Your Rare American Coins Collection: Is It Being Exposed to Loss? 5 Tips for Insuring Your Valuables

People with homeowners insurance (or even renters insurance) may be able to have smaller collections insured with conventional policies. After all, many insurance plans which cover residences also insure jewelry, antiques and collectibles.

Simply ask your home insurance provider if your coin collection can be considered for coverage with the rest of your property. If it is small enough, they may cover the collection. With a large, valuable, collection you’ll need a separate policy. Sometimes rare coin collections are worth more than the owner’s residence.

Coin Insurance Policies for Rare American Coins:

Before I get too far, I must tell you I “coined” a new word for coin insurance. I call it “coinsurance”. Spell checker doesn’t even try to correct me, so maybe I can use the word and get away with it. That’s not typical of most of the words I make up. Spell checker doesn’t like them. Sorry, on with the article…

Before committing to a particular insurance plan, you will want to have your rare coins collection professionally appraised by a coin dealer who offers such a service. It never hurts to get a second opinion, so you can have a better idea of the market value of your US rare coins collection.

An accurate, detailed appraisal will be expensive, but required by insurance companies. If you have the inclination, you can inventory your collection and check wholesale prices yourself, however I don’t know of any insurance company that will accept your appraisal of your rare coin values.

A personal inventory and appraisal would help you better understand the details of your investment. This can be done by using the “grey sheet” for your old American coins. World coins are more difficult to value accurately.

An added bonus of doing a coin inventory every year is that you get to go through and appreciate all your rare American coin collections. When I do it, I also find the coins that aren’t as up to my standards as I thought and put those on the list for upgrade. Upgrade the coins, upgrade the insurance.

Don’t assume that a coin insurance policy will cover the true value of your rare coins collection. Some insurance plans may cover only a portion of your collection’s value. Be sure to find out how much of your collection’s value is actually covered by the coin insurance plan you’re considering.

Selecting a Coin Insurance Policy:

There are several companies which provide specialized coin insurance plans. A really good place to begin your search for coin insurance policy would be the American Numismatic Association. The ANA can lead you to find an individualized plan for collection. They offer their members discounted insurance programs as part of the membership benefits.

Look for a rare American coin insurance plan that:

  • Offers full coverage of your rare coin collection
  • Affordable rates that are appropriate for your collection size
  • A company who specializes in the protection of rare coins
  • A company who reduces the premium for a security system and proper secure storage techniques
  • Has a great record of performance when called upon

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, natural disasters, terrorism, or any other possible threats.

Above all else… ask a lot of questions! Check premiums, deductibles, amount of coverage, and term length of coverage. Be sure that you know what you are getting with the plan. Rare American coin insurance is a great way to ensure peace-of-mind to collectors who have built up a substantial value in their assemblage.

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