Insuring your coin and bank note collection

By Paige Shoemaker

The following information is provided to educate and inform. eBay™ is not liable or responsible for any type of damage or loss caused, or alleged to be caused, directly or indirectly, by the information below.

If your collection has a value over $2000, you should probably have it insured with a special rider on your homeowners insurance. Most insurance companies don't cover collections without this special rider. Don't assume your collection is covered. Check with your agent - that's your agent's job.

When insuring your collection, don't overinflate the value. This will cost you more money in insurance premiums. Always keep an updated record of your collection, and keep the record in a separate location from the collection itself. Otherwise, in a fire or theft, the record will disappear with the collection. Making a photocopy of each coin or note in your collection is an easy way to keep a record of what you have, particularly for your certified coins. You can also take photographs of your items for your records.

The American Numismatic Association (ANA) also offers collection insurance, so you may want to ensure your coins with it. In addition, you can store your collection in the bank, which will also decrease the cost of insurance.

The preceding material was written by Paige Shoemaker. These are the opinions of the author, not the opinions of eBay, and therefore eBay does not validate the accuracy of or endorse these opinions.