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Insuring Your Coins & Collectibles

My intention in writing this entry is not to come across as an advertisement because that is my last intention (you can check out my registry sets right here on the site). In all honesty, I want to share the following information for fellow collectors who find themselves in the exact position I was in merely a month ago.

In saying that, over the years, my collection has grown to be quite valuable. I take pride in the work I have put into my collection, as I have dedicated years of my life to the hobby. As time progressed, I started thinking more and more about protecting my collection. I do not necessarily see my collection as an investment since I collect for sheer love of the hobby, but I knew it would have been naive to not at least attempt seeking some type of insurance that went beyond just a safe.

This leads me to my ultimate topic I wish to discuss. Currently, all my coins are housed in pretty sturdy safes; nevertheless, a safe only goes so far. A good friend of mine is in the insurance industry here in Colorado so I thought I would approach her about what options I might have in insuring my collection.

She took on the task and spent a great deal of time and work trying to find a company that would take on the risk and provide a policy that would insure the full value of my collection. Eventually, she found a great company that specializes in insuring coins. So, what are some of the specs that go along with such? Well, for those of you that find yourselves in the position I was in, I have proof-of-purchase for the majority of all my coin purchases, an inventory list, they're housed in safes and I was able to come up with a ball-park estimate of the collection's value. With these details alone, my friend was able to get me a great policy. They insured my entire collection for its full value. A few perks included in the plan is coins that are shipped for grading are automatically covered under the policy. Additionally, the plan includes a 1% increase every month for the total value of the collection which allows for the appreciation of my coins and the addition of new coins (if I were to get a really expensive piece, I could always change the total value of my policy beyond the 1% that's already included). If I were to ever experience a loss (theft, fire, flood, etc.), the company would cut me a check for the value of the coins lost.

The one caveat in all this is she is licensed in Colorado. As a result of this, if you're interested in insuring your collection, you would need to either be a resident or living in the state of Colorado. Nevertheless, once the plan went into effect, it was almost as though I felt a weight lifted off my shoulders. I am aware that every coin is unique and could never be replaced, even with a check. However, knowing they're now insured really gives me a sense of security and pride. I was shocked by how low the annual premium was and how understanding the numismatic insurance company was regarding the hobby, in general.

So, if any of you are either living in or a resident of Colorado and are interested in insuring your collection, shoot me an email and I will provide the contact information for my agent. She's talented, smart and looks out for the best interest of her clients while focusing on finding them the most affordable plan that meets their standards and goals for a collecting policy. If you don't like it, there's no pressure to commit. Nonetheless, if you're interested to simply know what's out there regarding the options of insuring your collection, I highly suggest you give her a ring. I have found, especially in this hobby, being informed goes a long way.

 


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Congrats on getting a good agent who looks out for who they are supposed to.  I am curious if this is a nat'l company.  I have been searching for someone like your agent for 25 yrs.  Anyway, congrats.

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5 hours ago, Eagles-R-it said:

Congrats on getting a good agent who looks out for who they are supposed to.  I am curious if this is a nat'l company.  I have been searching for someone like your agent for 25 yrs.  Anyway, congrats.

They're actually a smaller company based out of MI from what I believe. I suppose that's why they have provided such exceptional customer service thus far. Additionally, also likely why the policy I was able to set up for my collection is perfect for what I need. I really like the 1% increase on coverage per month to make room for appreciation/new coins. My agent did most of the hard work in searching for a quality company that understood collecting, so the credit goes to her. Most of the companies she encountered would only insure gold/silver bullion by weight. It's a stand-alone policy (not added on to homeowners or anything), which is why I believe the premium is so good. The company she was able to get me a policy with insures the full value of collectible coins by nature. Honestly, I couldn't be happier and my premium is nothing compared to my collection value. If you find yourself interested, let me know and I'll shoot you her contact info. I'm sure she can fill you in on the details and you can always decide from there, as I know every collection is different.

Edited by Siah

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I have thought of this several times in the last 20 + years . Have not been able to find the right company for me and that i could trust . If you could please pass the company name on and i will do some research on it .

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