Insurance for precious metals - is it worth it?
Does anyone insure their stack separately? My home insurance has a limit and I'm now well over it. Looking at specialist policies but the premiums seem steep.
Discussion
- My home insurance covers precious metals up to 2000 pounds as standard. After that you need specialist cover. I went with a separate policy through a broker who specialises in collectibles and precious metals. Costs me about 150 a year for 15k of cover which I think is reasonable.
- Separate policies for physical gold have always struck me as a bit... missing the point. Isn't the whole appeal of Sovereigns or Britannias that they're your own, tangible asset, discreetly held? For me, that's their real security, not a policy. Focus on good, solid storage, I'd say.
- See, this is precisely why I prefer proper vaulted storage. Your home limits are always too low, and paying separate specialist premiums on top of that just feels like a waste. Most reputable vaults include insurance as standard, which simplifies things massively and offers far better security.
- Initially, I scoffed at insuring my stack, seeing it purely as metal weight. But as my collection of graded coins grew, with premiums far exceeding melt value, I realised the real loss wouldn't just be the gold or silver. It's worth protecting that numismatic worth.