Is my coin collection covered by insurance?

It will be covered under your insurance but only to a certain limit. You need to determine the value of your collection. One way to do this is with an appraisal. If you exceed the automatic limit of your policy then you can buy more coverage - this is known as a floater. It floats on top of the limits and exclusions of your policy.

This floater will increase the amount the insurance company will pay out in a claim. Often the deductible disappears or is a minimal amount. When a claim is made some companies will not take away the claims free discount.

A coin collection is quite easily disposed of and a sure target of thieves. Other items in your home that you might consider adding special insurance coverage to might include fine arts, bicycles, jewellery, computers, cameras, sports equipment, or stamp collections.

All insurance policies have limits and exclusions. You need to consider what is important to you and how to protect it from loss. You can put some objects into a safe deposit box or install a safe in your home. You can reduce the chance of loss by installing an alarm system. Such an alarm could warn of water damage, an intruder or the start of a fire.

It is important to remember that you have 60 days to file your proof of loss. This needs to list all the items lost or damaged and the replacement cost for each item. Documentation is an important resource at a time of great stress. Do consider doing an inventory of your contents.