Whether you inherited it all from a grandparent or built it up piece by piece over the years, your coin collection is an asset worth protecting. However, to properly safeguard it, it may be wise to get a coin appraisal and purchase a specialized insurance policy. Here is a closer look at how existing coverage might apply to your collection and when supplemental protection is the right choice.

Is Homeowners Insurance Enough for a Coin Collection?

A homeowners policy is designed to protect the structure you live in and the possessions you keep inside it. Therefore, you might assume that the coin collection in your safe or desk falls under that coverage domain. However, every policy is different. You can find out for certain by contacting your insurance provider and asking them if collectible coins are covered under your homeowners insurance. 

While they might be automatically covered, most providers set value limits for these kinds of items. For example, you might have $1,000 in coverage for collectibles built into your policy. If your collection exceeds this value, homeowners insurance alone will not be enough.

What Are Separate Coin Policies?

In this case, it is wise to look into securing a separate coin insurance policy. This supplemental coverage will be customized to meet your needs or the value of your specific rare coin collection. 

However, before you can find the right policy, you will need to have the set assessed by a coin appraisal expert. They will know how each coin’s production, demand, and history will affect its value, so you can get an accurate representation of the collection's value. You can then take this assessment to your coin insurance provider to secure a policy for peace of mind.

To schedule a coin appraisal for your collection, turn to Coins Plus of Cincinnati, OH. These experts have been in business since 1972, and they remain the city’s only national award-winning and Professional Numismatists Guild® dealer. One of their partners is a trusted contributor to the Red Book and Blue Book price guides, so you can trust their judgment when sizing up your own prized collection. To learn more about their offerings and services, visit the website. Call (513) 621-1996 to speak with an expert about scheduling an appraisal.