Will insurance cover my valuable coin collection?

By Insurance.com Posted : 01/01/2011

It depends on the value of your coin collection. Most standard home insurance policies include coverage for personal belongings equal to roughly 50 percent to 75 percent of the replacement value of your home. Renters insurance includes coverage only for personal possessions -- the landlord's policy covers the building.

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However, there are typically limits on certain valuable items, such as jewelry, fine art, furs, electronic equipment, musical instruments and coin collections. Ask your home or renters insurance agent how much the limit is in your policy. If your collection exceeds that amount, then consider purchasing additional insurance through an endorsement, or "floater" on the policy to protect the collection. In the insurance trade, purchasing additional coverage for valuables is known as "scheduling" the items. This additional insurance provides broader coverage for the valuables and typically does not include a deductible.

Or consider purchasing a coin insurance policy designed for collectors. The American Numismatic Association, for instance, partners with an insurer to offer coin insurance coverage to its members and coin dealers.

As you think about increasing coverage for your coin collection, do an inventory of all your personal belongings, so you have a record to show the insurance company in case of theft or damage. Talk to your insurance agent or company about whether you need additional coverage for any other valuables.

The Insurance Information Institute offers a handy online tool for creating an inventory at KnowYourStuff.org. The application lets you update the inventory whenever necessary, and provides secure online storage, so the information is available anywhere, any time. A complete, up-to-date inventory helps ensure that no loss is overlooked when you need to make an insurance claim.

The website also includes helpful information about the importance of a home inventory and walks you through the process step by step.

For more, see "New homeowner insurance basics."



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