Should I get insurance for my coin collection?

Lets say you have $75K in coins stolen. I doubt they will pay that out without some investigation. I don't have first hand experience in this, but I have heard more than one horror story.

 

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From your postings here, you've heard a lot...

 

I would hope if you had $75k worth of coins you would have some kind of transaction record or receipt for at least some of them. I think the records you do have would help corroborate what ones you don't have.

 

Insurance company's are blood suckers, thriving on fear. Go 'self insured'........save some 'jing'.

 

What about bullion too?

I stack bullion with my coins and would insurance pay the full price if I got some gold bullion coins stolen?

Afterall unlike coins, bullion is less open to interpretation when it comes to price. If the spot price of gold is $1800/oz and a 1 oz American Gold Eagle gets stolen there is no way that an insurance company could argue that it’s only worth $1400.

 

I think there is a limit for bullion and you have to list the percentage of your collection that is bullion, but they will insure it.

 

We need to get the agent on hear to answer questions

- EDITED -

 

Don't post phone numbers or personal contact information here. ESPECIALLY not for people who likely have no idea that you're doing it.

 

Don't be so quick on the trigger there cowboy. It is not her persoanl information. It is her office information at HWood.

https://hwinternational.com/us/insurance/personal-client-services/valuable-collections/

Admittedly, it is my fault. I should have posted the link with it.

 

Now, granted, you're not posting to make sales or advertise for yourself. But I figure, putting the two points together, posting someone else's contact info isn't a great idea, either.

I'm happy enough to leave it up to the mods.

 

She is not selling anything here, but she can certain answer these questions definitively since she represents an insurance company that is being recommended here (three times) and is the senior VP, rather than relying on hearsay. That is why the company website advertises her contact information? N'est Pas?

 

Also, as an ANA Member you can directly submit to NGC (but not PCGS) without having to be a member of their Collectors Society.

 

As a general rule--regardless of where you store your coins or whom you insure them with--clear photos of both sides, and documentation to show their description and acquisition cost, are essential. For raw coins, if you have a significant dollar value based on your cost, and for graded coins, you might want to get an appraisal from a reputable dealer who does appraisals, who should be able to determine both a market value and an insurance replacement value

An alternative to Hugh Wood or other insurance would be a Burglar & Fire-Rated UL Safe (made in the USA) of sufficient cubic capacity to store ALL of your coins plus room for additional coins; if large enough, you can also store important documents (make sure you have a Desiccator inside). These safes are heavy and have to be positioned on a solid surface; look for one that has a bottom thru-hole so that it can be mounted to the floor with a bolt. The cost for this type of safe runs around $1,500 for a new one.

 

I can't do that in my apartment.

 

See, there's your problem. You're supposed to be living in a heavily fortified compound, patrolling 24/7.

 

It's been many years ago but I did everything online. The site gave me everything I needed to pick the plan that fit me. They gave me a quote and mailed me the policy. Each year they mail me a copy of the policy and an invoice.

Someone brought this up but it is important to stay a member of the ANA.

 

If you're a home owner, you may already have the insurance you need. Call your agent and ask; you may just need to send him/her a list of your coins.

 

Get your wife to talk to an agent at work first. Most home owners policies already include coverage for valuables. You would just need to provide an inventory and make sure the coverage is high enough. If I remember correctly, when I was working as an agent in Georgia (each state is different), the standard coverage for valuables was $25,000 unless we had a list of items and specific amounts for each item on the policy. That was 20 years ago, though.