Is insurance and a safe necessary..

idunk

for your collection? Thinking about getting a really good home safe and was wondering if I really need to keep my insurance? Or maybe just skip the safe and keep the insurance? Both is better of course, but money is a factor. Any opinions? Not sure what to do. Thanks!

lathmach

You don't need neither.
Where bouts you live, and when ain't you home?

Ray

idunk

That was funny! Thanks for the humor!

notwilight

I don't believe in insurance unless a loss is catastrophic. If I lost my coins, I'd survive. You're going to pay more in insurance fees than you are likely to collect--otherwise insurance companies would go broke. If you are a careful, responsible individual and can honestly say that your liklihood of suffering a loss is less than average, then you're even more statisticly disadvantaged with insurance.

--Jerry

sweetwilliet

Many opinions on home safes have been posted here. If I had a high dollar collection, I would not keep it at home, but rather a safe deposit box, say for any coins $1,000 or over (just pciking a number, could be higher or lower). Any safe will not stop a true professional thief, so if you have a high value collection, you can bet a thief could get thru the best home safe. Given that most thieves are not professionals, a good home safe will keep you safe 999 time sout of 1000 break-ins. Most safes will keep papers, etc... safe thru most home fires, but the coins may get damaged, slabs melted, etc.... If coins are at home, I would keep insurance on them.

777

I would skip the home safe and insurance and rent a safe deposit box at your local bank, $15. per yr. Your coins are much safer and you can afford more purchases this way..

garsmith

Just box um up, leave um in the driveway, smoeone will be buy later to pick them up!


SAFE and INSURANCE

or

Private Vault Company let thier insurance cover it!

CarsonCityGold

<< <i>I don't believe in insurance unless a loss is catastrophic. >>



I'll assume you don't have any life insurance!!

lkrarecoins

I think insurance can be a wee bit pricey based on my research in the past....A safe at home (dont even tell your friends) that is heavy enough where someone cant cart away is okay. I keep all my stuff in 2 safe deposit boxes (offshore in the Cayman Islands)

DesertRat

<< <i>

<< <i>I don't believe in insurance unless a loss is catastrophic. >>



I'll assume you don't have any life insurance!! >>




Life insurance: the only insurance policy that is guaranteed to pay off if you keep it in force long enough.



As for insuring coins... you should determine the cost of the insurance vs the value of the collection. If the premiums are such that the cost of insurance will surpass the value of the collection at some point in the future (say 5-10 years) then you really need to think about whether it is worth it to you or not. I have a client who just spent a significant amount of money customizing his vehicle, but with his driving record the premium to insure the vehicle would exceed the total value of the customization in less than 5 years. In other words, you should weigh the benefits of the insurance vs the potential loss if you don't have it.

That said, a typical homeowners insurance policy will cap out payments for loss of cash at $250.00. Unless your coins appraised and scheduled individually IE: each coin is listed and categorized on the policy as a separate line item, your collection will be looked upon by an insurance company as simply "cash on hand."

If you do carry insurance on your collection, make sure you keep the records and photos in a place separate from the collection. Update the valuation of the collection at least annually. An insurance company adjusting a major loss involving a collection of significant value will look more favorably at a claim where detailed records have been kept.

The above is merely my opinion and you should always consult a licensed insurance professional in your state when considering insuring your collection as laws vary from state-to-state. Always refer to the policy documents themselves as that is the legally binding document governing the subject of the insurance.

Cameonut

I concur with the suggestion of using a safe deposit box. Inexpensive and very secure.

I used to use a home safe, but don't store valuables in there anymore. I heard a story about smoeone who was robbed while at home and the robbers just threatened bodily harm unless the safe was opened. That did it for me - all valuables are at the bank. My family is more important to me than the coins.

I have also looked into insurance, but decided it was pricey for the coverage I needed.

Nysoto

Get a safe deposit box. If word gets around that you have a valuable collection, you could have an armed home robbery. You can reduce your risk by 50% by having two seperate SD boxes at different banks.

TomB

I keep all my coins in safe deposit boxes, but I also carry insurance to cover the entire value of the collection. This is done because your belongings are not insured by the bank while stored in a safe deposit box. Hugh Wood, (AXA Group) offers very reasonable rates on insurance and they also work with the ANA. The requirements for disclosure are minimal and the rate can be 0.25-0.5% of declared value.

RichieURich

<< <i>I keep all my coins in safe deposit boxes, but I also carry insurance to cover the entire value of the collection. This is done because your belongings are not insured by the bank while stored in a safe deposit box. Hugh Wood, (AXA Group) offers very reasonable rates on insurance and they also work with the ANA. The requirements for disclosure are minimal and the rate can be 0.25-0.5% of declared value. >>



I agree with TomB. The purpose of insurance is to cover losses you would not want to assume on your own. If you don't mind if your collection is destroyed in a fire or stolen, then don't insure it. If something happened to my collection, I would be devastated, but I wouldn't suffer a financial loss because the collection is all in a bank vault and it is all insured.

itsnotjustme

Agree with many of the posters above. The bulk of my collection is in safe deposit box. Transitional items are in a home safe. All are insured.

Lionel

I "collect" for investment purposes and I put the investment stuff in a safe deposit box.

Also, I have my Numismatic News sent to my work address to that niether through receiving the mail nor through paper recycling do I send up a flair to the 'hood saying "Hey, there's a coin collector in this house".