Your Insurance Policy

Piggybacking off of @BATTERup646 thread:

https://www.cointalk.com/threads/be...-any-of-your-coins.277689/page-3#post-2403957

Full disclosure from where I sit. I never thought or cared about this until recently. @BATTERup646 made me think of it.

Question: For those of you with significant collections (or not), do you have a rider insurance policy to cover the lose, damage or theft of your collection?

 

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Nope. Might be stupid but ...

 

I ain't sayin'. Bad guys could be watching........

 

It's quite a coincidence that this thread started today. I was just on the phone this morning with my insurance agent to take out a renter's policy, as I recently relocated to another state. Even though there isn't much that I keep at home, I asked about coverage for coins and other valuables and was offered a rider for a very small additional premium, approximately $20 per year. It seems very cheap, although I'm sure it helps that I live in an area which has a very low crime rate.

I asked about documentation and was advised to keep sales receipts, photos or other proof of ownership. Has anyone had experience actually collecting on this type of policy? My coverage is with a major carrier (Travelers). I had a homeowners claim for a new roof from a hailstorm a few years ago and was surprised at how little difficulty I had getting the claim paid. It seems that with smaller claims they have an incentive to pay generously without much hassle, as they don't want to risk harming their reputation.

Hopefully I will never need to use the policy, but it helps to be prepared in case something does happen.

My guess is that the burden of proof and difficulty of getting a claim paid is probably proportional to its value. If I had a collection of proof $20 gold pieces (yeah, right...) I probably wouldn't want to keep it at home even if it was insured.

 

Need to know basis I suppose. But proper safeguards of all sorts are in place.

 

Yes, in addition to probably having an official appraisal. No experience on collecting on this type of policy. I would be afraid to even thinking about it. I would also think it would have to be full replacement value. Who knows how that would work.

Yes, I guess those proof $20 gold pieces would be in a safety deposit box.

 

Unless you're eight years old, it's just shocking to me how many collectors have actually lost or misplaced coins.

https://www.cointalk.com/threads/be-honest-have-you-ever-lost-any-of-your-coins.277689/

Although on the other hand, I have a visual on some collectors who probably have coins scattered all over their houses in every room and they don't know what they have. They just know they saw that 1842-0 EF seated liberty here about 6 months ago and now it missing.......it's here somewhere.

 

Did they give you an exact dollar figure of the coverage on just coins?

 

Yes. Not a very high one.

 

If the coins are certified with a numerical grade should that not be considered an appraisal of sorts?

 

Yes, you're right. If it's graded by a TPG, that's an official record. Good point!

 

They will want receipts.

 

Another good tip is to keep an off site record of. Your collection, and valuable stuff

 

And once again just consider the order of magnitude of your potential claim. If you lose your house full of furniture from Ikea and Rooms 2 Go along with a couple TV's with Bose sound bars from Target, and happen to have a few thousand in coins thrown in, your claim will probably be handled routinely at a lower level in the organization. However, if you lost a set of Colonial furniture owned by George Washington along with an audiophile sound system piped into every room in your house, and your collection of top pop 19th century patterns also burned up in the fire, then your claim check will probably have to be signed by the CEO.

BTW, in the event of a claim can EBay retrieve sales records further back the the 2 or so years that show up on your account page? This would be relevant since almost all of my coins are bought online.

 

Yes and photograph everything.

 

I might just take some photos and email them to myself. The cloud is a wonderful thing.

 

I do not believe homeowners insurance covers coins. You either need a rider or join the ANA and go through Hugh Wood insurance . It's very reasonable.

 

Hugh Wood is the best way to go. The poster got a renters policy with a rider to cover small amounts in the home. He did not say how much coverage he got for $20. Most homeowners policies are only good for a few hundred dollars.

 

I agree with Hugh Wood. Their rates compared to your homeowners will be much less and if you use a safe deposit box they are real cheap. Using the homeowners is paying to much for inferior coverage.

 

Some do depends on what company

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