Insuring Gold

[JeanM]

We recently inherited three gold bullion coins, and we’re trying to decide whether to keep or sell them. If we keep them, we will want to insure them.

I called the agent where we have our homeowner’s insurance (one of the big name companies) to check on the cost of insurance, but they said they do not ensure gold. I then called two of the other big name firms, and they said the same.

Does anyone know of a firm that does insure gold? Maybe the rate to insure three coins will be too high, but I’d still like to check

FYI we would not transfer our homeowner’s insurance to a different company just to insure the three coins. If that is what is required, we’d just sell the coins.

[aerosurfer]

What are the coins? Sounds like you have about $7500-8k worth of gold currently at rough prices if they are 1oz coins.

Sounds like a safe or safe deposit box is a good insurance policy, otherwise what are you thinking the insurance is worth?

[Jack FFR1846]

I went down a rat hole of looking into this. The one site that gave a ball park quoted 1% of the value, so if you have 3 1oz coins, at say $2600 value per coin or $7800, your annual cost would be $78. There would likely be requirements like a specific rating safe and your location changes the cost.


https://www.moneymetals.com/news/2023/0 ... als-002814

[7eight9]

Personally, I would hide the three coins in my house and call it a day. Think out of the box. Don't put them in your sock drawer. Maybe in an A/C duct. Something creative. Thieves typically aren't going to be spending enough time in your home to do a comprehensive search for something as small and easily hidden as three gold coins. Now, if your house is getting tossed by a three letter agency you probably have bigger problems than hidden gold.

[hayhayday]

We have a ~4.8k (0.5%,min premium) personal articles for some coins policy with usaa for $24year, gives aprox $50 off in additional multi policy discounts making net cost negative.

[rk6]

Get a safe deposit box as suggested above? The annual cost would be similar to the premiums quoted by others. SD box contents are typically not insured, but having it in an SD box solves 99% of the risks you are presumably trying to insure it against (theft/fire/loss)?

[Broken Man 1999]

Get a safe deposit box as suggested above? The annual cost would be similar to the premiums quoted by others. SD box contents are typically not insured, but having it in an SD box solves 99% of the risks you are presumably trying to insure it against (theft/fire/loss)?

Works for me. You can stash a lot of gold coins in a safe deposit box. More gold coins than I have, for sure.

Broken Man 1999

[JeanM]

Just to close out this thread ...

I called several insurance companies. One would insure up to $10,000 in gold bullion, but only if your homeowner's coverage is with that firm (and the cost of their coverage was much higher than our current coverage). None of the others would insure gold.

Neither of the banks we use offers safe deposit boxes, and we decided against buying a home safe for the (nearly) sole purpose of safe-guarding 3 coins.

So rather than spend more effort on this, we decided to sell the coins, which we did thru APMEX. They were very easy to work with, and we received prompt payment.