Insurance

[Dan769]

Who has their coins insured? If so by whom?

Do they ask for appraisals?

 

Thinking about getting insurance for mine.

[moneydog]

Check with your homeowners insurence agent, they may already be insured. I have to make a list of what I have and take a picture of that kind of stuff. That includes my guns and just stuff like that but its all included on my homeowners insurence.

[numismatic nut]

Then check out the ANA.

[Brett]

Almost all homeowners policies only cover a small amount. Usually around $500-$1000 at the most. If you are going to get some through your homeowners policy you will need a rider.

 

The ANA offers insurance through Hugh Wood Insurance at a decent rate.

 

Another I have heard of (but don't much about) is called Collectibles Insurance located at www.collectinsure.com

 

You also have the option of putting your coins into a safe deposit box at a local bank of your choice.

 

Or you can buy a safe.

[Scottishmoney]

You also have the option of putting your coins into a safe deposit box at a local bank of your choice.

 

Or you can buy a safe.

 

 

I believe having a safe is an invitation to disaster, it is not like they come anonymously in the night. Putting the coins in the safe deposit box at a bank gives you the best break on insurance, most insurances would rather you have your coins in the bank anyway. But I would still insure the coins in the bank, because things have happened in the past.

[moneydog]

I'm just curious but would FDIC at the bank cover them. I like the idea of a home safe that is bolted to the floor and its fire proof but they are expensive. Right now mine is in a tin in an out of the way place.

[Scottishmoney]

FDIC Insurance covers accounts only, up to $100000 per institution, and up to that amount for two people with money in said institution. It does NOT cover safe deposit boxes.

[moneydog]

Thanks Scottishmoney thats good to know.

[Dan769]

FDIC Insurance covers accounts only, up to $100000 per institution, and up to that amount for two people with money in said institution. It does NOT cover safe deposit boxes.

 

 

100% correct .

[bill]

I insure through Hugh Wood via my ANA membership.

[just carl]

In the past that was always a great idea. However, consider the following. Whatever you insure goes into the companies computer. Insurance companies, like everone else, has a computer department. They are manned by people of completely unknown backgrounds to a degree. Same with your insurance agents and agency. Used to be a personal type friend or someone you know. Now it's an agency full of people that may or may not be the same tomorrow and they too have access to every thing you insure. So if you insure your coins and the amount is substantial, this information becomes as popular as if you put it in an add in the newspapers all over the country. It may not be the person in the computer department but a person they give this information to. Even if the people in the insurance computer department are honest, don't forget hackers. They too can access your personal information. Out of all the coin collectors I know, only two have been robbed of coins. Both were insured. No one can prove a connection, but that is strange.

My suggestion is the less people that know of what you have, the safer it will be.

[Dan769]

In the past that was always a great idea. However, consider the following. Whatever you insure goes into the companies computer. Insurance companies, like everone else, has a computer department. They are manned by people of completely unknown backgrounds to a degree. Same with your insurance agents and agency. Used to be a personal type friend or someone you know. Now it's an agency full of people that may or may not be the same tomorrow and they too have access to every thing you insure. So if you insure your coins and the amount is substantial, this information becomes as popular as if you put it in an add in the newspapers all over the country. It may not be the person in the computer department but a person they give this information to. Even if the people in the insurance computer department are honest, don't forget hackers. They too can access your personal information. Out of all the coin collectors I know, only two have been robbed of coins. Both were insured. No one can prove a connection, but that is strange.

My suggestion is the less people that know of what you have, the safer it will be.

 

 

Decent point Carl. I can see a scenario playing out like:

" Hey Mitch you see how much people coins are insured for, anybody a "coin" millionare?

"Oh yeah, there a few"

" anybody around here?

" Nah, but there is this one person with a $150,000 policy on your street"

"dude, hook me up. What's the addy?"

 

And there you have it, another collection of a lifetime dispersed thru the seedy veins of the dark underworld...

[just carl]

Decent point Carl. I can see a scenario playing out like:

" Hey Mitch you see how much people coins are insured for, anybody a "coin" millionare?

"Oh yeah, there a few"

" anybody around here?

" Nah, but there is this one person with a $150,000 policy on your street"

"dude, hook me up. What's the addy?"

 

This is more true than many even suspect. Example: A food store has thier own, personal, private type discount card. All information is in thier computers. However, this also means when you go there, how much you spend, what you buy, etc. Now here is what actually happened. Someone with access to this found certain people shopping the same day, same time, every week. Watch the house to verify. Finally after a few weeks of checking, POOF, one more house robbed. They were caught eventually. But how much else goes on like this with all the computer information available to our newly educated criminals?

No I feel an Insurance agency is just as prone to personal information leakage as anywhere else.