Is your collection insured?

I keep my collection in a safe with the highest fire rating I could find. I live off the grid in the middle of a National Forest and don't worry so much about thieves as I do about fires. My home owners insurance policy covers much of my personal items and even lists coin collections, but my collection has never been professional evaluated so it's just my word of what's it worth. I do keep a complete photo library of each coin and currency, so if I'm questioned about my collection, I have some way to show the adjuster.
So my question is, do you have your collection itself insured or just under your home owners policy. If it is insured, did you have the collection professionally evaluated?

 

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really good questions.

 

Yes, I have a rider on my home owners policy, a safe, 24/7 video/audio infrared security system and a 20 gauge shot gun along with several very dangerous knives and an aluminum baseball bat close at hand.

 

20 gauge, I like it

 

Yep, that's all the insurance anyone I know needs. As long as all your friends, neighbors and family know you'll use it, you're good to go!

 

bird/buck/bird/buck/buck/buck works for me

 

Ever shot a 4 gauge elephant gun? Oh wait, that's off topic...

 

If you know anything about living OFF the grid, you could guess the fire power I have, along with trip wires, steel cables, and early warning system.

 

I should have mentioned, I did have a dealer appraise my collection about 10 years ago. I presented that to my insurance company and that was the only way to get the rider. I also got a letter from the insurance company stating that any losses after that would be covered at todays book value so it's all good. Coins usually fall under the same category as jewelry. So I also had a $5K ring added to the policy. But it's imperative that if you sell off a portion of these assets that you report it to the insurance company.

 

Adding it to your home insurance is really costly. Check out these guys. You can get a quote online. You do need to be a member of ANA. https://hughwood.com/specialties/fine-arts-collectibles/

 

Good to know. Thanks for that information.

 

Thanks Idhair.

 

There is always the issue of proof. An appraisal and policy rider are good things to have, along with those, there is proof. Coins do not vaporize in a house fire. Their values can disappear, but not the metals. Everyone should video everything that they own and store a copy offsite.

 

A lot of folks use Hugh Wood. Great choice for coin collectors but they have a limit on folks that do mostly bullion.

 

I insure through Hugh Wood. I had a claim when I was in high school and they were great to deal with. I've had mine insured with them for awhile. It costs me about .5% per year for the coverage in relation to the collection value. Which for round numbers would equate to $500/year for 100k of coverage, as a gauge for cost.

 

I checked with my Insurance company once about insuring my coin collection as a rider. As @tommyc03 mentioned it has to be appraised and stored in an appropriate safe, no less than a C rated safe (or SDB) if I recall.

 

Where can I learn about these safe ratings?

 

Some of my family’s collection was stolen in the late eighties and the home owners insurance only paid face value of the coins. Luckily we were able to recover the coins from a local dealer, but that would have been a pretty big hit. What was taken was my grandfathers proof seated half dollars; over twenty five pieces in total. I don’t believe that they had any sort of special insurance for the coins beyond their regular home owners policy.

 

I have this but there is also a tool rating.
Fire Ratings
* FR — Fire resistant unrated insulated safe
* 1/2 hr — UL class 350. Protects valuables for up to 30 minutes with outside temperature of 1550 degrees.
* 1 hr — UL class 350. Protects valuables for up to 1 hour with outside temperature of 1700 degrees.
* 1 hr+ — UL class 350. Protects valuables for up to 1 hour with an outside temperature of 1700 degrees, plus survived drop test from 30 feet.
* 2 hr — UL class 350. Protects valuables for up to 2 hours with an outside temperature of 1850 degrees.
* 2 hr+ — UL class 350. Protects valuables for up to 2 hours with outside temperature of 1850 degrees, plus survived drop test onto rubble from 30 feet
UL Underwriters' Laboratories (UL) - UL is a non-profit, non-bias agency that tests and rates the safety and performance of consumer products. Safes that have earned specific UL ratings will carry a UL label which designates the product's security and fire-protection ratings.