Insurance for your collection

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DiggerJim
DiggerJim Posts: 517 ✭✭✭✭
in U.S. Coin Forum

I am currently buying a new home in Florida and while talking to an insurance agent I brought up my coin collection. My collection has grown to the point that I thought I might want to get it covered. I told them what I thought it was worth and she said they would a professional appraisal.

So, my question is how many of you have insurance on your collection or do you just rely on your safe and home security system.

Hopefully this question hasn’t been driven into the ground previously.

DiggerJim

BST transactions - mach1ne - Ronyahski - pitboss (x2) - Bigbuck1975 (x2) - jimineez1 - nk1nk - bidask - WaterSport - logger7 - SurfinxHI (x2) - Smittys - Bennybravo - Proofcollector - Splitaces (x4) - onlyrooosies

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  • P0CKETCHANGE
    P0CKETCHANGE Posts: 3,728 ✭✭✭✭✭
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    I do not have my collection insured. When I have done the math on the premium compared to the probability of a total loss, it hasn’t made sense.

  • pcgscacgold
    pcgscacgold Posts: 3,831 ✭✭✭✭✭
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    I was quoted $600/year for a $100,000 collection. There was also the requirement of an appraisal and new items appraised as they were added.

    Completed All CAC approved Classic Head $5 set https://www.pcgs.com/setregistry/mysetregistry/album/344241
    CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572

  • edwardjulio
    edwardjulio Posts: 1,301 ✭✭✭✭✭
    edited November 28, 2021 10:20AM
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    .

    End Systemic Elitism - It Takes All of Us
    ANA LM, LSCC, EAC, FUN

  • moursund
    moursund Posts: 3,207 ✭✭✭✭✭
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    Would keeping the most valuable coins in a deposit box obviate the need for insurance?

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • Gazes
    Gazes Posts: 2,315 ✭✭✭✭✭
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    I checked out a few and belonging to the ANA and using hugh wood was by far the most economical. Also, they did not require an appraisal my policy.

  • koynekwest
    koynekwest Posts: 10,048 ✭✭✭✭✭
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    I have Hugh Wood. $75,000 coverage is less than $250/year.

  • Mr_Spud
    Mr_Spud Posts: 7,272 ✭✭✭✭✭
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    But a SDB is pretty darn safe. When’s the last time you heard of a robbery where they got the SDB contents?

    Mr_Spud

  • vplite99
    vplite99 Posts: 1,434 ✭✭✭✭✭
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    @BStrauss3 said:

    @moursund said:
    Would keeping the most valuable coins in a deposit box obviate the need for insurance?

    No, your coins are probably completely uninsured in a SDB.

    My company wants 1% a year for items in my SDB. Since the loss of those items would be only heart breaking, but not devastating, I'll take the chance.

    Vplite99
  • BStrauss3
    BStrauss3 Posts: 3,906 ✭✭✭✭✭
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    @vplite99 I was thinking of the insurance the bank provides, which probably excludes everything you want to be covered. Homeowners' insurance probably requires a special rider. I think somebody once posted that Hugh Woods does cover the SDB, but that's a dusty old memory and might be wrong.

    Lloyds would cover you, but the conditions might be onerous.

    -----Burton
    ANA 50+ year/Life Member (now "Emeritus")
    Author: 3rd Edition of the SampleSlabs book, https://sampleslabs.info/
  • moursund
    moursund Posts: 3,207 ✭✭✭✭✭
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    @Mr_Spud said:
    But a SDB is pretty darn safe. When’s the last time you heard of a robbery where they got the SDB contents?

    Exactly... And bank probably has better fire protection than I as well...

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • RichieURich
    RichieURich Posts: 8,640 ✭✭✭✭✭
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    Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

    An authorized PCGS dealer, and a contributor to the Red Book.

  • TomB
    TomB Posts: 23,191 ✭✭✭✭✭
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    I've recommended Hugh Woods, Inc perhaps a thousand times over the last twenty-plus years.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • koynekwest
    koynekwest Posts: 10,048 ✭✭✭✭✭
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    @RichieURich said:
    Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

    That's the way I do it.

  • koynekwest
    koynekwest Posts: 10,048 ✭✭✭✭✭
    edited September 11, 2021 7:19PM
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    @TomB said:
    I've recommended Hugh Woods, Inc perhaps a thousand times over the last twenty-plus years.

    And I have heeded that recommendation!

  • gumby1234
    gumby1234 Posts: 5,901 ✭✭✭✭✭
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    This and a few alligators would keep most anything away.

    Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM

  • koynekwest
    koynekwest Posts: 10,048 ✭✭✭✭✭
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    Sorry-can't afford that. I'll just use "dummy" coins.

  • Smudge
    Smudge Posts: 10,001 ✭✭✭✭✭
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    I use a SDB.

  • Jzyskowski1
    Jzyskowski1 Posts: 6,650 ✭✭✭✭✭
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    @moursund said:

    @koynekwest said:

    @RichieURich said:
    Banks do get robbed, there was a big safety deposit box robbery in France a couple years ago I think. Banks also burn down, and they can be flooded too. And a bank's insurance does NOT cover the contents of your safety deposit box. If you want to take the risk of a complete loss with no financial reimbursement, then don't buy insurance. But SDB plus insurance is the safest.

    That's the way I do it.

    To be really safe, you should also have a duplicate set of your collection in a different geographic location...

    What? Stay on point here😂

    🎶 shout shout, let it all out 🎶

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    I use my own security.... several layers, professionally done. (I worked in the security field, so did it myself). Cheers, RickO

  • Russell12
    Russell12 Posts: 849 ✭✭✭✭✭
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    @moursund said:

    To be really safe, you should also have a duplicate set of your collection in a different geographic location...

    I know it's four years later, but this is still funny!

  • skier07
    skier07 Posts: 4,833 ✭✭✭✭✭
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    Banks burn down. All but one bank burned down in the Pacific Palisades fire. Tornadoes and hurricanes can destroy a bank. Having a SDB without insurance IMHO is insufficient especially for someone like me who lives in California.

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