Renters insurance covers gold, silver, platinum, and other types of bullion. However, per the terms of most policies, bullion is considered a type of “cash.” Although renters insurance covers cash, it’s subject to a sub-limit of around $200 (a sub-limit is a cap on how much your provider will pay for those items), which means that if somebody breaks into your home and steals your $2,500 stack of silver coins, your provider will only pay out $200 for them.
Note that jewelry, silverware, and goldware aren’t classed as “bullion.” Most policies also place sub-limits on these items, but they’re often significantly higher — often around $2,500. This means that renters insurance covers your wedding ring much more comprehensively than it would cover a gold or silver coin, even if the total amount of gold or silver in both items is the same.
How can I get renters insurance to cover my gold or silver bullion?
Depending on who your insurance provider is, they might offer a renters insurance rider that will increase your policy’s limit on gold, silver, platinum, and other bullion. However, there’s no guarantee that your insurer will offer a rider that will fully cover your collection.
To fully insure your bullion, you can pay to store it in a vault for precious metals. In addition having a robust security system, virtually any precious metals vault will also have their own dedicated insurance policy to protect your collection from theft and other perils.
If you insist on storing your gold and silver in your home, you might not be able to fully insure it with renters insurance or any other type of insurance policy that you can feasibly obtain.