Insuring a coin collection in Bulgaria
Home insurance, a separate policy, a safe – what each covers, how to determine the value and which documents to keep
BulgarianCoins editorial team 3 min read
A coin collection can be worth as much as a car. Even so, most collectors have not insured theirs. Here are the options and how to prepare. This article is general information – the terms of every insurance company are different.
Does home insurance cover coins
A standard home and contents policy usually covers movable property too. For valuables – jewellery, works of art, collections – however, there is almost always a separate limit, which is small compared with the value of a serious collection. Some policies exclude collections entirely or require them to be listed.
What to do: read the general terms of your policy. Look for the words “valuables”, “collections”, “precious metals”, “cash”. Ask the insurer in writing.
The options
| Option | Advantage | Disadvantage |
|---|---|---|
| Home insurance with additional cover for valuables | easy, a single policy | the limits are often low |
| A separate policy for the collection | covers the full value | more expensive, requires an inventory and valuation |
| A bank safe deposit box | high security | the contents are usually not insured by the bank |
| A combination | the best protection | requires organisation |
The bank safe deposit box
A box at a bank protects against theft and fire at home. But the bank usually does not know what is in the box and does not insure it. Check the contract. Some insurers offer a policy for the contents of a bank safe deposit box. See Bank or home safe.
How to describe the collection
The insurer will want proof of what you own and what it is worth. Prepare:
- An inventory – coin by coin: catalogue number, year, face value, metal, condition. See How to catalogue your collection.
- Photos – of both sides of every valuable coin.
- Purchase documents – receipts, invoices, auction confirmations.
- Certificates – from the BNB, PCGS, NGC.
- A valuation – for valuable coins a written valuation by a specialist may be needed.
Keep a copy of the inventory outside the home – in the cloud or with someone close to you.
How to determine the value
For insurance, what matters is the replacement value – what it would cost to buy the same coin today. Use the market prices on the coin pages as a guide. For the most valuable coins, get a written valuation.
Update the value at least once a year. The prices of gold and of rare coins change.
Reducing the risk
- Do not talk about the collection in public or on social media.
- Do not keep everything at home. The most valuable coins – in a safe.
- An alarm system and a good door.
- Protection from fire and moisture – a fireproof safe, silica gel. See Humidity, temperature and silica gel.
- For shipments – insure every valuable parcel separately.
If damage occurs
- Notify the police (in the case of theft) and the insurer immediately.
- Hand over the inventory, the photos and the documents.
- Keep all damaged coins and packaging.
In short
If your collection is worth more than a few thousand euros, take the time to insure it. The inventory and the documents are the most important preparation – they are useful for the insurance, when selling, and for your heirs.
