Safe deposit box, safety and insurance for coin collection

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Although no one wants to think about it, the inevitable may happen and your precious coin collection may be lost. Follow these simple steps to maximize the protection of your coin collection.

No coin collector is willing to think about what will happen to their precious coin collection if their home is stolen or burned down. Unfortunately, reality requires us to deal with an uncertain future. Protecting your coin collection from fire and thieves is the top priority of any serious coin collector. Investing in the correct amount of insurance, safety equipment and systems, coupled with common sense, will ensure that your coin collection will be there when you need it in retirement, or that your heirs will be able to enjoy your coin collection for generations to come.

If you know where to start, buying the right safe for your coin collection can be a simple and easy process. The safe provides the necessary protection from two threats: fire and theft. The fire-resistant safe is constructed to provide maximum protection for your belongings in the event of a fire in your house. Unfortunately, they are not designed to withstand the threats that thieves may impose.

On the contrary, the anti-theft safe is designed to protect your coin collection from thieves. Most anti-theft safe models also provide a certain degree of fire protection. It is very likely that your coin collection is most likely to be threatened by thieves rather than by fire. Therefore, an anti-theft safe is your best choice.

Underwriters Laboratories (UL) is an independent organization that conducts fair testing of consumer products. According to the UL website, they rated the security of safes as follows:

The higher the security level of the safe, the more you will pay. Remember to fix your safe on the floor, because some people with mobile carts can easily unload the 1,000-pound safe and open it in their hiding place.

Finally, today’s safes have two types of locks: standard mechanical combination locks and modern electronic locks. Although modern electronic locks increase the cost of the safe by about $150, it is worth the investment because it is more difficult to choose and you can change the password yourself without calling the locksmith.

The first line of defense for security will be the home alarm system, which is monitored by the alarm service company 24 hours a day, 7 days a week. Many people have home security alarm systems, so putting the logo of a security company in front of your home is another deterrent to potential intruders. In addition, include a fire detection package in your home security system. The sooner the fire company receives the alert that your home is on fire, the sooner it will extinguish it and the safer your coins will be.

Make sure you spend the extra money on the security system using the cellular phone network, in case an attacker cuts off your cable or telephone line to disarm the security system. Some expensive and more complex safes include sensors that can be connected to your home alarm system to prevent intruders from avoiding other security sensors in your home.

The bank's safe is the ultimate protection for your most valuable coins. Although more expensive than a home safe, the annual rent will be offset to give you peace of mind. You must know that your best and most expensive coins are undergoing the ultimate protection. Interest rates vary from bank to bank, and discounts are sometimes provided for existing customers.

According to your level of coin collection, do not send coin magazines, coin newspapers, and coins themselves to your home address. Rent a post office letter box at your local post office so that your letter carrier will not know that you are a coin collector. In addition, if you leave the town and your neighbor retrieves the mail for you, they will not know that you are a coin collector.

Be careful who you tell you that you are a coin collector. Don't talk about your coin collecting hobbies with strangers. Keep coin-collecting books and materials in uncommon places at home, so that friends and visitors don’t know your coin-collecting hobbies. In addition, please do not mark your house or car as a coin collector. For example, a vanity license plate that says "ILUVCOINS" is not a good idea.

Finally, pay attention to what you post, like, and follow on social media. There is nothing secret on the Internet, these actions will be linked to your social media accounts. If you want to participate in a coin collection group on social media, please create a second account with a pseudonym for this purpose. For example, a Facebook account named "BobsCoins" will help hide your identity.

Most basic homeowners insurance policies do not cover coin collection losses due to fire or theft. To protect your coin collection from damage caused by fire or theft, additional insurance is required. There are two ways to secure your coin collection. The first is to add an additional insurance clause to your homeowner’s insurance policy. The second, usually cheaper, is to buy a separate insurance policy from a company that specializes in insurance for collectibles. Members of the American Numismatic Association (ANA) can enjoy discounted insurance rates provided by an insurance company that specializes in providing insurance for coin collections.

Finally, catalog your collection and keep detailed records and receipts of your coin purchases. Do not store your files in your safe with your collection. If the entire safe is taken away, your records will also be taken away. You will need these to file an insurance claim.

Another way to protect your records is to scan them and store them on another computer outside your home, or purchase encrypted online storage on the Internet. Instead, you can email the scanned files to your own email account and then move them to the saved folder. In this way, they will be stored in the cloud and protected from catastrophic losses.

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The safe is not very safe. They are not FDIC insurance. The bank does not provide any guarantee or real protection. We are bank employees and stole a lot of internal work from the safe. I would rather put the money in the safe of my own property. Anyone doing a quick search on YouTube will quickly realize that safes are a bad choice.

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