Insurance policy, home security measures, or both?
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What is the consensus on coin protection once beyond trivial value? Say 10's of thousands?

 

Insurance? Robust safe with home security system and a lot of ammunition? Or all the above?

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Insurance is a must.

 

Self-protection is a must.

 

Once you get enough in your collection, you may also want to consider a safety deposit box.

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Robust safe? It depends on how robust it is. Several years ago, a collector's home was burglarized while he was on vacation, and the thieves took the 4,000 lb. safe with them. Maybe you should consider buying a piece of real estate with a bank on the property and build your home around the vault.

 

Check out Hugh Wood for insurance through the ANA.

 

Chris

Edited by cpm9ball

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Bank box. Their security will always be better than yours.

Collection insurance for high value items that you might take to shows or take home for a while. (Authentication numbers help, put good photos highlighting unique marks on individual pieces is better.)

Home security. A basic perimeter system + a loyal dog. Keep coins in the bank box.

Loaded guns. Bad idea. Are you really going to risk your life over a few pieces of silver that are insured anyway? (The bad guys usually have surprise on their side.) - Might be different if you're located in a rural area.

 

Comment: Many home robberies turn out to have an "insider" component - relative, friend, wife who brags about a coin necklace you gave her, etc.

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Loaded guns. Bad idea. Are you really going to risk your life over a few pieces of silver that are insured anyway? (The bad guys usually have surprise on their side.) - Might be different if you're located in a rural area.

 

They might have surprise, but I have lead. And yes, I am willing to give any intruders an acute case of lead poisoning to protect myself, my family, and my possessions.

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Don't have coin magazines delivered to your home. Instead use a PO Box . Don't talk about coins with people without mentioning that they are kept in a SDB even if they are not. And don't read coin magazines in public as it might attract unwanted attention.

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Loaded guns. Bad idea. Are you really going to risk your life over a few pieces of silver that are insured anyway? (The bad guys usually have surprise on their side.) - Might be different if you're located in a rural area.

 

They might have surprise, but I have lead. And yes, I am willing to give any intruders an acute case of lead poisoning to protect myself, my family, and my possessions.

 

Before you shoot the intruder, make sure you ask if he is right-handed or left-handed. You wouldn't want to put the knife in the wrong hand.

 

Chris

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Loaded guns. Bad idea. Are you really going to risk your life over a few pieces of silver that are insured anyway? (The bad guys usually have surprise on their side.) - Might be different if you're located in a rural area.

 

They might have surprise, but I have lead. And yes, I am willing to give any intruders an acute case of lead poisoning to protect myself, my family, and my possessions.

 

Before you shoot the intruder, make sure you ask if he is right-handed or left-handed. You wouldn't want to put the knife in the wrong hand.

 

Chris

 

In SC, it doesn't matter. If he's in your home, you have the right to defend.

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I don't keep my collection at home. I have two safe deposit boxes in two different branches with the value split equally between them. I used to have insurance through Hugh Wood but do not anymore. Probably not the best idea but I didn't like dealing with them. It was too hard to reach someone when I wanted to and the contact person kept on changing.

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Comment: Many home robberies turn out to have an "insider" component - relative, friend, wife who brags about a coin necklace you gave her, etc.

 

Mostly true. Most home burglaries are committed by heroin addicts looking for a quick buck for their next fix. Most home robberies (also called home invasions) are committed by thugs with prior knowledge of valuable items/drugs inside of another thugs house. These home invasions very rarely happen to the everyday family. Burglaries, on the other hand, happen non-stop to good people.

 

I would feel violated either way. Imagine some scumbag with your coins... Not knowing the value or your appreciation of them. Just to pawn them for a few bucks.

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All of the above, but a good insurance policy is the ultimate relief-valve when it comes to risk. SDBs have their own potential issues with probate, water/fire damage, government or bank seizure, mistakes, and even theft.

 

Like others have said, I have no problem defending myself, my family, or my property, but in real-life situations things happen fast and circumstances aren't always predictable. A well-armed and well-trained homeowner can prevail in a fair fight, but that's not the way it always goes down.

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Security is foremost, you want to keep the coins so protect them. Insurance is the fall back in case security fails. After all most of us would rather have our coins than an insurance settlement.

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For high value collections, I recommend never storing them at your home regardless of the supposed security measures in place. Someone could force you to open your safe at gun point, rob you blind, and then lock you in your safe. This is less than ideal. And those citing weapons, never underestimate the element of surprise and the huge advantage that this gives to the home intruder. Many that are otherwise competent with firearms may be disoriented or too nervous to think under pressure. Depending on the jurisdiction you live in and whether there exists a legal duty to retreat before using force of that nature, the laws may not be on your side.

 

Bottom line: Use a safety deposit box.

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If you are going to keep a loaded firearm in your home to protect yourself against intruders, you might also want to give one to each of your family members to protect themselves against you - should you mistake one of them for an intruder.

Edited by Afterword

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I am surprised by this thread. I am at the point I am trying to figure out what to do with my collection. I have an insurance policy of 200 dollars a year through home owners insurance but found out that through ANA membership I can get better and more coverage for 70dollars a year. My collection is very modest compared to most of you all, about $18,000.

 

What I am surprised at is the number of people that use safe deposit boxes. The largest boxes where I live are about the size of a large shoe box. I was quoted I believe 12x10 and cant recall the third dimension. How do you guys store a collection of slabbed coins in a box that size. sure you can get 100-200 loose slabs in there but I have mine in eagle slab pages and in 2x2 flips in notebooks etc.

 

Next time someone goes to their SDB, take a picture (no need to see whats in the box, just something for a frame of reference on the size and number of coins.

 

I know you all know more about almost all aspects, so i am likely missing something, but I do not get SDB when you can just carry insurance to cover the loss and a gun at home for deterrent effects

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I do all the above. I have a nice safe just for coins that come home to visit. The more layers of security the better off you are. I also use hidden cameras and an alarm system with cell backup.

I'm a big fan of firearms as long as the person has the training and keeps them away from the kids. Having the proper ammo is also important. Some types of ammo are not safe in the home.

It's also great to work with your neighbors to watch out for each other.

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Does anyone know if the rooms with the SDB are humidity-controlled?

 

My guess would be yes...but...?

 

In the past, I have used a large amount of desiccant and had my coins in intercept shield products. I also had a roll of BU 95% copper pennies and a silver Eagle to be used as sacrificial indicators. If something is going to turn, it would likely be those pieces first.

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I am surprised by this thread. I am at the point I am trying to figure out what to do with my collection. I have an insurance policy of 200 dollars a year through home owners insurance but found out that through ANA membership I can get better and more coverage for 70dollars a year. My collection is very modest compared to most of you all, about $18,000.

 

What I am surprised at is the number of people that use safe deposit boxes. The largest boxes where I live are about the size of a large shoe box. I was quoted I believe 12x10 and cant recall the third dimension. How do you guys store a collection of slabbed coins in a box that size. sure you can get 100-200 loose slabs in there but I have mine in eagle slab pages and in 2x2 flips in notebooks etc.

 

It depends upon your bank. Where I have lived, the boxes come in multiple sizes and I rent two 5X10. This dimension measures the width (10 inches) and height (five inches). The length is standard for all of them to my knowledge and I believe it is 24 inches. Keep in mind I haven't actually measured it but these were the choices I was offered. There is also one box which is twice as big as the two I use with a height of 10 inches. I don't use it because it would make too heavy to lift.

 

I have somewhat under 300 slabs, a few boxes of 2X2, bullion coins and paperwork. One is stuffed to the rim and the other somewhat more than half.

 

My brother lives in Canada and the branch in his town at most as you described. But when I visited with him the ones actually available would be useless for storing anything other than very limited quantities of gold bullion, a few of the most expensive coins I own or some paperwork. There is a shortage of the "large" boxes and I believe you have to put your name on a waiting list. Not sure if this is a common problem or not.

 

If space constraints were an issue for me, I would keep the most valuable in the SDB and the cheaper ones at home.

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I'm a big fan of firearms as long as the person has the training and keeps them away from the kids.

And as soon as you can train the kids in proper use and safety of firearms. Nothing is more enticing to a kid than something he isn't supposed to mess with, and believe me they will the first chance they think they can get away with it. And there is little more dangerous than a firearm in the hands of a kid who doesn't know how to handle it safely. Introduce them to it, let them see first hand what it can do, and teach them strict safe handling. Nothing takes the mystery out of something faster than familiarity with it.

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There is no insurance to loss from safe deposit boxes (at least from my bank). If for some reason they are robbed, however unlikely of course, you are SOL.

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There is no insurance to loss from safe deposit boxes (at least from my bank). If for some reason they are robbed, however unlikely of course, you are SOL.

 

My policies have always covered SDBs and while in transit to other locations.

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There is no insurance to loss from safe deposit boxes (at least from my bank). If for some reason they are robbed, however unlikely of course, you are SOL.

 

Hugh Wood used to offer a bronze, silver and gold options. Or maybe it was silver, gold and platinum.

 

The policy I had covered my coins at home, in the bank SDB and while in transit. The top tier policy I believe was for dealers and it also covered shipments.

 

FDIC insurance does not cover SDB contents if that is what you meant.

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Hugh Wood will cover most anything as long as you pick the right plan. I have used them for many years. I had a short chat with them at the last fun show. They also cover guns. I feel good about my coverage but have never seen anyone speak of actually having to file a claim.

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I was referring to the bank offering some level of compensation to SDB customers in the event of a loss. Separate insurance policies can cover loss from home, SDB, or in transit as others have noted. Hugh Wood seems to be the most well-known provider.

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Doc, have you discussed with your homeowners insurance co.? Is you homeowners policy a HO 4 policy? Also, a company like SBIDC might be helpful.

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One other item, from my own research home owners add-ons are the most expensive options for coins and even jewelry.

 

 

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Robust safe? It depends on how robust it is. Several years ago, a collector's home was burglarized while he was on vacation, and the thieves took the 4,000 lb. safe with them. Maybe you should consider buying a piece of real estate with a bank on the property and build your home around the vault. Check out Hugh Wood for insurance through the ANA. Chris
How did people remove a 4,000 pound safe ? How did the collector even get it in the house in the first place ? Never heard of a 2-ton safe....for a home ??

 

Someone must have known about the collection and taken special actions to steal the safe. A heavy gun safe weighs about 600 pounds and that is usually enough to deter 2-3 people from removing it. It's just too heavy.

Edited by GoldFinger1969

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