Insurance for your collection

DiggerJim

I am currently buying a new home in Florida and while talking to an insurance agent I brought up my coin collection. My collection has grown to the point that I thought I might want to get it covered. I told them what I thought it was worth and she said they would a professional appraisal.

So, my question is how many of you have insurance on your collection or do you just rely on your safe and home security system.

Hopefully this question hasn’t been driven into the ground previously.

DiggerJim

P0CKETCHANGE

I do not have my collection insured. When I have done the math on the premium compared to the probability of a total loss, it hasn’t made sense.

pcgscacgold

I was quoted $600/year for a $100,000 collection. There was also the requirement of an appraisal and new items appraised as they were added.

RichieURich

The purpose of insurance is to cover financial losses you don't want to incur. So the question is, if your collection was stolen, lost or destroyed, would you be OK with that or would you prefer some financial compensation to cover that loss?

Once you have answered that question, IMO the best coin insurance available at the most reasonable cost is through Hugh Wood. You must be an ANA member to get this insurance, but the cost for the ANA membership plus the Hugh Wood insurance is likely to be less than other coin insurance that is available.

Edit to add: Welcome to Florida!

edwardjulio

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moursund

Would keeping the most valuable coins in a deposit box obviate the need for insurance?

Gazes

I checked out a few and belonging to the ANA and using hugh wood was by far the most economical. Also, they did not require an appraisal my policy.

koynekwest

I have Hugh Wood. $75,000 coverage is less than $250/year.

BStrauss3

@moursund said:
Would keeping the most valuable coins in a deposit box obviate the need for insurance?

No, your coins are probably completely uninsured in a SDB.

Mr_Spud

But a SDB is pretty darn safe. When’s the last time you heard of a robbery where they got the SDB contents?

vplite99

@BStrauss3 said:

@moursund said:
Would keeping the most valuable coins in a deposit box obviate the need for insurance?

No, your coins are probably completely uninsured in a SDB.

My company wants 1% a year for items in my SDB. Since the loss of those items would be only heart breaking, but not devastating, I'll take the chance.

BStrauss3

@vplite99 I was thinking of the insurance the bank provides, which probably excludes everything you want to be covered. Homeowners' insurance probably requires a special rider. I think somebody once posted that Hugh Woods does cover the SDB, but that's a dusty old memory and might be wrong.

Lloyds would cover you, but the conditions might be onerous.

Jzyskowski1

H&K safe and attack cat

moursund

@Mr_Spud said:
But a SDB is pretty darn safe. When’s the last time you heard of a robbery where they got the SDB contents?

Exactly... And bank probably has better fire protection than I as well...

RichieURich

Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

TomB

I've recommended Hugh Woods, Inc perhaps a thousand times over the last twenty-plus years.

koynekwest

@RichieURich said:
Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

That's the way I do it.

koynekwest

@TomB said:
I've recommended Hugh Woods, Inc perhaps a thousand times over the last twenty-plus years.

And I have heeded that recommendation!

gumby1234

This and a few alligators would keep most anything away.

moursund

@koynekwest said:

@RichieURich said:
Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

That's the way I do it.

To be really safe, you should also have a duplicate set of your collection in a different geographic location...

koynekwest

Sorry-can't afford that. I'll just use "dummy" coins.

Smudge

I use a SDB.

Jzyskowski1

@moursund said:

@koynekwest said:

@RichieURich said:
Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

That's the way I do it.

To be really safe, you should also have a duplicate set of your collection in a different geographic location...

What? Stay on point here😂

ricko

I use my own security.... several layers, professionally done. (I worked in the security field, so did it myself). Cheers, RickO

Crypto

I collect 3c nickels so there is no need for security