What is the best coin collectors insurance?

llafoe · March 19, 2010 1:18PM

Who provides the best insurance for coin collections? Also, how do they value coins... PCGS Price Guide, Grey Sheet, the price you paid, etc.?

mrearlygold · March 19, 2010 1:22PM

Just sitting in to listen as I'd like to know as well for the purposes of information.

Coinosaurus · March 19, 2010 1:33PM

Bullets. And a gun to go with them, of course.

bestmr · March 19, 2010 1:39PM

But that only works when your home.

Robb · March 19, 2010 1:39PM

You know, I was going to make a post along the lines of, "What's the over/under on this turning into a gun thread?" but didn't because I figured it would derail a thread that was asking a legit question. Turns out it only took two replies.

bestmr · March 19, 2010 1:43PM

HA!

Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that?

blu62vette · March 19, 2010 1:45PM

<< HA!

Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that? >>

the extra premium to cover collectibles on homeowners is quite high...

morgandollar1878 · March 19, 2010 1:46PM

<< HA!

Since I don't live in a house, for those that have one, wouldn't your home owners insurance cover that? >>

Most home owners insurance only covers $100 in value for coins.

Coinosaurus · March 19, 2010 1:49PM

I use Hugh Wood via the ANA. It's pretty cheap if you keep your coins in a safety deposit box.

COALPORTER · March 19, 2010 1:53PM

I was watching "American Pickers", and they found a sign that read "If you believe in an after life, take one step on this property and find out"

dsessom · March 19, 2010 2:13PM

A hidden fire-proof, water-proof safe is a pretty good way to go. A dog and a handy firearm won't hurt either.
As far as insurance, Hugh Wood is who you need to contact:

Hugh Wood's website

Griv · March 22, 2010 8:01AM

From my research, there are apparently rules in place that should a crisis be declared, banks will NOT allow you to remove cash (which includes coins), gold or firearms from your safety deposit box. Most Banks won't even allow guns to be placed in their boxes and some actually prohibit cash or gold in the fine print.

jmski52 · March 22, 2010 8:15AM

When I was younger, we used to rent a basket in a storage locker in my small town to keep frozen hamberger and other wrapped packages from the butcher shop. As far as I know, nobody ever unwrapped any of our packages or refused access to our frozen food storage.

seateddime · March 22, 2010 9:00AM

I am using Hugh Wood out of NY

Musky1011 · March 22, 2010 9:04AM

smith and wesson

Griv · March 22, 2010 9:23AM

<< When I was younger, we used to rent a basket in a storage locker in my small town to keep frozen hamberger and other wrapped packages from the butcher shop. As far as I know, nobody ever unwrapped any of our packages or refused access to our frozen food storage.

>>

I started to list a few ideal hiding spots but then thought that maybe I shouldn't advertise that info since the public can read this.

DieClash · March 22, 2010 9:26AM

As previously mentioned, Hugh Wood for coin insurance. But you must be an ANA member to get the discount rate. That benefit alone is well worth the ANA membership!

DrBuster · March 22, 2010 9:55AM

Hang on, good thought subject.

When we bought our house I had a sit down with our insurers about the values of the 'collectibles' and 'valuables' in the house. At the time these were the wifes' china, my comics and sportcards, guns, antiques, the little bit of bullion and coins I had, etc etc etc etc that weren't in storage/sdb that I said were around. They had no problem with the 'value' that we appraised and put them into the homeowners...at very little extra cost on the rider.

This was a good while ago, is this not valid anymore as a base I bet as an evaluate for the base value? Guess I'll be making a call maybe...

Is the consensus that if the base value hasn't been disclosed that adjustments need to be made yearly on policies? Do they adjust accordingly on their own or should I revisit??

We probably lost value on some of the things on our policy, but have even'd out on others, if not gained.

So, question then, should we be talking to our insurance yearly about valuation on what's on there? They've never asked, but most everything that's around as a base is in the policy...do they use base value at initiation or is that adjusted?

MsMorrisine · March 22, 2010 10:57AM

<< So, question then, should we be talking to our insurance yearly about valuation on what's on there? They've never asked, but most everything that's around as a base is in the policy...do they use base value at initiation or is that adjusted? >>

Keep records of your purchases and sales:
+for taxes
+for provenance (see counterfeiting threads... if for no other reason than to help yourself and others establish some good feeling of authenticity)
+for insurance
Keep a detailed inventory
+Find out if your insurer will require appraisals and under what circumstances.
Yeah, sure, keep an eye on valuatiuons even if it is for insurance purposes. You'll have to find the right balance of re-valuing to check your insurance maximums.
+My insurer requires an appraisal for any individual item over a certain dollar amount

dsessom · March 23, 2010 5:46AM

<< 

Keep records of your purchases and sales:
+for taxes
+for provenance (see counterfeiting threads... if for no other reason than to help yourself and others establish some good feeling of authenticity)
+for insurance
Keep a detailed inventory
+Find out if your insurer will require appraisals and under what circumstances.
Yeah, sure, keep an eye on valuatiuons even if it is for insurance purposes. You'll have to find the right balance of re-valuing to check your insurance maximums.
+My insurer requires an appraisal for any individual item over a certain dollar amount >>

The PCGS or NGC Registry is a very good way to keep a record of your collection, especially when you include detailed photos! That's one reason I use the PCGS Registry.

eggbone · March 23, 2010 9:23AM

Lakesammman · March 23, 2010 9:37AM

For those who think guns are great insurance, what's your plan when you're not home?? They just look like more booty to me.

typo edit.....

yellowkid · March 23, 2010 10:30AM

<<

>>

I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal.

UtahCoin · March 23, 2010 10:38AM

LindeDad · March 23, 2010 10:44AM

Safty deposit boxes were cheaper than what my insurer wanted for added premeium to cover my coins.
Collectable coins can just sit until the dust settles in an emergency cash will be king with bullion being the queen.
As someone always says you don't want all the eggs in just one basket.

jmj3esq · March 23, 2010 10:53AM

I have has Hugh Wood for 3 years now. It seems like good coverage to me, but i have never had a claim.

Has anyone ever had a claim with them?

Griv · March 23, 2010 12:21PM

<< 

<<

>>

I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal.

>>

I hate to say that I don't believe that statistic is even close to being correct. And besides, if you own a gun in a house with children and your guns are not secured, it's not the guns fault.

moonshine · January 24, 2018 10:02PM

revival of old thread as I am seeking an collectible insurance company that will cover all of my collectibles - coins, music memorabilia, rocks/semi precious gemstones, etc. etc..... BUT - I need them to be covered at my little shop in the market in town. It's a 'location' yes, but it's more like a monthly market - tho I have a lock and key small shop in building with other tenants. Does anyone know of any such company that would cover my collectibles 'en route', and at location? Thanks in advance for any input. Everything I found was a couple years old, so seeking current info. I used CIA for many years, and guess I could call them to see if they cover such situations .... but asking here anyway.

blu62vette · January 24, 2018 10:07PM

@moonshine I think you should still call Hugh Wood or the other collectibles insurance agencies, one thing these groups are used to is unique and odd situations that come up and need insurance.

For some of the others, I have not files a claim with Hugh Wood after using them for several years. I know others that have and they felt Hugh Wood really went to bat for them to get claims processed. So on the claim filing side I have heard good things about them.

koynekwest · January 24, 2018 10:37PM

@DieClash said:
As previously mentioned, Hugh Wood for coin insurance. But you must be an ANA member to get the discount rate. That benefit alone is well worth the ANA membership!

I agree!

ms70 · January 25, 2018 12:01AM

jmlanzaf · January 25, 2018 5:45AM

@Griv said:

I'm not against keeping guns, just a reminder though that statistically you are much more likely to have a member of the family shot with a gun you keep in the house than you are ever using it on a criminal. >>

I hate to say that I don't believe that statistic is even close to being correct. And besides, if you own a gun in a house with children and your guns are not secured, it's not the guns fault.

They may include suicides in that figure.

ldhair · January 25, 2018 5:58AM

You can get a free quote online from Hugh Wood. You need your ANA# and have to answer a few questions. They have several different plans. With the plan I have, bullion is only covered up to 10% of the value of the whole collection. Adding your collection to your home policy is going to run you 3 to 5% of the value. Hugh Wood costs me a fraction of 1%.
They told me they would also cover guns but I think that was wrong.

oldabeintx · January 25, 2018 10:27AM

@Coinosaurus said:
I use Hugh Wood via the ANA. It's pretty cheap if you keep your coins in a safety deposit box.

It's pretty cheap if you keep them at home also, at least if they're in a safe. Home security system may have a bearing on cost as well. Interestingly, they don't cover storm losses, so you guys who live on the coast may want to keep your coins in the SDB. I concur that adding as an endorsement to your HO policy is way more costly. Haven't had a claim and have not seen anything on valuation, so unsure what happens if and when claim time comes. I keep a detailed inventory including cert numbers and 99% of what I own value-wise is holdered, so I'm confident that I'll be okay.

JBK · January 25, 2018 11:53AM

I am starting to think more and more about these issues.

It has all been good advice so far.

As I see it,. there are multiple levels: keep the bad guys out, make it difficult for them to find or access your stash if they do get in, create a trail so you can recognize your stuff if it shows up somewhere, and insure any losses that are incurred.

One thing I have toyed with is the idea of decoy stashes. A gun safe with a few low-end firearms in it, a box or safe with some low end coins in it, etc. I have actually thought of building a small collection of counterfeit coins, bullion, etc. for this purpose, and maybe throw in a few bundles of worthless foreign currency. I figure if they find "something", they might grab it and go.

nencoin · January 25, 2018 11:58AM

@jmj3esq said:
I have has Hugh Wood for 3 years now. It seems like good coverage to me, but i have never had a claim.

Has anyone ever had a claim with them?

We've had them for twelve years or so. Only filed one claim (a Registered package, of all things!) and it went smoothly.

crazyhounddog · January 25, 2018 12:56PM

I'm a VERY good shot and I also have yapper dogs to warn me it's coming. That and a 1942 Jewelers safe that can not be penetrated.

ianrussell · January 25, 2018 1:03PM

Highly recommend Hugh Wood. I've been with them for 20+ years.

Ian

JBK · January 25, 2018 1:21PM

@crazyhounddog said:
I'm a VERY good shot and I also have yapper dogs to warn me it's coming. That and a 1942 Jewelers safe that can not be penetrated.

Is that an MS45 (Man Stopper .45)?

Gluggo · January 25, 2018 1:41PM

My attack dog and she is vicious!

JBK · January 25, 2018 1:45PM

@Gluggo said:

My attack dog and she is vicious!

Does she know the combination, and can she be bought off with a few doggie treats?

TurboSnail · January 25, 2018 1:58PM

@Gluggo said:

My attack dog and she is vicious!

Yup she is! It looks like she is ready to set up land mines in front of safe!

291fifth · January 25, 2018 2:30PM

Guns be a more tempting target for thieves than coins. I don't think they are very concerned about gun registration laws.

au58 · January 25, 2018 4:46PM

I use .45ACP because they don't make a .46ACP.

hchcoin · January 25, 2018 4:56PM

I opened this thread hoping @llafoe was back on the coin forum :'( He was always one of my favorite posters and had some of the funniest posts!

blitzdude · January 25, 2018 5:15PM

My homeowners would not cover bullion or collectable coins. I also learned it was very difficult to find good insurance for such things. I never heard of Hugh Woods so I'm no help there but they sound very reputable. We don't trust banks and SDB which is what led us to bullion in the first place. We've since moved, completely different situation. The loot is all buried deep, so damn deep I'll probably have forgotten where most of it was when or if I ever need it.

YQQ · January 25, 2018 6:25PM

a interesting and true coin Insurance story!

A friend (veteran) began to be very unsure of "whatever".
He had buried every silver common silver dollar that came his way for year, US and Canadian.
He did not believe in insurance, safes or BDB's
He filled up old ammunition boxes with them. Waterproof !! and picket a spot within his neigourhood and buried the boxes on different locations.
However, he recorded the coordinates on 2 GPS units. I asked him several times "what if??/"... does your wife know everything? (they have no kids) NO was his surprising answer every time. But... i will tell her soon. in the meantime he continued to stash Canadian and US silver dollars and rounds.
one day a few months ago he called me up and told me that his wife no knows everything .
what did he do?
he dug up all the Ammo boxes and sold his entire silver stack to a bullion buyer. Ended up with about 190K (190,000 $CAN) in cash and bankdrafts.
took it to his bank and paid off his morgage, bought himself a Submariner Rolex and gave his wife 10K in cash do do whatever with.
He proudly showed me all the bank receipts and slips. said he is going to frame them.
He gave me a present ... a empty Ammo box...his insurance for years.

ms70 · January 25, 2018 7:36PM

@blitzdude said:

The loot is all buried deep, so damn deep I'll probably have forgotten where most of it was when or if I ever need it.

Don't worry, all of it will famous someday and known as the "blitzdude hoard" and liquidated by Kagins!

blitzdude · January 25, 2018 7:50PM

LOL Kagins wouldn't bother. Ebay maybe

What is the best coin collectors insurance?

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