I just renewed my Homeowners Insurance

TopographicOceans

Special Limits of Liability

Home Computers $5,000Firearms $2,500Silverware $2,500Jewelry and Furs $1,500Securities, Stamps $1,500Money, Coins $250

Most homeowners policy's don't cover rare coins so you need to get separate insurance for your collection.

I have my collection insured through Hugh Wood via the ANA.

MrHalfDime

I don't need to worry. My homeowners policy covers 'cash' at face value up to $100, and with 2000 half dimes at 5? each it works out perfectly.

JCMhouston

Yes, you almost always need a rider, or a separate policy. I use Collector's Insurance for both coins and firearms.

TomB

I would strongly suggest that folks insure their collection and to do so only after speaking with a company such as Hugh Wood, Inc.

DeepCoin

Everyone has a different situation, but all my valuable coins live in the safety deposit box. Fortunately, it is a 1 minute walk from my home. When I lived in the country it was a much bigger deal than living in the middle of a small town where I can walk everywhere.

291fifth

Insurance rates for collectibles are quite high. I suspect most insurance firms don't really want to insure such things at all because of difficulty in establishing a true value. Make sure you have receipts from your purchases to document your cost. At least that establishes some point of valuation.

TopographicOceans

Originally posted by: DeepCoin
Everyone has a different situation, but all my valuable coins live in the safety deposit box. Fortunately, it is a 1 minute walk from my home. When I lived in the country it was a much bigger deal than living in the middle of a small town where I can walk everywhere.

Hugh Wood, Inc. has 3 rates:

One for coins in a SDB
One for coins in a SDB or at home
One that covers both, plus in transit.

So even though you live in a (safe) small town, if someone from the big city robbed you while you were walking with your coins, you wouldn't be covered unless you went for option #3

ldhair

Hugh Wood is easy to work with. ANA members get a great deal.

TopographicOceans

Originally posted by: baseball
It would be great if the folks here could provide feedback on the cost structure.

Hugh Wood, Inc. has the 3 levels for "collectors".
25c per $1,000 for SDB only, 35c Per $1,000 for SDB and Home, 55c per $1,000 for both with in transit coins.

ricko

Those are great rates, however, one must also establish value... and likely update it periodically. Cheers, RickO

TomB

Originally posted by: TopographicOceans

Originally posted by: baseball

It would be great if the folks here could provide feedback on the cost structure.

Hugh Wood, Inc. has the 3 levels for "collectors".

25c per $1,000 for SDB only, 35c Per $1,000 for SDB and Home, 55c per $1,000 for both with in transit coins.

I believe you are off by a decimal place. It is, if I recall correctly, a rate that starts at 0.25%, which is 25-cents per $100, etc...This works out to about $500 for $200,000 insurance. Also, depending upon how much you want to keep at home, what level of security your home has and other factors, the subsequent rates might be a little higher than 0.35% or 0.55%.



HWI does not require an appraisal for coins and does not require that you list them individually except in the instance where an individual coin exceeds $10,000 insurance. They may have another requirement for complete sets, but I am not certain.

TopographicOceans

Tom is correct. He must have a calculator.

TomB

Originally posted by: TopographicOceans

Tom is correct. He must have a calculator.

Actually, I'm just a geek.

AMRC

Insurance through a company like Hugh Wood is a must have for any collection of significant value (whatever significant is to you). When you hear statistics that 1 out of 3 collections are stolen, you quickly realize that insurance is very necessary.

Kalookan

Earlier poster, TomB, indicated that a particular broker "does not require an appraisal for coins." He is correct. Many insurers do not insist on an appraisal to write the policy. However, as a general rule, it will be far less difficult to make a claim if you have an appraisal, or at least a well-documented list of your coins or other numismatic property and good photographs.



A little effort in advance can save a lot of time and $$$ later on.

mrearlygold

I would be interested in knowing of any losses that claims have been filed AND paid.

I've been paying premiums for many many years and have never had a loss fwiw.

winky

Originally posted by: MrHalfDime
I don't need to worry. My homeowners policy covers 'cash' at face value up to $100, and with 2000 half dimes at 5? each it works out perfectly.

Hey I like your addition. Are your H/10 for sale? I think I could make a profit at 5cents each!!!