Yaffe says the safest option for storing investment-grade gold and silver is an authorized depository or vault. You might be able to cover these metals through an optional add-on to your homeowners insurance known as a scheduled personal property endorsement. Therefore, Stevens advises, if you decide to stash your gold and silver in a safe deposit box, you’d want to buy your own insurance. Banks generally don’t insure those contents, either. (FDIC) doesn’t insure the contents of a safe deposit box. However, keep in mind that the Federal Deposit Insurance Corp. Rather than storing your gold or silver at home, Charles Stevens, chief operating officer of Bullion Box Subscriptions, a monthly subscription service for buying bars and coins, recommends putting it in a safe deposit box at a bank. Whatever at-home storage method you go with, resist the urge to bury your treasure in the backyard, squirrel it away in the attic or hide it under your mattress. If you do go ahead with storing gold and silver at home, consider stashing them in a safe that’s made to protect precious metals. No matter how many guns you own or other protection you have, there’s always a risk of theft if you store gold and silver in your home,” says Joe Yaffe, co-owner of Gainesville Coins, a precious metals dealer in Florida. “Insurance for your metals is a must with home storage. This will give you broader coverage and a higher coverage limit.
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Any items that fall under a floater must be professionally appraised. A floater covers any kind of loss, even one that a homeowners policy won’t cover, such as misplacing a valuable silver coin. 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.Īnother option is purchasing what’s known as a floater policy. While many homeowners insurance companies give you the option to buy extra coverage, you still might fall short. Insurance for Gold and Silver Stored at Home