Do you have insurance for your coin collection?

Mikey

My homeowner's policy doesn't cover it and I'm considering adding it to my policy. I probably have to have it appraised first.

Thanks for any advice, this is a great forum.

baccaruda

Here's where everyone posts pictures of their guns and dogs.

keets

the cheapest approach is probably a Safe-Deposit Box. let's face it, what we really want is to not lose our coins, not get reimbursed for a loss.

al h.

bearcave

I guess a safe deposit box would be good, but my bank is 30 miles away and how pissed would they be if I wanted to see the coins every day?

I know you do have to buy extra insurance as a friend of mine had his collection stolen and all the insurance company would pay his was face. A complete set of Franklins of MS and all he got was face value.

So I guess if you want to see your coins anytime, extra insurance. If you do not want to see your coins very often, safe deposit box?

mgoodm3

I have an extra policy on my homeowner's policy for my coins based on my guess as to their value. The stock policy will cover minimally for loss.

kamehameha00

No,never have,never will.

keets

with a homeowners policy you can get a rider to cover a collection. if you rent you can probably get something similar through an insurance company if you don't have renters insurance. you can get a policy through the ANA if you're a member. either way you go, you'll need some type of verification on what you have, pictures, an inspection by the agent writing the policy, insert numbers, etc.

think about it though, what's the most important thing? getting reimbursed for a loss or protecting a collection? with a home safe, there is always the chance of theft regardless of how big/secure it is. there's always the chance of being robbed while the safe is open. then you have the attendant hassle of getting the insurance company to reimburse you for the loss. what if you hadn't motified them of additional holdings?? what if they determine a lower value based on their adjusters value? i could go on ad nauseum, but i think you catch my drift.

what value do you place on the luxury of being able to play with your coins?? i put more value on my collection being safe which is what the bank box gives me. and it's cheaper than an annual policy and doesn't incur the cost of the safe and everything that goes with an installation.

that's just me. there are many choices depending on circumstances. maybe the best of both worlds is a bank box with a small safe to hide what's "in house" at any time!!

al h.

Veep

Nope, no insurance. I've considered it and even though the coins are usually at the bank, I feel like its something that I should have. It seems to me like it should be less expensive. The program through the ANA is 1% of the value. If the entire collection is kept in a safe-deposit box, its 0.5%.

numonebuyer

Of course I have insureance. I have insurance for everything, so I might as well insure that which gives me the most happiness. I use the insurance through the ANA. It is very cheap (in my opinion).

I also have a safe deposit box. I display a few coins, but change the displays once or twice a year as my interests change.

Numonebuyer

Russ

<< <i>Here's where everyone posts pictures of their guns and dogs. >>







Russ, NCNE

Placid

Is that shotgun legal?

baccaruda

as long as the barrel is 18-1/2" long it is.

Russ

<< <i>Is that shotgun legal? >>



Of course. Why wouldn't it be?

Russ, NCNE

baccaruda

Is that a varmint-hunting .22 in the middle there? I'd hate to be the perp headed out the door with a handful of Accented Hairs and 15 .22 slugs in my arse.

Robgetty

I thought that the ANA 1% was a little steep for the pricing; and the 0.5%
for if it is in a bank vault is robbery. I've used a safe deposit box in the past;
however, I would think that a home safe would be most economical over a
few years if you like to see your coins on a regular basis.

Placid

<< <i>

<< <i>Is that shotgun legal? >>



Of course. Why wouldn't it be?

Russ, NCNE >>



Looks like it might have be modified in the picture.

baccaruda

The pistol grip's not illegal.

baccaruda

I just doubt that Russ uses it for hunting very often.

Russ

baccaruda,

Ruger 10/22. Great little plinker, and pretty accurate. I also have several 25 round banana clips for it. It's not the territorial defense weapon, though. The shotgun is.

Placid,

It is modified with a pistol grip. It also has a nasty looking heat shield for the barrel, but it's not mounted in the picture.

Russ, NCNE

baccaruda

I had a Marlin .22 - let it go without cleaning until every other casing was getting jammed on release. I decided to take the entire thing apart right down to the screws and springs to clean it. That was a mistake.

Dumped the whole pile in the trash some years later.

baccaruda

Is that your nightstand in the picture?

LAWMAN

Don't be paying any late-night unannounced visits to Russ' house.

ms70

I insure through the ANA's company. It cost less than I could insure through my homeowners for & it was hassle free.

I'm also insured by Glock, but that insurance only works if I'm home.

Bubblehead

Hey, Russ.. I have 4 of the same firearms in the house. My Mossberg is the same as yours..
Umm, oh yeah, coin insurance.. Let's see, rider with home owners, covered for 50K; pics of coins valued at over $1,500 req'd (not too many) and it only runs $264 a year. Not too shabby, methinks?

mintluster

USAA is the best and I am not even an ANA member.

Mikey

<< <i>USAA is the best and I am not even an ANA member. >>



I'm a USAA member, I've asked for information about their rider program for my collection.

Lakesammman

I've gotten to the age (eye-sight) where I nearly enjoy the high-res pictures more than the coins themselves - not true for proofs, of course. I can visit them anytime I want while they are locked up while on-line at home, at work or on the road.

Bulldog

I placed a rider on my home owners. Covered here and when I carry them around as well. I think the extra cost was about $55.

Bulldog

commoncents

Dog97

Insured by Smith & Wesson and I keep the good stuff in a safe deposit box anyway. I'm about to go broke paying the insurance on the vehicles & property I own now.
If I didn't use a safe deposit box I would insure my coins.

mic351

I would suggest a floor safe. You can buy them big enough to fit a collection. Once you have it put in you should get waterproof containers to put the coins in. If you have a fire (God forbid) you'll want something to prevent water damage to the collection.
A neccessary component of the floor safe is the secrecy in where you place it. Tell your wife (if'n ya trust her) but if you have kids, it's a good idea to keep its location a secret or make sure they are discrete. Of course, having your kids brag around school about your collection is like an invitation to a home invasion.
Floor safes are very secure. They are almost impossible to drill or punch due to the mobility of the head. Moreover, the secrecy of their location makes them a target most often missed by thieves.
Inasmuch as 90% of home invasions (B&Es) are committed by opportunistic amatuers, I have found my floor safe to be the best protection for my collection. I'm not big enough in the biz to warrant a pro breaking into my house. If a pro wants that collection bad enough, then he or she is going to get it. If you have that extensive a collection, say $100k or more; then I would agree with the post that suggests a safety deposit box. Like a previous poster said, you want to keep your collection, not replace it.
I don't know, I just got to have my coins where I can pull them out and go over them. My bank isn't open the hours I'd want to see them and I want to see them when I want to see them. If that makes any sense.

numonebuyer

I am a USAA member with Auto, Home-owners and a rider policy (for something else). I tried to get coin insurance through them and they would not provide it. I filled out all of the paperwork with complete inventory.

After they turned me down, I went to ANA.

Numonebuyer

jonesy

<< <i>Here's where everyone posts pictures of their guns and dogs. >>