Should We Get Safety Deposit Box Insurance?

BigE

Someone mentioned this option in another post. Has anone ever had anthing stolen out of their safety deposit box? Or is this for if the bank burns down or gets held up?---------anyone know?-----------------BigE

wingedliberty

I work for a major financial institution. They likelyhood of a fire severe enough to burn through
fireproof safedeposit walls is the same as middle east peace. 0.000001%, for peace of mind, you
can still get it through the ANA, their insurance program is great and cheap if you provide a safe dep.
box receipt. I have it.


Brian.

BigE

Thanks Brian, so if they stop fighting over there do you think I should get it?-----------------------------------BigE

keithdagen

BigE,

I decided to go with coverage from my insurance company. It's $.86 per $100.00 of value, so it's not too expensive, and will cover the coins in transit as well.

BigE

Thanks Keith------BigE

Coulport

Before you rely on a rider on your insurance, you better find out what proof/documentation the insurance company requires on a loss.
A dealer friend of mine couldn't prove to the insurance company who stole his coins, exactly what time they were stolen and how. His inventory list of stolen items was not accepted since he couldn't prove that some items weren't sold at the show. They put him through one hoop after another and disallowed all claims. He got no settlement and is no longer in the trade.
Insurance is fine as long as YOU are paying but when it is time for a claim, forget it. Biggest racket there is.

Twowood

Big E...Check out your homeowner's policy.Maybe you're already covered. In any case, you should have " proof of ownership", as someone else has already said, like photos, paid receits etc.
I really think your risk is negligable.

cointagious

a standard home owners policy specifically excludes 'coins and currency'. the clause was not originally intended for collectables but, over the years, one insurer after another has extrapolated the clause to include them. i wouldn't count on your insurer to cover them and if they claim they do - get it in writing!