I'm new to stacking and was wondering if any of you guys insure your stack? As in part of your home insurance. Is the insurance company going to laugh at me if I ask or can you just lump it together with the jewellery that you may own? Ideas? Experience? Thanks.
Just recently had a look at this - do an online quote with SGIO. You are specifically able to add insurance for collections including stamp and coin collections. As long as you buy bullion coins rather than bars I think you should be covered (no one item can be more than 10,000 I think). The extra insurance cost was very minimal as a percentage of insurance and I think well worth it. Do your due diligence and all that.
My personal experience has been that as soon as an insurance company finds you even have a modest amount of bullion, they won't offer you any insurance at all. I have spoken to a couple of insurance companies in the past couple of years, as soon as they asked "anything additional to insure" (paraphrased question), you mention bullion, they thank you for your time, apologise, but are unable to offer you any cover (yes, any cover at all - even if you specifically mention and want to remove the bullion - the "overall risk" becomes "too great" as the bullion becomes a "big target"), and that's the end of the call. I am also referring to major insurers, who will not be named here, but they're popular, well known, household name brands.
Insurance on individually numbered items (3rd party graded+slabbed coins) will be expensive and hard to get. Insurance on bullion will be strikingly expensive or just unavailable. Bullion is a risk that almost no insurors will entertain. You might be find coverage with a Lloyds of London affiliate, but the cost will be a nightmare. You might be able to find "in-vault" coverage, but it's applicable only while the insured property is in a specified, approved bank safe deposit box or other insurance company-approved vault. The coverage isn't applicable to anything that's not in the approved, specified storage facility. It's a form of coverage that's pretty much not worth having and any safes or "vaults" you may have at home won't qualify for that kind of coverage.
I will comment on the overall subject in a moment, but I saw this & had to reply. This is absolutely false! Not sure what this posters intent is, but there must be more to the story than that. Ins carriers couldn't care less about having all that bullion in the house, they love the extra premium they would get in charging for the item(s). Now if you had a Pit bull or a Trampoline or a underground fuel tank, then they will back off. Or if you have been cancelled for claims or of you live in a pos of a home.
My intent is to relate my personal experience in this matter, what would make you think otherwise? There is no more to the story other than what I have relayed in my post, 2 years ago, I called a couple of insurance companies looking for contents insurance, and literally experienced what I wrote. Why would you suggest I have some other intent? Why would you suggest there is more to the story other than that I have related here? To ensure I address your other allegations, I have held contents insurance for nearly 20 years, with absolutely zero claims, and I'd like to think I don't live "in a pos home", I don't own a pit bull, and I don't own a trampoline (though why these last two items would impact your contents insurance, I have no idea - public liability, maybe). Have you personally called an insurance company asking for content insurance and let them know you have bullion on site? If you have, I'd be quite genuinely interested in your findings and experience - the rest of your post makes indicated that insurance companies would love it, but it doesn't actually state that you have such cover, or have requested such cover and confirmed in so doing that it was no issue to provide. As a final note, I see you're in the United States, and it may be that insurance companies there take a different view on this topic than insurance companies here in Australia - I wonder whether you considered that before using your first post on these forums to pass veiled hints as to your impressions of my integrity and living conditions? A hint for you if I may - you may find your time on these forums a little more plesant if you refrain from calling people out in this sort of fashion before establishing some cameraderie with the community here. On that note, though, welcome to Silver Stackers!
Insuring your bullion through your insurance co. is possible. There are limits & you will need to check with your agent on what those limits are, (they can be pretty low). You can "schedule" items for a certain amount (around 15 to 20 $ per thousand), & that's all you would get in case of a loss. However it's "all risk" coverage which is the best you can get. Example; You buy 100 oz at 20.00 & schedule it for $2,000.00, then sometime down the road silver goes up to 30.00 ($3,000) & you have a loss. You will get$2,000! I am not familiar with the above example, but this may be the way to go.
I back up what Elemental has said. I am currently insured with GIO contents insurance and for around $4 a month they will insure up to $25 000 per bullion item as long as it is specified. They are the best I have come across. Wish they would insure for more though
I think when you put in a claim what proof will you have? I would probably say they would want a proof of purchase...
