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Thread: Home insurance for gold?

  1. #1

    Default Home insurance for gold?

    Do people commonly or rarely insure their gold bullion (coin collection) which they keep at their home (with a special addition to the policy)? I ask because I'm trying to do that and I'm getting responses from insurance agents to the effect that they've never had to deal with that. Is it likely that very few people try to insure their gold holdings? I have a hard time believing that when you see all the companies selling gold on tv, etc. Thanks in advance.

  2. #2

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    Just my opinion, but I don't want anyone (including insurance companies) knowing what I have. I take other precautions to keep it safe.

  3. #3

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    Just curious what are you insuring from? Theft, fire or damage? Did you ask the agent to insure an oz total, or is everything numismatic?
    "That's not money" - Ben Bernanke

  4. #4

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    I'm pretty green on this. I first want to find out is this do-able. I thought it would be no problem but I'm not sure now. I am concerned with theft. But you're making me think...I suppose I should also inquire as to fire...but I thought that it would be treated like anything else destroyed by fire -- but maybe not. No numismatic value except in name only, in the sense that it probably needs to be classified as a "collection" to meet the insurance company's way of doing things--I think.

  5. #5

    Default Right.

    Quote Originally Posted by sam740 View Post
    Just my opinion, but I don't want anyone (including insurance companies) knowing what I have. I take other precautions to keep it safe.
    I had a summer job a million years ago at an insurance company and I saw easy access to files. Makes me think that you want to have a good feeling about the insurance company and the agent or broker you end up dealing with.

  6. #6

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    Usually when insuring anything of value, jewelry, art work, collectibles, furs, an appraisal of the value will be required by the insurance company.
    I would bet they would require the same documentation for a “coin collection”. As to just bullion I don’t know what they would require.

  7. #7

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    a friend inherited some bullion. he wanted to buy a house but keep the bullion. he wanted to use the bullion as a downpayment and the bank required a valuation from a licensed jewelry appraiser standard form for that sort of thing. he had to sign a notorized affidavid that he would not sell the bullion and keep it in a recognized bullion vault (monthly charges apply) as long as the mortgage was open.

    that is about as much info as i can offer regarding having a valuation accounting verification. i would think there may be something similar for you beginning with the valuation form from a licensed jewelry/bullion appraiser. not a common thing. keep it secret and keep it safe and difficult to access.

  8. #8
    Join Date
    May 2013
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    1,490

    Default

    Just put it in a schd 40 PVC capped tube and bury it. no better insurance than that, no outside knowledge that you even have any, and no premium.

    Ag guy
    Last edited by Ag guy; 11-30-2023 at 10:55 AM.
    live for today, admit your faults, do the right thing (even if you don't want to) & trust God!
    This life is the training of the soul for the life to come. (accept that we live in a fallen world)
    Whether you know it or not, you are a spiritual eternal being! Ag guy

  9. #9

    Default

    One of our friends buried his pm's under a layer of sand in his fish tank. Nobody would think of there to inspect

  10. #10

    Default a recognized bullion vault

    Quote Originally Posted by maxwellsilverhammer View Post
    a friend inherited some bullion. he wanted to buy a house but keep the bullion. he wanted to use the bullion as a downpayment and the bank required a valuation from a licensed jewelry appraiser standard form for that sort of thing. he had to sign a notorized affidavid that he would not sell the bullion and keep it in a recognized bullion vault (monthly charges apply) as long as the mortgage was open.

    that is about as much info as i can offer regarding having a valuation accounting verification. i would think there may be something similar for you beginning with the valuation form from a licensed jewelry/bullion appraiser. not a common thing. keep it secret and keep it safe and difficult to access.
    "a recognized bullion vault "

    I've heard of these places, but I wonder about giving custody to a third party. But on the other hand at least they do have an inherent advantage over a bank safety deposit box because in the event of the bank box being cleaned out, the bank can just say, "how do we know you had anything in there?".

    How can you trust the banks? But you do have a contractual relationship with the recognized bullion vault -- they can't say they were never given custody of the assets. So they have that advantage over the bank box, but how trustworthy are they likely to be in a big economic crisis? They just go under and all their clientele gets stiffed.

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