When to be insured?

Discussion in 'Coin Chat' started by Jako lipo, Jan 19, 2008.

  1. Jako lipo

    Jako lipo New Member

    when is it a good idea to get your coins insured? and how much does it cost?

    could anyone tell me at what range of your coin collection value how much it is cause i dont wanna say how much my coins are over the internet

    Also how do you prove to the insurers how much they are worth?
     
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  3. Arizona Jack

    Arizona Jack The Lincoln-ator

    Document your collection with clear digital pictures both obverse and reverse, and if you can, load them into a software program ( I use Coin Manage ) AND a backup source, NOT stored with the coins...bank box etc

    The ANA sells insurance, as do many homeowners and renters insurance companies.

    The insurance is worthless, unless you have documention as to grade, quantity etc......PICTURES PICTURES PICTURES !!!!
     
  4. Treashunt

    Treashunt The Other Frank

    As Jack said, ya gotta document the coins/collection.
    But------
    The insurance is very expensive.
     
  5. GDJMSP

    GDJMSP Numismatist Moderator

    While picture may be helpful to you the owner, from the perspective of the insurance company pictures are worthless. Insurance companies want receipts, paperwork and nothing else. Been there, done that.

    And the insurance is not expensive. A $100,000 policy can be had for approx $200 a year.
     
  6. spock1k

    spock1k King of Hearts



    so if i get a bunch of BU 1909 SVDB as a result of roll searching i cant insure them?
     
  7. GDJMSP

    GDJMSP Numismatist Moderator

    Sure you can, but you'll have a lot tougher time trying to verify the value of the coins. With raw coins what you need is an appraisal by someone qualified to give one.
     
  8. Arizona Jack

    Arizona Jack The Lincoln-ator

    would a reputable TPG slab be considered an appraisal?
     
  9. GDJMSP

    GDJMSP Numismatist Moderator

  10. Arizona Jack

    Arizona Jack The Lincoln-ator

    I figured as such, I have seen more and more ads for loaning institutions to lend on collaterol slabs......at 50% cdn usually
     
  11. Pocket Change

    Pocket Change Coin Collector

    Another reason to slab your rare coins. Insurance and it'll really help out your heirs when they try to get some money back from your coin habit after you're gone!!!!
     
  12. Daggarjon

    Daggarjon Supporter**

    i have insurance on my collection, buit my agent told me that i didnt need a seperate policy because my home insurace carried a clause for collections. i belive it was 20% or something like that. SO in the event of somthing happening, i was covered without paying for a seperate collection clause.
     
  13. Just Carl

    Just Carl Numismatist

    Prior to having your coins insured stop and think of the area you live and the reason your wanting to insure your coins. If for fire or other types of home damage and you live in a rather safer type area, probably a good idea. HOWEVER, in many large city areas you must remember some things. For example the insurance agency is full of just people. Everything you tell or show them goes into a computerized system and the entire insurance company now knows everything you have. People in many such companies come and go as often as at McDonalds. Many such people may not be the most honest people on Earth and/or they have freinds that are not very reputable. Occationally some people purposely geta job at such agencies to just find out who has what. Your info can be spread all over the place. There have been in my area many, many home invasions where the criminals knew EXACTLY everything that was supposed to be in that home. Wonder how they knew?
    With the computerized system of today, the less info about yourself you allow to be documented, the safer your coins will be.
     
  14. Mark Feld

    Mark Feld Rare coin dealer

    I would recommend double checking with your agent, learning what the particulars/precise requirements are and getting it in writing.
     
  15. Treashunt

    Treashunt The Other Frank

    Agreed, and the fine print usually excludes collectibles and cash over $X -- fill in the blank #.
     
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