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Insurance Costs - If You've Got It!

itsnotjustmeitsnotjustme Posts: 8,777 ✭✭✭
in PCGS Set Registry Forum
I didn't used to have any insurance on my coins besides the minimal amount my renter's policy provided, but my collection has grown tremendously in value (and size) in the past two years. Suddenly I look and it's a little un-nerving that they weren't covered.

I recently added a personal articles floater. Coverage is very comprehensive--good worldwide, including in transit. I can store my coins at the location of my choosing. Even covers items if they are just plain lost. Cost is ~ $1/$100 Value/Yr. I know the ANA insurance is cheaper, but I think it is less comprehensive.

What have the rest of you found for costs & coverage?

Give Blood (Red Bags) & Platelets (Yellow Bags)!

Comments

  • itsnotjustmeitsnotjustme Posts: 8,777 ✭✭✭
    Dang folks-doesn't anyone have some comparisons for me?
    Give Blood (Red Bags) & Platelets (Yellow Bags)!
  • CarlWohlforthCarlWohlforth Posts: 11,074 ✭
    First of all Congrats on your growing collection!

    I asked about a rider for my wife's jewelry and my coins on my homeowner’s insurance. They were happy to write me one for the jewelry but didn’t want to insure my coins. I guess they just were not prepared to value the coins. They wanted appraisals for the jewelry. We have one piece of art but that is already covered and our appraisal will work fine for that.

    So I got more safe deposit box space and keep most coins there. It costs me $160/year for a space that can hold about 10 PCGS boxes.
    Carl's Coins website w/ links to Carl's auctions
  • littlewicherlittlewicher Posts: 1,822 ✭✭
    I just store my coins in a large safe. Sentry provides insurance up to a certain amount, if the coins get damaged by fire.


    For some life lasts a short while, but the memories it holds last forever.
    -Laura Swenson

    In memory of BL, SM, and KG. 16 and forever young, rest in peace.
  • SteveSteve Posts: 3,312 ✭✭✭
    ANA is $1 per $100 value per year to store anywhere. I believe it is 50 cents per $100 value if you keep the coins in a bank safe. Of course, you must be an ANA member to buy the insurance. Steve
    My True View Album

    My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
  • ScarsdaleCoinScarsdaleCoin Posts: 5,217 ✭✭✭✭✭
    Just wanted to add...safes are great but there are 2 types... robbery and fire...coins that are put into fire safes...which are the cheaper kind found at staples, home depot etc...can really damage coins biggest threat to coppers.... because they trap mosture... be careful....also be careful when you get mail and throw away garbage..its nice to share numismatic knowledge just not with the bad guys....best Jon PS: the Col at Butternut coins has written some great articles on safety etc...
    Jon Lerner - Scarsdale Coin - www.CoinHelp.com
  • calkinsccalkinsc Posts: 6 ✭
    Greetings

    Has anyone looked at:

    http://www.collectinsure.com/

    They don't require proof of your collection, though to file a claim they do need documentation of what was stolen/destroyed (e.g. a police or fire report). They insure coins (though gold only at its numismatic, but not bullion, value) at their storage location, in transit, or when on display. They also fill any claims $50 or higher.

    They almost seem too good to be true, but I don't see anything wrong with them from their web site and other literature... I just might do it. Any thoughts?

    C.
  • windycitytriowindycitytrio Posts: 63
    I spoke with my agent a few days ago regarding insuring my coins. He said they will add them onto my jewelry & personal property rider as soon as I give him the value...based on the value he will give me a price...the problem is: do I insure for cost or replacement value? cost is lower so the premium would be lower -- replacement value is higher so premiums would be higher. I am hesitant to insure for too much since I will most likely be paying a premium for something I will never be using...comments?
    It is possible for people to ask questions for no other reason than to educate themselves. The only stupid questions are those that are never asked.

  • boiler78boiler78 Posts: 3,055 ✭✭✭✭✭
    Store images of all your coins on your computer so you can share and look at them and rent a safety deposit box. Insurance is too expensive and I doubt if you would have an easy time collecting on a claim.
  • calkinsccalkinsc Posts: 6 ✭
    Greetings

    boiler78 - that's what I do now, see:

    http://www.lotn.org/~calkinsc/coins/

    but for the times when coins are with me or in transit to my safety deposit box I'd like to have some coverage.

    C.
  • boiler78boiler78 Posts: 3,055 ✭✭✭✭✭
    calkinsc- Or can I call you C? Great site! I wish I was savy enough to build one like that. I can see your collecting interests run far and wide not unlike my own.image
  • calkinsccalkinsc Posts: 6 ✭
    Either C or calkinsc is fine. image Yeah, my interests are kind of scattered - everything from the 600BC electrum coin of Lydia that I bought yesterday to the mediocre Morgan dollar registry set that I'm working on.

    Glad you like the site - I find it a good way to show things off. I set things up so updates are relatively automatic too, which helps.

    C.
  • tompkinstompkins Posts: 413
    I just looked at the site calkinsc (or 'C') mentioned. I agree, it does look too good to be true. $50K coverage costs $190 per year and $100K costs $442 (or $278 if the theft part of the policy is limited to $60K). This is well under half the $1 per $100 of coverage a couple others mentioned. And there is a small discount (about 10% or so) if you have a safe and/or alarm system.

    Is there a catch??

    Pete
    My coins
  • calkinsccalkinsc Posts: 6 ✭
    Yeah, that's the thing. They did reply to my email and sent me info (which is basically like what's on the web site anyway), and they do say they specialize in insuring collectibles, but even though I don't see anything wrong it just seems like there has to be a catch somewheres. Would be nice to get info from someone else who has used them before...

    C.
  • robbnscrobbnsc Posts: 83
    I have a 650# gun safe with a heater rod that controls humidity. Insurance for my guns and coins is about $300 per year with a 10% discount for a fire proof safe. The only hassle is with the coins, because I have to give them documentation every year for any new coins that cost over $500.

    I live in an apartment where I don't know my neighbors well. We have had some mailbox theft and burglaries in the complex. Because of this, when the safe door is open, I keep a loaded .38 S&W in my desk. Inside the safe, because it is a gun safe, I have 2 loaded and locked Kimber .45 auto pistols in secure positions where I can get them out in a couple seconds.
    I have never seen a Peace Dollar that I did not like!!
  • boiler78boiler78 Posts: 3,055 ✭✭✭✭✭
    My biggest concern with coin insurance is from the claim side. It would be interesting to hear from anyone who has paid for insurance and been unfortunate enough to use it. I wonder if a fire claim is handled any different than thieft? With a fire at least some remnants are left to support your claim. With a thieft it would be hard to prove what you had at the time of the thieft.
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