Can you split your insurance coverage ???

newport

Lets say you have $20,000 in coins. You are covered for coins at home and at the bank. You split your collection between 2 Banks and have $10,000 at each one.

You insure your coins for only $10,000, (paying a smaller premium) playing the odds yourself, that 2 Banks would never suffer a loss at the same time. Has anyone done the same?????

MadMonk

No I havent. I do keep two safe deposit boxes at differant locations. I keep the reciepts in one, and the coins in the other.

Longacre

I would think that in the event of a loss, you would just be entitled to a max of $10,000, no matter whether the coins are together or separate. I understand your point of splitting the collections up, though.

WACoinGuy

Interesting theory. Of course, in this example does the savings in insurance offset the extra amount you'd pay for a second safety deposit box? I'd think you'd need to have a larger total collection size for this to pay off...