Insuring your coins

Coin collections can be very valuable and subject to theft. To protect your investment, get the right kind of insurance policy. Old and rare coins have different insurance needs than the other contents of your home so you may need specialist cover. In addition to theft, cover any kinds of fire, flooding and loss that could occur to your coins.

Catalogue your coin collection

Catalogue each coin, noting its, condition and the price that you paid for it. Take pictures of the coins individually. Close ups of each side provide the best record. Keep the pictures and the list of coins in a separate location from where the collection is stored.

Get a valuation for your coin collection

You should use a professional coin expert to give you an appraisal and valuation. You will receive more documents from this process. Keep the original with your important papers, and send a copy of the appraisal to your insurance company.

Check with your existing homeowner insurance company

They can add your coin collection to your policy, which can provide replacement coverage. This however also increases your premiums. Rare coins should be listed with their appraised value. Old, irreplaceable coins can be covered under separate policies if needed.

Shop around for insurance

Because of the increasing value that rare coin collections, it may get quite expensive to keep them insured. Get quotes base on the replacement value. Find out the things you can do to get better rates, such as keeping your coins in a safety deposit box.

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