Coin collecting is one of the oldest hobbies in the world and is still quite popular today. It involves geography, culture, history, economics, customs, politics, arts and sciences and more. It also consists of engraving, designing, and metallurgy, which deals with heating metals to give them some desired shape or property. Collectible coins and currency are small in size but have a special high value.
Usually, very little coverage is provided by homeowner and tenant policies for property such as money and securities. There is a homeowners program that contains restrictions and insurers limit coverage to less than $300 for any loss involving money, currency, and collectible coins. Coverage is limited for coin collections and similar property because it is attractive to thieves, vulnerable to fraud, counterfeiting and destruction.
There is a lot of time and money invested into coin collecting hobbies. Collectors should seek out special protection to secure what they are passionate for. An option is available to add additional protection to a basic homeowner protection policy or purchase a separate policy.
In order to be certified coverage, a coin collector MUST meet several of the following objectives:
- ownership of property must be proved
- a reliable method must be used to establish the property’s current value
- keeping careful and current records is essential to making sure that a loss is properly covered
- maintain current inventories of collection (a written inventory is considered okay, but it could be backed up by photos or video documentation)
- keep independent verification of coin values such as guides and, when warranted, professional appraisals
Finally, collectors must be clear about their coverage. They need to be aware of the total amount of coverage provided, if the coverage is an individual piece of a single limit for whole collection, the basis of the loss settlement, and whether or not there are any special storage or notification requirements.
Remember to always keep your insurer up to date about any new additions, removals or other changes involving your coin collection. If there has been an decrease or increase in value, make sure to let your insurer know so that you coverage can be accommodated.
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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