Insurance at home.

[Beachbum]

On 15/11/2022 at 02:17, GoldDiggerDave said:

 

I've often joked a top quality safe for silver is likely to cost more than the silver you can store inside it.  It's better to stack saves than silver 🤣🤣

Definitely check into a good used safe.  There are plenty out there.  You can get a huge discount buying used.  Nothing goes wrong with a safe.  Get a really hefty one if you can put it on a slab, and can move it in from ground level.  You’d be surprised at how easy it is to move an extremely heavy safe with a few 1” pipes to roll it on.  

Edited December 28, 2022 by Beachbum

[ZRPMs]

Insurance, It's a double edged sword with razors in the handle. 

If you have it and never use it. It always seems a waste. Then, when you have it you always try to get the cheapest deal to make it cost effective. This however usually has the most clauses and is less likely to pay out when needed. That is, assuming, you can get cover for your stack/ collection. As the stack grows you have to inform them. Usually followed by a premium increase. You should never use a local broker ( not really a problem nowadays ).

I remember a time when I used to collect rent from the BTL's and was working getting paid in cash. It could mount up before I could get it to the bank. I tried to get insured for it at home. At the time the best I could get an insurer to cover was £500, and the premiums were eye watering.

I'm not sure what the best thing to do is. A friend has several safes. some are hidden. A couple are in plain sight, These hold token amounts of his stack and documents. Whilst the hidden ones hold the bulk of his stack. His opinion is give them some thing to tackle. A decoy of sorts, If they are able to get in there's something small in there, a handful of silver ounces, a half sovereign some cash (only to the value or just over the annual insurance premium), his thought process is that this will satisfy them and they'll make off with that. The rest will hopefully be secure. He does have a good HD camera system though.

I suppose first line of security is not to tell anyone. Over the years, I have found that in most cases its best to try to self insure. By this I mean, As you require a type of insurance. For example, income protection, Stack insurance, Contents insurance, basically any insurance other than Car, Life and critical illness, Buildings and if needed Public liability. Find out what the premium would be and pay it into a separate account, preferably an interest bearing account that you can gain immediate access to should it be needed. Admittedly, first few years are risky but the fund soon builds up. Key is not to use it for anything other than your insurance pot.

 

[Bogart]

Only yesterday fitted mine. Located in an understairs cupboard, hidden by paint tins, clothes racks and other junk. Be a damned hard job to shift it if found. Secured to concrete slab by 16mm anchor bolt as per manufacturers instruction. Additionally have drilled and tapped 4 12mm holes on corner, inserted studs and

dropped into suitable holes filled with chemical resin. When we move safe will stay!

Edited December 28, 2022 by Bogart

[LawrenceChard]

On 14/11/2022 at 19:24, Chrisplym said:

You are correct. Insurance is not included and you have to take out your own. Many don’t bother.

Many or most of the traders who used Hatton Garden Safe Deposit Ltd did not have any insurance, for various reasons:

https://en.wikipedia.org/wiki/Hatton_Garden_safe_deposit_burglary

Safe deposit companies would probably need to know and have evidence of the contents before they could or would insure it.

You could look to other insurers, but they would almost certainly want similar information, and they may not know the level of the security provided by the vault.

😎

[Bogart]

I have found a company who will insure bullion as well as coins. No idea on premium yet as will take me about a week to fill in the paperwork. Me thinks I might get one of those things you see in the films when a door is opened it releases a coloured dye all over the place.

Drastic could be fun. Police looking for two luminous green men.

[ShineyMagpie]

@Bogart be curious to hear how the follow up goes.

[Petra]

Anyone buying one of those large old safes off eBay etc.?🤔

[LawrenceChard]

On 14/11/2022 at 14:23, Bogart said:

Going for grade 1 valuables to £100,000 should do me for a few months🤫

 

Can always put my cocaine in there too instead of the biscuit tin.

You could use a Coke tin!

😎

[LawrenceChard]

On 14/11/2022 at 20:59, HerefordBullyun said:

These work quite well.....

What is it exactly?

😎

[Bogart]

1 minute ago, LawrenceChard said:

You could use a Coke tin!

😎

Not lockable.

[LawrenceChard]

On 14/11/2022 at 12:04, Bogart said:

Becoming frustrated by various insurers who waffle a lot when I try to get a premium for insuring  my coins at home. Have told them I will buy a eurograde 1 safe. To get a value out of them is like blood out of a stone. Some will not quote until I photo every item including a receipt, very handy for purchases done on here!

I am sure some see the risk as too great, well why advertise your services?

So does anybody here have seperate home insurance for their coins? and if so can I ask who with?

It would be interesting to hear what percentage premiums people get quoted.

😎

[Bogart]

I jhave been quoted around £135 to insure approx £35K worth of coins. This is from an outfit who will not insure bullion.

[James32]

1 minute ago, Bogart said:

I jhave been quoted around £135 to insure approx £35K worth of coins. This is from an outfit who will not insure bullion.

Per month or year?

[LawrenceChard]

36 minutes ago, Bogart said:

I jhave been quoted around £135 to insure approx £35K worth of coins. This is from an outfit who will not insure bullion.

That surprised me by being so low, at about 0.39%.

In the past, I used to hear of people being quoted around 2%, but sometimes as low as around 1%.

To put that into further perspective, one UK bullion source charges 1% + VAT for their storage, which I think is limited solely to bullion you buy from them.

Ours is 0.5% + VAT on gold, 0.6% + VAT on silver. All our prices include insurance.

Before we moved to Harrowside and installed not one but two strongrooms in our "bunker", our typical stock insurance cost about 1% per annum.

😎

[Bogart]

1 hour ago, James32 said:

Per month or year?

A year.

[James32]

Just now, Bogart said:

A year.

That's pretty spectacular in my mind. I was expecting per month tbh.

[Rains]

Meh find the two of most aggressive dogs you can buy and put the  box behide them release the hounds🤪

[James32]

8 minutes ago, Rains said:

Meh find the two of most aggressive dogs you can buy and put the  box behide them release the hounds🤪

What if they pee up against it? Ewe

[LawrenceChard]

18 minutes ago, James32 said:

What if they pee up against it? Ewe

... or worse?

😎

[Britannia47]

6 hours ago, LawrenceChard said:

What is it exactly?

😎

It’s an anti-personnel mine named after a large medieval Scottish sword! …..💥

[MonkeysUncle]

31 minutes ago, Britannia47 said:

It’s an anti-personnel mine named after a large medieval Scottish sword! …..💥

Aye, the claymore. 

They have a friendly side and a side that you really don't want to be on...

[Tortoise]

9 hours ago, LawrenceChard said:

That surprised me by being so low, at about 0.39%.

In the past, I used to hear of people being quoted around 2%, but sometimes as low as around 1%.

To put that into further perspective, one UK bullion source charges 1% + VAT for their storage, which I think is limited solely to bullion you buy from them.

Ours is 0.5% + VAT on gold, 0.6% + VAT on silver. All our prices include insurance.

Before we moved to Harrowside and installed not one but two strongrooms in our "bunker", our typical stock insurance cost about 1% per annum.

😎

Hi @LawrenceChard,

I did spend a lot of time reading and thinking about your 0.5% + VAT storage option, it had some attractions. 

However, once yet get over £31,000 of gold, it stops being cost effective, as you can get a secure safe deposit box for £185 near me.

I know that amount is a bit rich for some people, but if you are buying  a gold Brit or two and a sovereign per year, it doesn't take too many years to get there.  Do you have any plans to cap the annual fee you charge?  It would make your proposition more attractive.

[CANV]

When I moved into my current house the owners proudest moment was lifting a floorboard and snowing me his cemented in under floor safe ..

about the size of a decent deep  flower pot..   properly made from serious steel.   I will be incorporating it into the house rebuild 

[LawrenceChard]

2 hours ago, Tortoise said:

Hi @LawrenceChard,

I did spend a lot of time reading and thinking about your 0.5% + VAT storage option, it had some attractions. 

However, once yet get over £31,000 of gold, it stops being cost effective, as you can get a secure safe deposit box for £185 near me.

I know that amount is a bit rich for some people, but if you are buying  a gold Brit or two and a sovereign per year, it doesn't take too many years to get there.  Do you have any plans to cap the annual fee you charge?  It would make your proposition more attractive.

I am not trying to persuade anyone to use our storage, simply using our example to give perspective to the cost of insurance.

Does your safe deposit box include insurance?, and if so up to what value? 

Our storage includes insurance, which makes it very competitive compared with any other rates I have seen.

If you work out all the factors, I feel certain you will agree with me.

I think you would find our storage becomes even more cost effective at higher values.

We certainly have no intentions of putting a cap on our storage fees.

If we do place any cap, it is more likely to be on the total amount of storage we provide, because our facilities may become full within a few years at this rate. We are already debating whether and how we could cost effectively add another strongroom on our site.

Our overseas storage is less of a problem regarding volume and value limits.

😎

[Cornishfarmer]

I haven’t read all the thread but how does 1% compare to other valuables insurance? Eg watches, jewellery, train sets, Lego?      Would it be standard, more or less?