Homeowners Insurance & Collectors

The new George Washington dollar coins are here. But is your coin collection covered by your homeowners insurance policy? Learn more on the insurance blog now.

The new George Washington coins are cranking out of the US mint and numismatists (coin collectors) are hustling to scoop them up for their coin collections. New dollar coins featuring John Adams, Thomas Jefferson and James Madison will be rolling out later this year.

Fast Facts about Coin Collections:

• More than 30 million people have a coin collection.
• Dollar coins last a lot longer than paper dollar bills, making them a favorite of bank tellers.
• I've heard that dollar coins are cheaper to make, too, costing only .25 cents on the dollar to produce.

If you have a coin collection, do you have insurance in case of a loss? The typical limit for a coin collection under a standard homeowners insurance policy ranges from only $500 to $2000 So even if you have $50,000 in personal belongings insurance, you'll can only receive the stated limit on your homeonwers insurance policy for a coin collection insurance claim.

There are options, including purchasing a personal property schedule (also called a personal property floater or personal property rider), that properly insures your precious collection of coins for it's true value in case of a loss.Have you bought the new George Washington $1 coin? Are you skilled numismatist? Or do you collect Presidential memorabilia? Or do you just like money?

Share the wealth.

Contact the writer, Lisa Nichols, to share your experiences with homeowners insurance and collections and to submit your news, ideas and tips for the insurance blog.