Coin Insurance costs?

Russell12 · June 28, 2025 6:25AM

ANA's coin insurance company send me forms to fill out. Is there a way I can find out how much coin insurance would cost without filling out the forms? I hate filling out forms. Would anyone here have a good idea that it would cost? I know you would need value (approx $40K), dwelling (an apartment closet, no safe, camera in the room), location (southeast PA). Anything else?

oldabeintx · June 28, 2025 7:57AM

Call the agent.

lilolme · June 28, 2025 7:59AM

I will get this started but others will chime in with more and better information. Besides the things you noted in the OP (at home, no safe...) the insurance rate can vary depending on if any transportation coverage is required. This could be just between bank and home or additional to show and/or if wanting any insurance for mailing packages (may be limits on how it is mailed). Also might be choosing different amount of coverage for home versus travel/mailings. These different insurances might be in categories A, B, C (as an example) and possibly a varying amount for them. Each company may have other limits in their policies which might impact cost and/or coverages (type of loss and material) and/or payout. Read the details.

WCC · June 28, 2025 2:59PM

My Hugh Wood policy is $5.50 per $1000 of coverage. It covers storage at home, at my SDB, and to my knowledge, transport between the two but I might be wrong about that.

I specifically asked about the option of reducing coverage by splitting storage between multiple locations or adding deductibles. I was told I had to insure the full value with a deductible of zero.

tyler267 · June 28, 2025 4:58PM

@WCC said:
My Hugh Wood policy is $5.50 per $1000 of coverage. It covers storage at home, at my SDB, and to my knowledge, transport between the two but I might be wrong about that.

I specifically asked about the option of reducing coverage by splitting storage between multiple locations or adding deductibles. I was told I had to insure the full value with a deductible of zero.

5.50 per thousand is a little over 1/2 percent, that sounds reasonable, I'm going to look into it. I'm assuming they require a detailed inventory, do they require photos or any other info.

Also has anyone filed a claim with Hugh Wood and if so what was the claims experience like and did they pay a fair amount?

Thanks

jmlanzaf · June 28, 2025 5:05PM

@tyler267 said:

@WCC said:
My Hugh Wood policy is $5.50 per $1000 of coverage. It covers storage at home, at my SDB, and to my knowledge, transport between the two but I might be wrong about that.

I specifically asked about the option of reducing coverage by splitting storage between multiple locations or adding deductibles. I was told I had to insure the full value with a deductible of zero.

5.50 per thousand is a little over 1/5 percent, that sounds reasonable, I'm going to look into it. I'm assuming they require a detailed inventory, do they require photos or any other info.

Also has anyone filed a claim with Hugh Wood and if so what was the claims experience like and did they pay a fair amount?

Thanks

1/2 percent not 1/5

tyler267 · June 28, 2025 5:41PM

@jmlanzaf said:

@tyler267 said:

@WCC said:
My Hugh Wood policy is $5.50 per $1000 of coverage. It covers storage at home, at my SDB, and to my knowledge, transport between the two but I might be wrong about that.

I specifically asked about the option of reducing coverage by splitting storage between multiple locations or adding deductibles. I was told I had to insure the full value with a deductible of zero.

5.50 per thousand is a little over 1/5 percent, that sounds reasonable, I'm going to look into it. I'm assuming they require a detailed inventory, do they require photos or any other info.

Also has anyone filed a claim with Hugh Wood and if so what was the claims experience like and did they pay a fair amount?

Thanks

1/2 percent not 1/5

Typo thanks for pointing it out

Boosibri · June 28, 2025 7:35PM

Compared to other insurance rates, insuring coins is quite expensive

WCC · June 28, 2025 7:49PM

@tyler267 said:

I'm going to look into it. I'm assuming they require a detailed inventory, do they require photos or any other info.

No, you only need to itemize coins valued at $10,000 or more. I do have an itemized inventory (with cert numbers for graded coins) and some photos, but not all. Most of the photos are NGC's or from PCGS. Others are from the auction where I bought it, such as Heritage.

If you collect mostly or entirely US like most here do, valuation shouldn't be a problem like it is for me. The coins I collect don't have established values. I presume it would require a third-party opinion, even though I know the value about as good as anyone else.

humanssuck · June 28, 2025 8:41PM

While you dont need an inventory to get the insurance, you will need it, and likely some evidence like pictures, videos, receipts, etc... for a claim. Its far easier to do that up front than after the fact...

PeakRarities · June 28, 2025 9:30PM

@Boosibri said:
Compared to other insurance rates, insuring coins is quite expensive

You think so? I've gotten quoted for jewelry before with rates between 1-3%, and I've heard art is a similar range but never less than 1%. I thought HWI at ~.5% always was pretty reasonable, but my policy is different now that I frequently ship and turnover more coins.

PeakRarities · June 28, 2025 9:35PM

@humanssuck said:
While you dont need an inventory to get the insurance, you will need it, and likely some evidence like pictures, videos, receipts, etc... for a claim. Its far easier to do that up front than after the fact...

There is no downside to being overly cautious with evidence. Pictures, invoices, and I even package and unpackaged coins in front of my office ring camera. I use Fedex overnight for all higher value these days, and it's double or triple boxed, packed tight, and filament taped generously on every seam. The cheapest insurance is proper packaging and tape, but I always figured (excluding registered) the less time in transit, the better.

cinque1543 · June 28, 2025 9:53PM

I thought Hugh Wood got bought out by Risk Strategies about a year ago. So they’re still doing coin insurance?

PeakRarities · June 28, 2025 10:19PM

@cinque1543 said:
I thought Hugh Wood got bought out by Risk Strategies about a year ago. So they’re still doing coin insurance?

Yes, they're still doing business under HWI . They just put: HWI - Risk Strategies Inc

Boosibri · June 29, 2025 5:17AM

@PeakRarities said:

@Boosibri said:
Compared to other insurance rates, insuring coins is quite expensive

You think so? I've gotten quoted for jewelry before with rates between 1-3%, and I've heard art is a similar range but never less than 1%. I thought HWI at ~.5% always was pretty reasonable, but my policy is different now that I frequently ship and turnover more coins.

0.5% of the assets value while sitting in a SDB feels excessive to me.

My home owners insurance is 0.3% and I would say I am far more likely to file a claim on my home than for having a loss on my coins sitting in a bank vault.

WCC · June 29, 2025 6:21AM

@Boosibri said:

@PeakRarities said:

@Boosibri said:
Compared to other insurance rates, insuring coins is quite expensive

You think so? I've gotten quoted for jewelry before with rates between 1-3%, and I've heard art is a similar range but never less than 1%. I thought HWI at ~.5% always was pretty reasonable, but my policy is different now that I frequently ship and turnover more coins.

0.5% of the assets value while sitting in a SDB feels excessive to me.

My home owners insurance is 0.3% and I would say I am far more likely to file a claim on my home than for having a loss on my coins sitting in a bank vault.

I agree.

I've never heard of another policy where the policy holder can't adjust the coverage to partially self-insure. The agent who handles my policy told me I had to insure it for the full amount. I have it spread out over multiple locations for other reasons, but I can't adjust my coverage for it. I'm inferring they do it to avoid raising their rates, as many policy holders would otherwise have (much) lower limits and the underwriter would raise their rates to maintain profitability.

I also dislike that I can't have a deductible. I don't intend to ever file a claim for $500, $1000, or some amount like it. No different than with my auto policy where I now drive an older car and don't have collision coverage. I purchased it to cover much larger ("catastrophic") losses, and it's my perception that filing multiple small claims will get my policy canceled anyway.

oldabeintx · June 29, 2025 10:42AM

I wouldn’t buy coverage if my coins were kept in a SDB. I pay .0035 of the insured value so that I can enjoy my coins at home. My coverage does not include natural disasters. Hugh Wood. 888-277-6494.

Connecticoin · June 30, 2025 6:35AM

I use Hugh Wood and I come out way ahead compared with insurance on shipping packages (especially on Registered packages going to PCGS and CAC). That makes insurance on what I keep practically free, but I ship about 200 packages a year.

ldhair · July 1, 2025 5:14AM

I have used Hugh Wood for many years. Last year I called them about getting a better plan that would help me with insurance cost on Registered Insured packages. The plan they offer is geared more towards dealers and those that ship much more than I do. I only ship 10 or 12 packages per year. They are in the $5,000 to $10,000 range.

After doing the math, I would need to be shipping about twice as much to make the better plan worth the higher cost for the policy. I stuck with the policy I have always had.

On the topic of filing a claim, few on the forums have had to deal with that and have little to say about the process. I'm sure I would have to prove I owned anything on a claim. Hope I never need to do that.

ProofCollection · July 1, 2025 1:49PM

@Boosibri said:
My home owners insurance is 0.3% and I would say I am far more likely to file a claim on my home than for having a loss on my coins sitting in a bank vault.

Was that figured including land value? Many people forget to factor that out because even in the worst case scenario, you still own a dirt lot.

@WCC said:

@Boosibri said:

@PeakRarities said:

@Boosibri said:
Compared to other insurance rates, insuring coins is quite expensive

You think so? I've gotten quoted for jewelry before with rates between 1-3%, and I've heard art is a similar range but never less than 1%. I thought HWI at ~.5% always was pretty reasonable, but my policy is different now that I frequently ship and turnover more coins.

0.5% of the assets value while sitting in a SDB feels excessive to me.

My home owners insurance is 0.3% and I would say I am far more likely to file a claim on my home than for having a loss on my coins sitting in a bank vault.

I agree.

I've never heard of another policy where the policy holder can't adjust the coverage to partially self-insure. The agent who handles my policy told me I had to insure it for the full amount. I have it spread out over multiple locations for other reasons, but I can't adjust my coverage for it. I'm inferring they do it to avoid raising their rates, as many policy holders would otherwise have (much) lower limits and the underwriter would raise their rates to maintain profitability.

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

WCC · July 1, 2025 3:09PM

@ProofCollection said:

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

The HWi requirement I disagree with isn't related to the insured location. It's the coverage limit.

humanssuck · July 1, 2025 11:11PM

@WCC said:

@ProofCollection said:

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

The HWi requirement I disagree with isn't related to the insured location. It's the coverage limit.

If you have 10k in coins, and you only want to cover 90% of it, buy 9k in coverage. Ditto with a deductible. just lower the coverage you ask for by the amount you would have had as a deductible and you can accomplish the same effect. In the case of a loss, if your loss exceeds the coverage limit you paid for, they will just pay the coverage limit.

humanssuck · July 1, 2025 11:25PM

@ldhair said:
On the topic of filing a claim, few on the forums have had to deal with that and have little to say about the process. I'm sure I would have to prove I owned anything on a claim. Hope I never need to do that.

I have unfortunately had to file a claim after a home break in. Its an extremely simple process....if you have complete inventory records and receipts for everything, which I did. My claim took about 15 minutes with an adjuster to settle and they paid 100% of my claimed current value of what was stolen.

If you dont have good records and evidence, good luck trying to get insurance to pay. It may be a pain in the ass to do inventory and save receipts, but I promise you will regret not doing it if you ever have a problem and need the insurance.

ProofCollection · July 1, 2025 11:34PM

@humanssuck said:

@ldhair said:
On the topic of filing a claim, few on the forums have had to deal with that and have little to say about the process. I'm sure I would have to prove I owned anything on a claim. Hope I never need to do that.

I have unfortunately had to file a claim after a home break in. Its an extremely simple process....if you have complete inventory records and receipts for everything, which I did. My claim took about 15 minutes with an adjuster to settle and they paid 100% of my claimed current value of what was stolen.

If you dont have good records and evidence, good luck trying to get insurance to pay. It may be a pain in the ass to do inventory and save receipts, but I promise you will regret not doing it if you ever have a problem and need the insurance.

I don't suppose logging all purchases into a database with that information is good enough? That level of record keeping of filing and storing receipts is arduous.

ldhair · July 2, 2025 4:36AM

Filing a claim is going to be tough for me. Everything is loaded in a data base but finding every receipt is going to be a long process. After collecting for over 55 years, there are several thousand coins and many boxes of receipts.
I never thought much about insurance until the past 20 something years. My worries were more about the IRS. If they audit my records, I hope that just my database will be enough but it will probably not be that easy.

logger7 · July 2, 2025 4:59AM

A local dealer has had a policy with HW for a number of years which of course is a valuable backstop "just in case" of theft. His son shipped some collectibles that were lost/stolen in shipping, around $5K worth. After the claim they jacked up his rates, which is how the system works.

jmlanzaf · July 2, 2025 5:49AM

@humanssuck said:

@WCC said:

@ProofCollection said:

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

The HWi requirement I disagree with isn't related to the insured location. It's the coverage limit.

If you have 10k in coins, and you only want to cover 90% of it, buy 9k in coverage. Ditto with a deductible. just lower the coverage you ask for by the amount you would have had as a deductible and you can accomplish the same effect. In the case of a loss, if your loss exceeds the coverage limit you paid for, they will just pay the coverage limit.

I'm not sure the actuarial table works out the same for decreased insurance vs deductible.

humanssuck · July 2, 2025 7:27AM

@jmlanzaf said:

@humanssuck said:

@WCC said:

@ProofCollection said:

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

The HWi requirement I disagree with isn't related to the insured location. It's the coverage limit.

If you have 10k in coins, and you only want to cover 90% of it, buy 9k in coverage. Ditto with a deductible. just lower the coverage you ask for by the amount you would have had as a deductible and you can accomplish the same effect. In the case of a loss, if your loss exceeds the coverage limit you paid for, they will just pay the coverage limit.

I'm not sure the actuarial table works out the same for decreased insurance vs deductible.

Im sure its not perfect, but the point of a deductible is that you take the first X amount of loss. Decreasing your coverage by X would do the same net effect in the case of a total loss, but in the case of a small loss less than the value of the deductible, you'd actually be much better off this way because you would have the option to claim it, where as with a deductible you would get nothing.

What it wont accomplish is lowering your rate, which is what most people are typically trying to get by having a deductible.

humanssuck · July 2, 2025 7:41AM

@ProofCollection said:

@humanssuck said:

@ldhair said:
On the topic of filing a claim, few on the forums have had to deal with that and have little to say about the process. I'm sure I would have to prove I owned anything on a claim. Hope I never need to do that.

I have unfortunately had to file a claim after a home break in. Its an extremely simple process....if you have complete inventory records and receipts for everything, which I did. My claim took about 15 minutes with an adjuster to settle and they paid 100% of my claimed current value of what was stolen.

If you dont have good records and evidence, good luck trying to get insurance to pay. It may be a pain in the ass to do inventory and save receipts, but I promise you will regret not doing it if you ever have a problem and need the insurance.

I don't suppose logging all purchases into a database with that information is good enough? That level of record keeping of filing and storing receipts is arduous.

You would have to ask your insurance company what they would accept to be certain. If you have a lot of small value coins, you might be able to get away with a list and some receipts or credit card statements showing regular purchases at coin stores. If you have higher dollar items, I would bet they want to see receipts for them proving you purchased them.

WCC · July 2, 2025 8:25AM

@humanssuck said:

@jmlanzaf said:

@humanssuck said:

@WCC said:

@ProofCollection said:

I don't supposed it's because collectors wouldn't play games with where a coin was when it was stolen. "Of course Mr Insurance agent, the coin was at the insured location, not the uninsured location."

The HWi requirement I disagree with isn't related to the insured location. It's the coverage limit.

If you have 10k in coins, and you only want to cover 90% of it, buy 9k in coverage. Ditto with a deductible. just lower the coverage you ask for by the amount you would have had as a deductible and you can accomplish the same effect. In the case of a loss, if your loss exceeds the coverage limit you paid for, they will just pay the coverage limit.

I'm not sure the actuarial table works out the same for decreased insurance vs deductible.

Im sure its not perfect, but the point of a deductible is that you take the first X amount of loss. Decreasing your coverage by X would do the same net effect in the case of a total loss, but in the case of a small loss less than the value of the deductible, you'd actually be much better off this way because you would have the option to claim it, where as with a deductible you would get nothing.

What it wont accomplish is lowering your rate, which is what most people are typically trying to get by having a deductible.

That's what I am doing since I might have difficulty supporting my value estimate due to lack of sales history.

nencoin · July 2, 2025 12:38PM

If no claim is filed for the policy year, we're at .39% with Hugh Wood (.44% with a claim), and that includes shipping and coverage to and at shows. We've been with them for 15+ years and highly recommend them.

oldabeintx · July 2, 2025 1:05PM

HW has told me that an inventory is acceptable as proof of loss. However when I asked the question I told them that my collection was all graded. Records include cert numbers which would be provided to the authorities in case of theft, which is my primary concern. Other causes of loss would leave salvage.

If coins are raw I’m not sure an inventory would suffice. One should ask if that’s the nature of one’s collection and one doesn’t have receipts.

Coin Insurance costs?

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