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Insurance for Collections

13 posts in this topic

I was wondering if someone could please help me to realize sources for insuring my collection. I need prop 10,000 insurance. I called a bank today for a storage box and they told me they do not insure the items in the boxes.

 

Thanks, Robert

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I looked into this about a year ago. Most stand alone policies were just too expensive or somewhat cumbersome with having to list expensive items (amount varied as to what they considered expensive).

 

Look into a rider for coins on your homeowners policy. I just looked into this and a $50,000 rider only cost $142 with it being fairly level at value levels (i.e. $57 for $20,000, $85 for $30,000). I'd bet a $10,000 rider would be $50 or less.

 

Bank boxes are almost never insured unless you have something extremely valuable in it. They just don't get robbed very often. In fact, it is extremely rare.

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You can obtain insurance through the ANA. I have their insurance, through their old insurance provider, and I would pay a rate of 1% of declared value for a collection kept at home and not in a home safe; while the rate is 0.5% of declared value for a collection kept in a bank safe deposit box or in a home safe. Since I keep my collection in a bank safe deposit box, I pay $1,000 each year to insure each $200,000 worth of coins.

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Hi Seafury007,

You may might be interested in joining the A.N,A, (American Numismatic Association). The A.N.A offers it`s members reasonable collection insurance. The insurance is issued by a reputable company that the A.N.A. feels provides the best coverage at the best price for this specific purpose. The membership fee is really quite nominal for the benefits you can receive. I am a regular member myself and have enjoyed being so from day one. If you think this option might appeal to you, you can find their web sight at www.money.org . I know how important it is to have your collection fully insured against loss of any nature.

Hope this helps ! thumbsup2.gif

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Did you look into a homeowners rider? $1000 seems a lot. I just pulled up a quick quote and to insure 200K in coins IN ADDITION to a bunch of other personal coverages, the cost was $496. Of course that is for Los Angeles and your area might be very different.

 

Also, if you are going to keep your coins in your bank, ask the bank about insurance. Many banks have financial/insurance sister/parent companies and they might be able to provide insurance very cheap. You wouldn't have to disclose to the bank people what is in there. You'd just disclose it to an agent - just like you do with teh ANA insurance.

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I've been down this road before, and to make a long story short, don't bother.

 

First of all, the insurance is very expensive for what it is. And there are way too many restrictions. For example, when I had insurance, I was only insured during the time that the inventory was in the bank vault, or stored in a such-and-such kind of safe that itself would have cost me $5000. The deductible was ridiculously high and non-negotiable, too.

 

I actually had the insurance for a year, and when I realized what a waste of money it was, dropped it. I've found that the best insurance is a safety deposit box, and a large, mean-looking dog at home.

 

James

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I am going through that same quest right now...

I want to insure $30,000 worth of coins:

- rider on my homeowners policy: $366 (rate: $1.22 per $100)

- insurance provided by Hugh Wood Inc. (for ANA members): $165 (option "Silver": at home and/or in a safe deposit box at my bank, plus carrying the collection between these 2 locations)

 

Needless to say I will go for Hugh Wood.

 

thumbsup2.gif

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I looked into a rider on my homeowners policy a while back.

They ask 3% and wanted a list of every item. A bank box worked better for me.

 

A question for those of you with insurance?

Do you have to supply your agent with an exact list of your holdings? For an active collector and seller this sounds a bit tough to do. insane.gif

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Since this thread first came up I switched my carrier from the old ANA-sponsored insurance company to Hugh Wood, which is the new ANA-sponsored insurance company. I did this when my annual premium came due. The rate it costs me is about $250 per $100,000 in coins and this covers a large cash value that can be stored at home or on my possession anywhere in the US and Canada. I store all my things in a bank safe deposit box but I still keep the insurance. As for an inventory of holdings, all they ask for is a list of individual coins that have a market value of $10,000 each. That's it.

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