Coin Insurance: A Guide for Collectors and Brokers 

Few items are more established in the collectibles industry than rare coins. With auction prices hitting nearly $19 million.  

These high valuations are because coins are uniquely valuable for both their historical significance and the materials they are made from. This makes coins particularly attractive to collectors and investors alike.  

However, it also means that coin collections face a variety of risks that require specialized insurance coverage.  

In this guide, we’ll dive into the world of coin insurance, exploring the specific coverages these valuable collectibles need, how to insure them effectively, and what collectors can expect in terms of costs. By partnering with Distinguished, you can offer your clients the peace of mind they deserve, knowing that their treasured coin collections are well protected. 

Who Needs to Insure Their Coin Collections? 

Anyone who owns valuable coins whose loss could represent a major financial setback should consider insuring their coin collections. 

Even though coins may seem far more durable than other collectibles, like fine art or musical instruments, coins still face significant exposures. The most common is theft. Coins are easily identifiable as valuable objects and their small size and portability make them an easy target for thieves. Plus, since newer coins are typically minted in large runs, they can be easier to re-sell than items that are unique, and coins of all ages can be melted down and sold for the value of their materials. 

Another risk that coin collectors must consider is having their valuable coins lost or stolen while they’re in transit. Collectors often send their coins out for grading or to be sold or traded at dealers. During this time, the coins are particularly vulnerable to loss or damage, making it crucial to have insurance coverage that extends beyond the collector’s home. 

This means that even modest collections should be properly insured to ensure their owner’s financial protection. 

How Do You Insure Valuable Coins? 

When it comes to insuring coin collections, collectors have two main options:

• Homeowner’s insurance: May be sufficient for more limited collections without frequent changes or shipments. 
• Collectibles Insurance: A great choice for anyone with a more substantial coin collection requiring underwriter expertise, frequent collection changes, or a broader collection where coins are only a subset of the covered valuables.  
• Separate from a homeowner’s policy: If a client needs to file a claim with their collectibles policy, that claim won’t affect the premiums of their homeowner’s insurance.  
• Comprehensive coverage: Many homeowner policies offer limited or no coverage for collectibles like coins. With specialized collectibles insurance, your clients will know that their collections are properly covered.  
• Transit coverage: Distinguished’s collectibles insurance policies offer transit coverage that protects coins even when they move between covered locations.  
• Expertise and connections: People working in the collectibles field understand the value of your clients’ collections, know the kinds of coverage they need, and can put your clients in contact with other industry experts should they need them.   

At the end of the day, the decision to choose a dedicated collectibles policy largely depends on the collector’s personal risk tolerance and the value of their collection. 

At Distinguished, we might suggest that a collection over $50,000 would be a good fit for a collectibles insurance policy. At this point, a significant loss event would be extremely costly, and filing a claim of this size on a homeowner’s policy could lead to substantial increases in premiums. 

What Does Distinguished’s Collectibles Insurance Cover? 

Distinguished covers coin collections under a specialized Private Collections program. This program offers coverage for a wide variety of valuables your clients collect, including not only coins (numismatics), but also fine art, sculpture, antiques, and even items like comic books and sports memorabilia. Please see our website for a full list of collectible categories. 

With Distinguished’s collectibles program, your client’s collection will be covered even in the event of: 

• Damage in transit: Our policy covers any damage that occurs during transit, ensuring your client’s collection remains protected even when it’s on the move to and from covered locations. 
• Accidental damage: Accidents happen, and coins can be easily damaged by mishandling or improper storage. Our policy covers accidental damage, so your clients can have peace of mind knowing their collection is protected. 
• Natural disaster: Covers damage caused by floods, fires, and other natural disasters that could destroy a collection. 
• Theft in transit: Due to their high value and portability, coins are a prime target for thieves. If a coin is stolen while being shipped, our policy will cover the loss. 
• Theft from your home: Even if your client’s collection is stored securely at home, there’s always a risk of theft. Our policy covers theft from the home, providing an extra layer of protection for your client’s valuable coins. 

What Are the Benefits of Distinguished’s Collectibles Insurance? 

At Distinguished, we are passionate about collectibles and understand their unique historical value and significance for your clients. We recognize that coins, in particular, require special protections to preserve their condition and maintain their worth.  

When you partner with Distinguished for your coin collector clients, you’ll benefit from this expertise and passion, plus you’ll also get: 

• Flexible deductibles and payment options: Our experienced underwriters will work with you to create a policy that meets your client’s specific needs and budget. 
• Coverage for newly acquired items: Our policy automatically covers newly acquired coins up to 25% of the policy limit, ensuring your clients are protected from the moment they make a purchase. 
• Transit coverage: Our comprehensive transit coverage ensures that your client’s coins are protected during their journey, whether between covered locations or to and from a third party. 
• Flexible valuation options: We offer the flexibility to value your client’s collection at either an agreed value for scheduled items or market value for unscheduled or blanket policies. 
• Blanket or scheduled policies: Depending on your client’s preferences and the nature of their collection, we can provide coverage based on a detailed schedule of coins or offer blanket coverage with a maximum per-item value. 
• Access to key restorers: We have a network of trusted restorers who can assist in the rare event that a coin needs repairs. 

How Much Does Collectibles Insurance Cost? 

The cost of collectibles insurance, including coverage for coin collections, depends on a variety of factors unique to each client’s situation. At Distinguished, our underwriters carefully evaluate several key aspects to determine the appropriate premium for each policy. These factors include: 

• Total value of collection: The overall value of the coin collection being insured plays a significant role in determining the cost of the policy. While premiums do increase as limits go up, rates tend to come down as limits rise. 
• Type of protections in place: Clients who have invested in robust security measures, such as safes and centrally monitored alarm systems, may be eligible for more favorable rates. 
• Location of property: The geographical location of the coin collection can impact the cost of insurance, particularly if the area is prone to natural disasters like hurricanes, earthquakes, or wildfires. 
• Deductible selected: As with most insurance policies, the deductible amount chosen by the client will affect the premiums. 

In addition to these factors, our underwriters will also consider the dispersion of the collection’s value (whether the majority of the value is concentrated in a few rare coins or spread out among many items), the client’s claims history, and the frequency and methods of transporting the collection. 

If you have any further questions about the cost of collectibles insurance or would like to receive a quote for your client’s coin collection, please reach out to our team. 

Register Today With Distinguished 

If you’re interested in providing your coin collector clients with the comprehensive coverage their collections need, we invite you to partner with Distinguished today. Getting started is a simple 5-minute registration process. 

Once you have your login information, fill in and submit an application form to one of our underwriters or to our submission box, Submitfac@distinguished.com. For insurance for a rare coin collection, make sure to include: 

• A completed application form 
• A detailed schedule of the covered property 
• Any available appraisals and invoices 
• A description of how your client’s coins are cared for and protected from theft and damage 

Once you’ve submitted your application and supporting documentation, our team will get you a quote as soon as possible. 

If you have any questions about our collectibles insurance program or the submission process, please contact our support team. You can also find more detailed information about this program on our Private Collection Insurance program page. 

It’s important to note that coins are not the only kinds of collectibles Distinguished will insure. We are also open to insuring collections that consist of: 

• Wine 
• Comics 
• Video games 
• Sports memorabilia 
• Musical instruments 
• Handbags and luxury clothing 
• Antique furniture 
• Fine art 

Don’t see something your client collects? No worries — this list is not exhaustive. Just reach out to us, and we’ll be happy to see whether our collectibles program would be suitable for your client’s needs.  

Coin Collection Insurance FAQs 

Will this policy cover coins while being shipped? 

Yes, your client’s coins will be covered worldwide. 

Will this policy cover items stored in a safe deposit box? 

Yes, coverage will still be in place if the coins are kept in a safety deposit box. 

Does this policy extend to antique coins as well as modern coins? 

Yes, we will cover collectible coins of any era as long as they are rare or have historical value. 

Does this policy cover bullion or paper currency? 

No, we only cover coins with a historical and collectible value. We do not cover bullion or paper currency. 

What documentation should I keep on file for my new purchase or to maintain my collection information? 

You should always keep: 

• Purchase invoice or receipt, including item description  
• Photos 
• Appraisals 
• Any list, schedule, or inventory of your complete collection 

How can I find an appraiser for something I inherited?  

To find an appraiser, you should look at the AAA, ASA, or ISA databases. Otherwise, you can approach a local antique coin dealer to get a recommendation for a local appraiser through them. 

When evaluating whether an appraiser is trustworthy, check to make sure they have a USPAP certification. 

What do I do if my coins are damaged or go missing? 

Contact your broker to initiate the claims process as soon as you detect possible damages. 

After this, your broker and insurance company can help direct you to restoration services that can help with immediate remediation and a long-term treatment plan. 

If your coins are missing, make sure to file a police report. 

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate, Community Associations, Surety, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

View a full list of our programs and submit business with Distinguished.

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