When high worth items are involved it is essential to have insurance. Coin collections are investments and like any other good investment, they should be protected. There are now plenty of specialist insurance policies on the market designed exactly for this purpose; previously, specialist collectors were limited to just a few companies - more accustomed to working with antiques dealers - offering extortionate rates, safety deposit boxes or listing the items on your standard home contents insurance.

However, options in 2011 are now more numerous. For example, Legal and General offers what it calls an executive home insurance policy. This policy is tailored-made to meet the individual needs and requirements of a customer, allowing you to choose from a range of optional extras and ultimately, the level of cover. For those of us with high value coin collections, this kind of insurance means the difference between getting the full market value for loss or damage, rather than a sub-market value based on purchase price.

However, you should also bear in mind security and maintenance of your coins. To make insurance claims easier, keep a detailed log of your coins- no doubt this is already a habit you have got yourself into as the collection develops. Alongside the historical and material research into each item, also note the purchase price and current market value. There are plenty of online tools to help you find this out - and knowledgeable co-collectors on forums and blogs. It’s also good idea to take photos of your collection, noting anything of special importance. All this sits very nicely alongside details about the coins themselves, such as dates and colour, creating a veritable portfolio: such detailing will expediate any insurance claim you make, and protect you against fraud.

And - to point out the obvious - you can reduce the cost of your insurance through reducing the risk of theft. To do this you should lock your coins away in a concealed safe. If you cannot do this, make sure the collection is stored securely and is not left on display, especially when on holiday or out of the house. Don’t store it in underwear draws, as this is one of the first places burglars look.

It is better to insure your coin collection as a whole, although you will still need to detail all individual items. By insuring the entire collection as one entity you will be offered a greater level of cover. The problem with coins is each coin in isolation is not usually enough to qualify as a high value item, but when taken together they represent significant value. And lest we forget, as with any precious matter - it is always best to seek out specific advice from an insurance broker once you know the value of individual coins and the collection as a whole.