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Do you have insurance for your coin collection?
Mikey
Posts: 477
My homeowner's policy doesn't cover it and I'm considering adding it to my policy. I probably have to have it appraised first.
Thanks for any advice, this is a great forum.
Thanks for any advice, this is a great forum.
When I was a child, I caught a fleeting glimpse
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2 Cam-Slams!
1 Russ POTD!
al h.
I know you do have to buy extra insurance as a friend of mine had his collection stolen and all the insurance company would pay his was face. A complete set of Franklins of MS and all he got was face value.
So I guess if you want to see your coins anytime, extra insurance. If you do not want to see your coins very often, safe deposit box?
think about it though, what's the most important thing? getting reimbursed for a loss or protecting a collection? with a home safe, there is always the chance of theft regardless of how big/secure it is. there's always the chance of being robbed while the safe is open. then you have the attendant hassle of getting the insurance company to reimburse you for the loss. what if you hadn't motified them of additional holdings?? what if they determine a lower value based on their adjusters value? i could go on ad nauseum, but i think you catch my drift.
what value do you place on the luxury of being able to play with your coins?? i put more value on my collection being safe which is what the bank box gives me. and it's cheaper than an annual policy and doesn't incur the cost of the safe and everything that goes with an installation.
that's just me. there are many choices depending on circumstances. maybe the best of both worlds is a bank box with a small safe to hide what's "in house" at any time!!
al h.
I also have a safe deposit box. I display a few coins, but change the displays once or twice a year as my interests change.
Numonebuyer
<< <i>Here's where everyone posts pictures of their guns and dogs. >>
Russ, NCNE
2 Cam-Slams!
1 Russ POTD!
<< <i>Is that shotgun legal? >>
Of course. Why wouldn't it be?
Russ, NCNE
2 Cam-Slams!
1 Russ POTD!
for if it is in a bank vault is robbery. I've used a safe deposit box in the past;
however, I would think that a home safe would be most economical over a
few years if you like to see your coins on a regular basis.
<< <i>
<< <i>Is that shotgun legal? >>
Of course. Why wouldn't it be?
Russ, NCNE >>
Looks like it might have be modified in the picture.
2 Cam-Slams!
1 Russ POTD!
2 Cam-Slams!
1 Russ POTD!
Ruger 10/22. Great little plinker, and pretty accurate. I also have several 25 round banana clips for it. It's not the territorial defense weapon, though. The shotgun is.
Placid,
It is modified with a pistol grip. It also has a nasty looking heat shield for the barrel, but it's not mounted in the picture.
Russ, NCNE
Dumped the whole pile in the trash some years later.
2 Cam-Slams!
1 Russ POTD!
2 Cam-Slams!
1 Russ POTD!
I insure through the ANA's company. It cost less than I could insure through my homeowners for & it was hassle free.
I'm also insured by Glock, but that insurance only works if I'm home.
Great transactions with oih82w8, JasonGaming, Moose1913.
Umm, oh yeah, coin insurance.. Let's see, rider with home owners, covered for 50K; pics of coins valued at over $1,500 req'd (not too many) and it only runs $264 a year. Not too shabby, methinks?
<< <i>USAA is the best and I am not even an ANA member. >>
I'm a USAA member, I've asked for information about their rider program for my collection.
Bulldog
No good deed will go unpunished.
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If I didn't use a safe deposit box I would insure my coins.
A neccessary component of the floor safe is the secrecy in where you place it. Tell your wife (if'n ya trust her) but if you have kids, it's a good idea to keep its location a secret or make sure they are discrete. Of course, having your kids brag around school about your collection is like an invitation to a home invasion.
Floor safes are very secure. They are almost impossible to drill or punch due to the mobility of the head. Moreover, the secrecy of their location makes them a target most often missed by thieves.
Inasmuch as 90% of home invasions (B&Es) are committed by opportunistic amatuers, I have found my floor safe to be the best protection for my collection. I'm not big enough in the biz to warrant a pro breaking into my house. If a pro wants that collection bad enough, then he or she is going to get it. If you have that extensive a collection, say $100k or more; then I would agree with the post that suggests a safety deposit box. Like a previous poster said, you want to keep your collection, not replace it.
I don't know, I just got to have my coins where I can pull them out and go over them. My bank isn't open the hours I'd want to see them and I want to see them when I want to see them. If that makes any sense.
After they turned me down, I went to ANA.
Numonebuyer
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