Coin Collectors: Do You Have Coin Insurance?

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coins-zipped-in-rock-by-TruShu.jpg You probably already hold auto insurance and homeowner’s insurance.

But, as a coin collector, do you also have coin insurance?

Coin collectors are finding it very important to hold insurance for their coins. This is especially the case for collectors with large and valuable coin collections.

A respected coin dealer recently had $1 million in coins stolen after returning from a major coin show. And he is not the first coin dealer to have been robbed while on the road. Coin dealers (and coin collectors) unfortunately can be — and often are — easy targets.

Here’s how to tell if you need coin insurance and what type of coin insurance is best for you…

 

Beyond Homeowner Insurance

People with homeowners insurance (or renters insurance) may be able to have their coins insured with conventional policies.

After all, many insurance plans which cover residences also insure:

  • jewelry
  • antiques
  • collectibles
  • other items similar to coins

Simply ask your home insurance provider if your coin collection can be considered for coverage with the rest of your property.

 

Separate Coin Insurance Policies

If, for some reason, you are not able to include your coin collection as covered property under your conventional insurance plan, then you can buy a separate coin insurance plan for your coin collection.

Before committing to a particular insurance plan, you will want to have your coin collection professionally appraised by a coin dealer who offers such a service. It never hurts to get 2 or 3 opinions, so you can get a better idea of  your coin collection’s approximate value.

Then, don’t assume that a coin insurance policy will cover the true value of your coin collection. Some insurance plans may cover only a portion of a coin collection’s value. So be sure to find out how much of your coin collection’s value is actually covered by the coin insurance plan you’ve chosen.

 

How To Select A Coin Insurance Policy

There are companies which provide individual coin insurance plans for coin collections.

One of the most popular places to begin your search for coin insurance policies would be the American Numismatic Association (ANA). The ANA offers opportunities to find individual coin insurance plans for coin collections.

The benefits of most coin insurance plans over the typical homeowners policy are:

  • Substantial (often full) coverage of your coin collection
  • Rates which may be better than those charged by a conventional insurance plan
  • A company better skilled in the protection of coins

 

Be sure you know under what circumstances your coins will be covered. Check to see if your coin insurance will cover your coins value in cases of:

  • Fire
  • Flood
  • Theft
  • Wind damage
  • Earthquakes
  • Terrorism
  • Any other plausible threats

 

Other questions you need to ask before buying coin insurance:

  • Premiums
  • Deductibles
  • Amount of coverage
  • Term or length of each coin insurance policy

Above all else… ask a lot of questions!

Be sure that you know what you are getting when you buy coin insurance. Coin insurance is a great way to ensure peace of mind to coin collectors who have built up a substantial collection of coins.

 

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