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:
- 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.
How To Select A Coin Insurance Policy
There are companies which provide 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
You will need to purchase additional insurance and order to protect the value of your coin collection if it is stolen or lost in a fire. There are two ways to insure your collection. The first is to add an insurance rider to your homeowner’s insurance policy. The second, and usually cheaper, is to buy a separate insurance policy from a company that specializes in insuring collections.