question about coin insurance ?

barberlover

It's understandable why someone with a coin collection worth more than there house would buy insurance on there collection, especially if they keep there collections at home even if it's in a safe. But do any collectors buy insurance on there coins either if there collection is stored in a bank vault or if there collections arnn't worth 100,000 plus ? When my wife and i baught are home we were told to list any valuables that we wanted to insure in an itemized fashion so i listed her engagment ring and she listed a couple small pieces of jewlery she already had. At that time was one of my non collecting periods so i didn't own any coins. If any one has done it how much does it cost to insure your coins {assuming it's a percentage of there value, whats the percentage?] and is it a rider on your home owners insurance or a seperate policy. If i do bring my collection home so i can see it more often, i wouldn't even consider doing it unless it was insured for theft and fire.

jbsteven

most regualar home policies only cover up to roughly $500 in coins/currency. I have bought a extra policy that covers my collection incase of theft, fire whatever. It costs roughly one quarter of 1% of the total value per year. This is the best piece of mind insurance I own and I would not do without it.

Dog97

Why insure collections stored in a bank vault? Because if the bank burns down, blows up, floods or get robbed your coins aint covered.

itsnotjustme

jbstevens,
What company did you find 1/4 of 1% with? Is it all inclusive like covered in transit, at shows, etc? (personal not dealer) Mine is 1.15% per year.

barberlover

yes, i agree with the last poster, naming the insurer that gives good rates and what they cover and if the coverage includes moving your collection like from bank to home or home to show would be good to know. WHAT INSURER SELLS COIN INSURANCE AT 1 QUARTER OF 1 PERCENT ?

ldhair

A few years back Allstate (did I spell that right?) gave me a quote of 3%. They wanted a list and appraisal.

DesertLizard

The true test of coin insurance, many other types of insurance as well, is collecting at time of claim.

Ask what is the claims procedure and be prepared for a few surprises. Many companies will low ball and/or find a way NOT to pay on coin loss claims. Be careful!

Geoman

I use State Farm for insuarance. However, I do not have my coins covered separately (although, my little collection isn't worth much). I did ask State Farm about it though, and this is what I was told. If I give them an itemized list of coins, and their respective value, that they are covered for free under our home owners insurance. But this is only up to $1000 or $10000; sorry, but can't remember the figure.

However, they said I could also purchase a separate policy, called a personal article insurance for coins, which they quoted me $1 cost per $100 of coins. Don't know if this would be considered a good or bad value.

Last, let me tell a story about what happened to a friend of a friend or a friend. This person had a pretty nice coin collection, and was told that his insurance covered them. (Sorry, but can't remember the company.) His coins were stolen from his house, and when he went to claim them, the insurance company would only pay him face value of his coins. For example, and MS Morgan, worth say $500 that he owned, he received only face value, or $1 back. OUCH! Make sure if you have insurance, that you know exactly what it covers!

TomB

The ANA charges members 0.5%, I believe, on collections stored in a bank safety deposit box and 1%, I believe, on collections stored at home.