What do you need to have, hate to buy, don’t want to use, but are glad you have it when you need it? No, not an umbrella…insurance! This post is not an in depth study of insurance practices and coin collecting, but it is a quick reminder to check your policy. Here are some things to check up on.
- Do I have coverage for my coins
- What do I need for evidence in case of loss
- What are my deductibles
Many homeowner and renter policies have some type of coverage for coins or jewelry. That coverage, however, is often very limited in nature. Depending on your coverage it may be $500-$2000. This may cover your needs, if not you may need a special rider on your policy. A rider is additional insurance for items not normally covered.
The next thing to look into is what type of proof of value you need to get to the insurance company. They will need to know what you have and what it is worth. But they will want evidence of value. Some ask for receipts. Others will want an appraisal. Others may ask to physically see what you have.
One more important thing to know is what your deductible is. The deductible is an upfront charge from the insurance company when a claim is made. You pay the deductible to the insurance company and then they settle the rest of the claim. (This is to stop people from filing claims willy nilly). Here is a tricky thing for you to look into, make sure your deductible is the same no matter what type of claim it is. Many policies will have a different deductible for an act of nature versus a burglary. So look at your fine print and ask your agent if there are different deductibles on your policies. You may think you have a $500 deductible, and then when you have a theft find out it is $1500!
Those are some quick pointers that will hopefully help you be prepared. Here’s to making our insurance agents rich and to hoping we never have to make a claim!