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PRECIOUS METALS INSURANCE
If you invest in gold and silver and store it yourself, you’ll want to protect that investment. A standard homeowners insurance policy likely won’t suffice. There’s typically a $200 limit of coverage for gold and silver bars or coins. That amount is nowhere near the current value of gold, which reached near-record highs at $2,000 an ounce in 2022. Here’s how to get the right insurance for gold and silver. Insurance for Gold and Silver Stored at Home While many homeowners insurance companies give you the option to buy extra coverage, you still might fall short. For example, the Insurance Information Institute says you might be able to bump up the per-piece coverage limit to $2,000 and the overall limit in the precious metals category to $5,000. Another option is purchasing what’s known as a floater policy. A floater covers any kind of loss, even one that a homeowners policy won’t cover, such as misplacing a valuable silver coin. Any items that fall under a floater must be professionally appraised. This will give you broader coverage and a higher coverage limit. We can help design a precious metals policy that works best for you. Reach out to get started!
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Note: Actual policies must be consulted for specific terms and conditions.