Should I get insurance for my coin collection?

good tip

 

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It's a great question and a personal choice. Personally, I hate the fact that I'm forced to buy insurance for certain things, like autos and homeowners, but it's a necessary evil. I always opt out on extended warranties, when offered, and I feel insurance is in the same camp. Every time it comes up I recall a comment offered from an experienced man when I was a young man.

He asked a simple question, "whenever you buy insurance, aren't you really just betting against yourself?"

 

No, you are sharing and pooling the cost of an adverse event with a community. For the community such events among a population is inevitable. Coin theft is for sure inevitable among the population of collectors. I would actually like to see the actuarial tables for this.

 

This is an excellent point, to be fair I only insure my coins separately outside of my normal P&C coverage. Everything else including Indian relics, a couple piece of art, guns, antiques, etc. are insured through regular homeowners. The books is an excellent thought.

 

Insurance, plus protected storage is essential. Secure your coins in a safe that is not easily breached. Have a very strong alarm system. Don’t advertise your location on the internet. For valuable key coins, have a safe deposit box. And last, I agree with Doug. Hugh Wood is the only insurance company that will actually cover coins at market value. Their coverage is very comprehensive and very affordable. I am very pleased with them.

 

No, don’t get insurance and just let someone take your stuff while uninsured.

 

And avoiding the authorities in 12 more...

 

Are you absolutely certain? I have nothing any longer than some farlthings from the 20th cenutry and a few cheap commemorates.

 

It depends on you and what you want. If it is a large collection beware on the searing pain in your butt - It will be your billfold taking a LARGE BITE.
Semper Fi
Phil

 

Purely up to you. I can’t tell you what your collection is worth. If you think there is nothing of value, then don’t bother.

 

What kind of / how much information about the details of your collection should you expect to need with Hugh Wood? How is value determined?
I've never had insurance on anything besides vehicles, but at the rate I'm going I may want to insure my collection within the next couple of years.

 

That is the problem. You can have the insurance in the world, but you need crystal clear documentation of ownership and values (and a cooperataive police department wouldn't hurt). I have no doubt that a insurance can be a needed stratergy to give you some level of financial security with regard to your coins. The devil is in the details though, and insurance companies excell at details.

 

Thats not true, with Hugh wood you don't need to keep a list. Its a good idea, but not necessary. Based on how my claim went I am fairly certain you could say something to the effect of "partial set of morgan dollars $4000" and it would be covered.

 

Really, no proof that the coins existed and you owned them?

 

https://hwinternational.com/us/industries/fine-art-collectibles/

 

Yep, really. Homeowners is the same way, you don't have to have proof for everything you owned. Its good to turn in documentation if you have it but its not necessary for everything.

 

No, we have had homeonwers insurance and it was a huge problem to collect on our3 stolen racing bicycles. That was All-State

 

I should have clarified, its easier with the right companies. Our claim was made simple. Having the right agent can also make a large difference.

 

I don't have insurance on my coins have thought about getting but I do have questions.

If my collection was stolen and I filed a claim would I have to produce a receipt for every single coin. I have close to 15,000 coins in my collection and some are only worth face value as I pulled them out of circulation.

My collection is probably worth less than $20,000. Will they insure for that low an amount.

I'm constantly adding coins, will they insure the coins I buy after I purchase the policy.