Home U.S. Coin Forum

What is the best coin collectors insurance?

Who provides the best insurance for coin collections? Also, how do they value coins... PCGS Price Guide, Grey Sheet, the price you paid, etc.?
WANTED: Cincinnati Reds TEAM Cards

Comments

  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Just sitting in to listen as I'd like to know as well for the purposes of information.
  • bestmrbestmr Posts: 1,761 ✭✭✭
    But that only works when your home. image
    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • RobbRobb Posts: 2,034
    You know, I was going to make a post along the lines of, "What's the over/under on this turning into a gun thread?" but didn't because I figured it would derail a thread that was asking a legit question. Turns out it only took two replies.
    imageRIP
  • bestmrbestmr Posts: 1,761 ✭✭✭
    HA! image Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that?
    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • blu62vetteblu62vette Posts: 11,900 ✭✭✭✭✭


    << <i>HA! image Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that? >>



    the extra premium to cover collectibles on homeowners is quite high...
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • morgandollar1878morgandollar1878 Posts: 4,006 ✭✭✭✭✭


    << <i>HA! image Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that? >>




    Most home owners insurance only covers $100 in value for coins.
    Instagram: nomad_numismatics
  • CoinosaurusCoinosaurus Posts: 9,614 ✭✭✭✭✭
    I use Hugh Wood via the ANA. It's pretty cheap if you keep your coins in a safety deposit box.
  • COALPORTERCOALPORTER Posts: 2,900 ✭✭
    I was watching "American Pickers", and they found a sign that read "If you believe in an after life, take one step on this property and find out" image
  • dsessomdsessom Posts: 2,212 ✭✭✭✭✭
    A hidden fire-proof, water-proof safe is a pretty good way to go. A dog and a handy firearm won't hurt either.
    As far as insurance, Hugh Wood is who you need to contact:

    Hugh Wood's website
  • GrivGriv Posts: 2,804
    From my research, there are apparently rules in place that should a crisis be declared, banks will NOT allow you to remove cash (which includes coins), gold or firearms from your safety deposit box. Most Banks won't even allow guns to be placed in their boxes and some actually prohibit cash or gold in the fine print.
  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭
    When I was younger, we used to rent a basket in a storage locker in my small town to keep frozen hamberger and other wrapped packages from the butcher shop. As far as I know, nobody ever unwrapped any of our packages or refused access to our frozen food storage.image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • seateddimeseateddime Posts: 6,169 ✭✭✭
    I am using Hugh Wood out of NY
    I seldom check PM's but do check emails often jason@seated.org

    Buying top quality Seated Dimes in Gem BU and Proof.

    Buying great coins - monster eye appeal only.
  • Musky1011Musky1011 Posts: 3,899 ✭✭✭✭
    smith and wesson
    Pilgrim Clock and Gift Shop.. Expert clock repair since 1844

    Menomonee Falls Wisconsin USA

    http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
  • GrivGriv Posts: 2,804


    << <i>When I was younger, we used to rent a basket in a storage locker in my small town to keep frozen hamberger and other wrapped packages from the butcher shop. As far as I know, nobody ever unwrapped any of our packages or refused access to our frozen food storage.image >>



    I started to list a few ideal hiding spots but then thought that maybe I shouldn't advertise that info since the public can read this.
  • DieClashDieClash Posts: 3,688 ✭✭✭
    As previously mentioned, Hugh Wood for coin insurance. But you must be an ANA member to get the discount rate. That benefit alone is well worth the ANA membership!
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • DrBusterDrBuster Posts: 5,301 ✭✭✭✭✭
    Hang on, good thought subject.

    When we bought our house I had a sit down with our insurers about the values of the 'collectibles' and 'valuables' in the house. At the time these were the wifes' china, my comics and sportcards, guns, antiques, the little bit of bullion and coins I had, etc etc etc etc that weren't in storage/sdb that I said were around. They had no problem with the 'value' that we appraised and put them into the homeowners...at very little extra cost on the rider.

    This was a good while ago, is this not valid anymore as a base I bet as an evaluate for the base value? Guess I'll be making a call maybe...

    Is the consensus that if the base value hasn't been disclosed that adjustments need to be made yearly on policies? Do they adjust accordingly on their own or should I revisit??

    We probably lost value on some of the things on our policy, but have even'd out on others, if not gained.

    So, question then, should we be talking to our insurance yearly about valuation on what's on there? They've never asked, but most everything that's around as a base is in the policy...do they use base value at initiation or is that adjusted?
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭


    << <i>So, question then, should we be talking to our insurance yearly about valuation on what's on there? They've never asked, but most everything that's around as a base is in the policy...do they use base value at initiation or is that adjusted? >>




    Keep records of your purchases and sales:
    +for taxes
    +for provenance (see counterfeiting threads... if for no other reason than to help yourself and others establish some good feeling of authenticity)
    +for insurance
    Keep a detailed inventory
    +Find out if your insurer will require appraisals and under what circumstances.
    Yeah, sure, keep an eye on valuatiuons even if it is for insurance purposes. You'll have to find the right balance of re-valuing to check your insurance maximums.
    +My insurer requires an appraisal for any individual item over a certain dollar amount
    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • dsessomdsessom Posts: 2,212 ✭✭✭✭✭


    << <i>

    Keep records of your purchases and sales:
    +for taxes
    +for provenance (see counterfeiting threads... if for no other reason than to help yourself and others establish some good feeling of authenticity)
    +for insurance
    Keep a detailed inventory
    +Find out if your insurer will require appraisals and under what circumstances.
    Yeah, sure, keep an eye on valuatiuons even if it is for insurance purposes. You'll have to find the right balance of re-valuing to check your insurance maximums.
    +My insurer requires an appraisal for any individual item over a certain dollar amount >>



    The PCGS or NGC Registry is a very good way to keep a record of your collection, especially when you include detailed photos! That's one reason I use the PCGS Registry. image
  • image
    image
  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
    For those who think guns are great insurance, what's your plan when you're not home?? They just look like more booty to me. image

    typo edit.....
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.


  • << <i>image
    image >>



    I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal.image
  • UtahCoinUtahCoin Posts: 5,345 ✭✭✭✭✭
    image
    I used to be somebody, now I'm just a coin collector.
    Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    Safty deposit boxes were cheaper than what my insurer wanted for added premeium to cover my coins.
    Collectable coins can just sit until the dust settles in an emergency cash will be king with bullion being the queen.
    As someone always says you don't want all the eggs in just one basket.
  • jmj3esqjmj3esq Posts: 5,421
    I have has Hugh Wood for 3 years now. It seems like good coverage to me, but i have never had a claim.

    Has anyone ever had a claim with them?
  • GrivGriv Posts: 2,804


    << <i>

    << <i>image
    image >>



    I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal.image >>



    I hate to say that I don't believe that statistic is even close to being correct. And besides, if you own a gun in a house with children and your guns are not secured, it's not the guns fault.
  • moonshinemoonshine Posts: 1,039 ✭✭

    revival of old thread as I am seeking an collectible insurance company that will cover all of my collectibles - coins, music memorabilia, rocks/semi precious gemstones, etc. etc..... BUT - I need them to be covered at my little shop in the market in town. It's a 'location' yes, but it's more like a monthly market - tho I have a lock and key small shop in building with other tenants. Does anyone know of any such company that would cover my collectibles 'en route', and at location? Thanks in advance for any input. Everything I found was a couple years old, so seeking current info. I used CIA for many years, and guess I could call them to see if they cover such situations .... but asking here anyway.

  • blu62vetteblu62vette Posts: 11,900 ✭✭✭✭✭

    @moonshine I think you should still call Hugh Wood or the other collectibles insurance agencies, one thing these groups are used to is unique and odd situations that come up and need insurance.

    For some of the others, I have not files a claim with Hugh Wood after using them for several years. I know others that have and they felt Hugh Wood really went to bat for them to get claims processed. So on the claim filing side I have heard good things about them.

    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • koynekwestkoynekwest Posts: 10,048 ✭✭✭✭✭

    @DieClash said:
    As previously mentioned, Hugh Wood for coin insurance. But you must be an ANA member to get the discount rate. That benefit alone is well worth the ANA membership!

    I agree!

  • ms70ms70 Posts: 13,946 ✭✭✭✭✭

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @Griv said:

    I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal. >>

    I hate to say that I don't believe that statistic is even close to being correct. And besides, if you own a gun in a house with children and your guns are not secured, it's not the guns fault.

    They may include suicides in that figure.

  • ldhairldhair Posts: 7,111 ✭✭✭✭✭

    You can get a free quote online from Hugh Wood. You need your ANA# and have to answer a few questions. They have several different plans. With the plan I have, bullion is only covered up to 10% of the value of the whole collection. Adding your collection to your home policy is going to run you 3 to 5% of the value. Hugh Wood costs me a fraction of 1%.
    They told me they would also cover guns but I think that was wrong.

    Larry

  • oldabeintxoldabeintx Posts: 1,578 ✭✭✭✭✭

    @Coinosaurus said:
    I use Hugh Wood via the ANA. It's pretty cheap if you keep your coins in a safety deposit box.

    It's pretty cheap if you keep them at home also, at least if they're in a safe. Home security system may have a bearing on cost as well. Interestingly, they don't cover storm losses, so you guys who live on the coast may want to keep your coins in the SDB. I concur that adding as an endorsement to your HO policy is way more costly. Haven't had a claim and have not seen anything on valuation, so unsure what happens if and when claim time comes. I keep a detailed inventory including cert numbers and 99% of what I own value-wise is holdered, so I'm confident that I'll be okay.

  • JBKJBK Posts: 14,637 ✭✭✭✭✭

    I am starting to think more and more about these issues.

    It has all been good advice so far.

    As I see it,. there are multiple levels: keep the bad guys out, make it difficult for them to find or access your stash if they do get in, create a trail so you can recognize your stuff if it shows up somewhere, and insure any losses that are incurred.

    One thing I have toyed with is the idea of decoy stashes. A gun safe with a few low-end firearms in it, a box or safe with some low end coins in it, etc. I have actually thought of building a small collection of counterfeit coins, bullion, etc. for this purpose, and maybe throw in a few bundles of worthless foreign currency. I figure if they find "something", they might grab it and go.

  • nencoinnencoin Posts: 1,221 ✭✭✭✭

    @jmj3esq said:
    I have has Hugh Wood for 3 years now. It seems like good coverage to me, but i have never had a claim.

    Has anyone ever had a claim with them?

    We've had them for twelve years or so. Only filed one claim (a Registered package, of all things!) and it went smoothly.

  • crazyhounddogcrazyhounddog Posts: 13,776 ✭✭✭✭✭

    I'm a VERY good shot and I also have yapper dogs to warn me it's coming. That and a 1942 Jewelers safe that can not be penetrated.


    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • ianrussellianrussell Posts: 2,450 ✭✭✭✭✭

    Highly recommend Hugh Wood. I've been with them for 20+ years.

    • Ian
    Ian Russell
    Owner/Founder GreatCollections
    GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
  • JBKJBK Posts: 14,637 ✭✭✭✭✭

    @crazyhounddog said:
    I'm a VERY good shot and I also have yapper dogs to warn me it's coming. That and a 1942 Jewelers safe that can not be penetrated.


    Is that an MS45 (Man Stopper .45)?

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    My attack dog and she is vicious!

  • JBKJBK Posts: 14,637 ✭✭✭✭✭

    @Gluggo said:

    My attack dog and she is vicious!

    Does she know the combination, and can she be bought off with a few doggie treats?

  • TurboSnailTurboSnail Posts: 1,668 ✭✭✭✭✭
    edited January 25, 2018 2:17PM

    @Gluggo said:

    My attack dog and she is vicious!

    Yup she is! It looks like she is ready to set up land mines in front of safe!

  • 291fifth291fifth Posts: 23,898 ✭✭✭✭✭

    Guns be a more tempting target for thieves than coins. I don't think they are very concerned about gun registration laws.

    All glory is fleeting.
  • au58au58 Posts: 1,288 ✭✭✭

    I use .45ACP because they don't make a .46ACP.

  • hchcoinhchcoin Posts: 4,825 ✭✭✭✭✭

    I opened this thread hoping @llafoe was back on the coin forum :'( He was always one of my favorite posters and had some of the funniest posts!

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    My homeowners would not cover bullion or collectable coins. I also learned it was very difficult to find good insurance for such things. I never heard of Hugh Woods so I'm no help there but they sound very reputable. We don't trust banks and SDB which is what led us to bullion in the first place. We've since moved, completely different situation. The loot is all buried deep, so damn deep I'll probably have forgotten where most of it was when or if I ever need it. :o

    The whole worlds off its rocker, buy Gold™.

  • YQQYQQ Posts: 3,264 ✭✭✭✭✭

    a interesting and true coin Insurance story!

    A friend (veteran) began to be very unsure of "whatever".
    He had buried every silver common silver dollar that came his way for year, US and Canadian.
    He did not believe in insurance, safes or BDB's
    He filled up old ammunition boxes with them. Waterproof !! and picket a spot within his neigourhood and buried the boxes on different locations.
    However, he recorded the coordinates on 2 GPS units. I asked him several times "what if??/"... does your wife know everything? (they have no kids) NO was his surprising answer every time. But... i will tell her soon. in the meantime he continued to stash Canadian and US silver dollars and rounds.
    one day a few months ago he called me up and told me that his wife no knows everything .
    what did he do?
    he dug up all the Ammo boxes and sold his entire silver stack to a bullion buyer. Ended up with about 190K (190,000 $CAN) in cash and bankdrafts.
    took it to his bank and paid off his morgage, bought himself a Submariner Rolex and gave his wife 10K in cash do do whatever with.
    He proudly showed me all the bank receipts and slips. said he is going to frame them.
    He gave me a present ... a empty Ammo box...his insurance for years.

    Today is the first day of the rest of my life
  • ms70ms70 Posts: 13,946 ✭✭✭✭✭
    edited January 25, 2018 7:37PM

    @blitzdude said:

    The loot is all buried deep, so damn deep I'll probably have forgotten where most of it was when or if I ever need it. :o

    Don't worry, all of it will famous someday and known as the "blitzdude hoard" and liquidated by Kagins!

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    LOL Kagins wouldn't bother. Ebay maybe

    The whole worlds off its rocker, buy Gold™.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file