Need opinion on coin insurance

Comments

• claychaser Posts: 4,406 ✭✭✭✭

  November 25, 2006 2:32AM

  Has anyone ever had a claim related to coins? Was it paid or denied?

  
  
  ==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
  
  
  
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• BAJJERFAN Posts: 31,312 ✭✭✭✭✭

  November 25, 2006 2:33AM

  I'd say yer overpayin by a bunch.

  theknowitalltroll;

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• mrearlygold Posts: 17,858 ✭✭✭

  November 25, 2006 2:52AM

  
  
  << <i>Has anyone ever had a claim related to coins? Was it paid or denied? >>
  
  
  
  Bingo!

  Coin's for sale/trade.
  
  
  Tom Pilitowski
  US Rare Coin Investments
  800-624-1870

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• Rodius Posts: 857 ✭

  November 25, 2006 3:00AM

  When I got my home owners they asked me a bunch of questions about a safe, value, security system. Mine ended up at $475 per year for the house and declared value of the contents. All coverage including flood and wind.
  
  

  PCUSA

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• TomB Posts: 22,079 ✭✭✭✭✭

  November 25, 2006 3:12AM

  It appears you are overpaying. If you are a member of the ANA you can get insurance through Hugh Wood, Inc (AXA Group) for a much lower rate than 1.35% of declared value. I believe I pay a rate of approximately 0.25% and the policy is quite flexible.

  Thomas Bush Numismatics & Numismatic Photography
  
  In honor of the memory of Cpl. Michael E. Thompson
  
  

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• ziggy29 Posts: 18,668 ✭✭✭

  November 25, 2006 3:18AM

  Collectibles insurers like Hugh Wood are going to have a MUCH lower premium than almost any traditional rider to a standard home insurance policy. My entire collection -- both the part in a box and the part in the home safe -- are insured for $90 a year or something like that. A rider on the homeowners' insurance policy for that amount -- and it's not a huge collection, low five-figures in value -- would have been about $500.

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• idunk Posts: 112

  November 25, 2006 5:19AM

  Thanks to all for the good advice. I will check out Hugh Wood, Inc. At the very least it seems I would be better off just keeping it in a good safe then spending money on insurance which may not pay on a claim.

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• billboat Posts: 2,260

  November 25, 2006 9:12AM

  
  
  << <i>When I got my home owners they asked me a bunch of questions about a safe, value, security system. Mine ended up at $475 per year for the house and declared value of the contents. All coverage including flood and wind. >>
  
  
  
  Make sure it specifically covers your coin collection, specific jewelry items, etc. Some limit coverage to $1000 unless you have a specific rider.

  Curmudgeon in waiting!

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• mozin Posts: 8,755 ✭✭✭

  November 25, 2006 10:47AM

  About a year ago, I checked with Hugh Woods about insuring my collection. One does not need to be a member of ANA to get the insurance, and at the same rates. The ENTIRE collection must be insured fully, and the entire collection must be kept in the bank safety deposit box to qualify for the reduced rate.
  
  For bank safety deposit boxes, when ENTIRE COLLECTION kept there, the rate was $0.50 per $100 value.
  
  The rates were $1.00 per $100 value, when any part of collection kept at home, and BOTH requirements following must be followed:
  
  1) collection stored in a Hugh Woods approved security safe (the real expensive kind).
  
  2) home must have a security system that is connected to police or security company.
  
  
  

  I collect Capped Bust series by variety in PCGS AU/MS grades.

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• jmj3esq Posts: 5,421 ✭

  November 25, 2006 11:34AM

  I have a Hugh Wood policy. It costs about $75 a year for $20,000 coverage. I can keep the coins in my home too. You just have to keep an itmeized list of your coins and I think you have to have a safe, which I do. Keep a copy of your inventory out of the home. When I was paying my last premium at Hugh Wood the lady at customer service told me about a guy who filed a claim after his house burnt down and he lost his entire collection. The only copy of his inventory was also burnt. I think the denied his claim.

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• sweetwilliet Posts: 2,315 ✭✭✭

  November 25, 2006 11:42AM

  Has anyone used the new set registry as their inventory list? If your copy is destroyed, you still have a copy kept on the PCGS website, this is one reason I love the new features. Also, PCGS will give you their price guide value as a guide to its value.

  Listen. Strange women lying in ponds distributing swords is no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical aquatic ceremony.
  Will’sProoflikes

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