are buying a 'replacement' policy that repays you what it would cost you in current values to go out and repurchase the item, not just another similar one like it for less value since coin & currency have that important distinction.
     
  9. jaceravone

    jaceravone Member

    I purchased insurance for my coins through the ANA's recomended agent. I won't say how much I have insured my collection for, but lets just say that i have more than plenty of insurance and it is very, very reasonable. I even got the gold package which does not require any documention of what coins you own. It also covers any loss or theft either at your home, business or while you are transporting the cions. Many insurance companies will offer any compansation if the coins are in transit. I will get more info...name of company, etc and post it later when I find my way to my office.
     
  10. kanga

    kanga 65 Year Collector

    I believe Hugh Wood is the ANA recommended insurer.
    That's who I have my insurance with.
    I checked with my home owners insurance company.
    Their quote was about 4 times as high as Hugh Wood.
     
  11. borgovan

    borgovan Supporter**

    I, too, have heard that Hugh Wood is the leading insurer of coins.

    I have a very vague recollection of looking up their rates, and still did not find them to be satisfactory.

    I am in the insurance business, and from an actuarial standpoint, the insurance rate for coins is insane. It's typically north of 1% of the value per year, and I refuse to believe that 1 out of coin collections are stolen annually. If I were a dealer I'd consider it, but for a casual collector? I think not.
     
  12. jaceravone

    jaceravone Member

    Yep, thats who it is. Thanks Kanga. My home owners was the same too. Also, the nice thing about Hugh Wood was that if the value of your collection decreased, you could modify your plan and they would refund the difference. I liked that because you never know when you will sell some of your collection.

    There are 3 plans: Silver, Gold and Platinum.
    I liked the gold because this plan covered you practically anywhere. The silver plan covered you only in one specific location, for example at your home or bank vault. But the gold covered you at home or bank vault or anywhere in between. I don't remember the perks of the platinum coverage.

    Here are the endorsements of the gold plan:
    a. this policy insures the collection while at your residence premises and/or named bank, or safety deposit, plus coverage anywhere within the USA/Canada in the amount of X$.

    b. Your collection must be with you at all times and never left unattended in your hotel room, in a vehicle or at a show. If you cannot keep your collection in your possession, you must use the main hotel safe, not the room safe.

    c. unattended auto exclusion - this insurance shall exclude loss and/or damage to the property insured when being personally conveyed from vehicles, unless at the time of the loss there is in or on, the vehicle the assured or their representative.

    d. your collection must be in a carry on bag if flying. You cannot check your collection in at the airport.

    e. This insurance shall excluded losses of and/or damage to the property insured when being shipped by any other method other than US postal service registered mail or us postal service insured mail. If insured mail is selected the package must measure at least 6"x4"x2" (good to know - I forgot this part)

    f. this insurance excludes loss of and/or damage to the property insured while in or on an unattended vehicle.
     
  13. mralexanderb

    mralexanderb Coin Collector

    Great info, Joe and krispy. I think about the insurance thing whenever I go on vacation. I must check with my homeowners insurance guys and see how much they'll cover. From what I'm hearing, it seems like I need to get more coverage.

    But, why get insurance on coins that are in the bank, in a safe deposit box. Even if my bank gets robbed, I don't think they'll get any safe deposit boxes. It's usually just "gimme the cash" and they run.

    Is it the transfer from the bank to the home and back that your covering?

    Bruce
     
  14. jaceravone

    jaceravone Member

    Yes, that was one of the main reasons for this particular coverage. If you don't have coin coverage on your home owners, I don't believe they will cover you for any losses. Could be wrong. Plainly put, I had been shopping around for insurance for my coins for some time and Hugh Wood had by far the best rates for what I needed. I can always lower them if I feel that it is too much insurance.

    Also, no proof needed to be shown about what coins you own and anything like that. They just wanted me to disclose whether or not I owned any substantial amount of bullion, which I don't.
     
  15. GDJMSP

    GDJMSP Numismatist Moderator

    Let's put it this way - you can get $100,000 of coverage for approximately $200 a year by going through Hugh Wood. Less coverage cost less. But that only covers your coins while they are stored in a given location like your home or your bank.

    If you wish coverage during transport etc like Joe described, it cost more, but not much more.

    And many people will claim that their collections are covered by their homeowner's insurance. Well, they're not in the vast majority of policies. Even your agent does not fully understand how these policies work. There have been many cases when people "thought" their coins were covered, only to find out that they were not once they were stolen. Do not be one of these people who find out the hard way.

    If you want your coins covered - then you need a separate policy specifically tailored for the coins.
     
  16. texmech

    texmech Wanna be coin collector

    Why put them in a safty deposit box? Isn't part of the fun being able to look at them whenever you want to?
     
  17. Just Carl

    Just Carl Numismatist

    I've said this many times before. The best insurance for a coin collection is the same as with guns, swords, stamps, etc. Keep your mouth shut.
    The less anyone or any company knows what you have, the safer what you have will be and that includes you.
     
  18. Conder101

    Conder101 Numismatist

    True they are very unlikely to be stolen from a safety deposit box, that is why the rates for coins kept in the boxes is much cheaper. But theft is only one of the dangers depending on where you live. Think about fire, earthquake, flood etc. In New Orleans after the hurricane many of the banks AND THEIR SAFETY DEPOSIT BOXES spent days or even weeks under that sewage water. The proper coverage could protect you there as well covering any damage done to the coins.
     
  19. ldhair

    ldhair Clean Supporter

    To add coins to my homeowner's policy was going to run about 3% of value and I had to keep them with an up to date list.

    Do ANA members get a better rate?
     
  20. jaceravone

    jaceravone Member

    When you say 3% of value, I assume you are meaning that the yearly insurance amount would be 3% of the value of your collection....is that correct?
     
  21. ldhair

    ldhair Clean Supporter

    Correct and that was a major insurance company you would know.
    That is really high to me.

    Do you get a better rate at Hugh Wood if you are an ANA member?
     
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