How can you insure you coin collection the proper way.
YaHa
Posts: 4,220 ✭
My question is simple, how can you insure you coin collection the right way. Say I have One hundred Common date $20 St Gauden Gold coins, book is $1,200 a piece in graded slabs by the top companies out there. Can I get the book value or melt value? Thanks for any insight on this issue. I have most of my Gold in a Safety deposit box, but I almost had some stolen that I recently had at my home from a family member during a reunion. Damn young nephews and this pot stuff. I told my wife they need a good azz whipping by a man to straighten that stuff out.
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.............then you'll need that gold to make bail!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Insurance will usually cover "replacement value". >>
Actually, it will not. Our home was broken into and they took the entire safe. Fortunately, only some silver bars and some mint sets were in there. They missed 99.9% of my collection.
There was cash in the safe along with some diamonds and other things.
Cash, silver, and the coins all fell under one category. We received just $200 instead of tens of thousands of dollars of the actual cost.
Unless you schedule your collection (break it down coin by coin as they will want an appraisal), you will receive $200 (most policies) or whatever your personal policy states.
We have added additional security protection to our home since the break in but I am in the process of doing an inventory of all my coins and will have an appraiser give me an appraisal so I can submit it to our insurance company.
Fire is a different story so check with your insurer on what they want and typically (with deluxe policies) they will offer replacement cost) will be video tapping everything in the house (including the coins). While walking around, I will have speak over the video with the actual cost of each item.
I will keep a copy of the video and a family member’s home just in case.
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My Numismatics with Kenny Blog Page Best viewed on a laptop or monitor.
ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
<< <i>
<< <i>Insurance will usually cover "replacement value". >>
Actually, it will not. Our home was broken into and they took the entire safe. >>
You need a heavier safe....
May I make a suggestion? Get one of these. They weight around 1500# have the movers take the wheels off
before they drop it on the floor. Then go buy 12 inch concrete anchor bolts and mount it to the slab.
I picked up 2 of these for 300 dollars for the pair.
<< <i>
<< <i>
<< <i>Insurance will usually cover "replacement value". >>
Actually, it will not. Our home was broken into and they took the entire safe. >>
You need a heavier safe....
May I make a suggestion? Get one of these. They weight around 1500# have the movers take the wheels off
before they drop it on the floor. Then go buy 12 inch concrete anchor bolts and mount it to the slab.
I picked up 2 of these for 300 dollars for the pair.
That is exactly what we have done. A much heavier safe is on the way.
Instagram - numismatistkenny
My Numismatics with Kenny Blog Page Best viewed on a laptop or monitor.
ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
Another way to go is to specifically get insurance for coins, not just a rider on your homeowners policy. As someone mentioned, contact the ANA. They have a company, Hugh Woods, that covers coin collections for both collectors and dealers. Even though my collection is relatively small compared to many on the boards, I still feel better having this extra coverage. Of course, you should keep what you can in a safe deposit box too.