A standard homeowners policy usually covers only a small amount of bullion and coins: many policies built on common industry forms cap money, bullion, gold, silver and coins at about $200 in total, and some carriers go up to roughly $1,000. To insure a meaningful amount of gold or silver you normally need a scheduled endorsement, a separate valuables policy, or professional vault storage that includes insurance. The contents of a bank safe deposit box are not insured by the FDIC.
Why your homeowners policy is probably not enough
Open your policy and find the section usually called Special Limits of Liability under personal property (Coverage C). This is where insurers cap specific categories. Bullion, coins and gold or silver that is not household goldware or silverware are typically lumped together with cash. Jewelry often has its own separate theft limit, commonly around $1,500, but bullion bars and bullion coins are not jewelry.
A quick example: a single 1 oz American Gold Eagle is worth several thousand dollars at today’s prices (see live gold prices). A tube of 20 American Silver Eagles is also worth far more than a $200 limit. If either were stolen, a policy with the standard sublimit would pay no more than that small cap.
- Check the exact sublimit for money, bullion and coins in your own policy.
- Check whether the limit applies to theft only or to all causes of loss.
- Check whether property away from home (for example in a bank box) is covered, and at what percentage.
Your options for metal kept at home
There are three common routes. They differ in cost, paperwork and how a claim is valued.
| Option | How it works | What to check |
|---|---|---|
| Scheduled personal property endorsement | Each item or lot is listed with a value and insured above the normal sublimit | Valuation basis, whether the deductible applies, how often you must update values |
| Raised special limit | Some insurers let you increase the bullion and coin sublimit for an extra premium | Maximum available limit, safe or alarm conditions |
| Separate valuables or collectibles policy | A specialist insurer covers coins, bullion or collections on their own policy | Exclusions, storage conditions, claims process |
Because metal prices move every day, ask how a claim would be valued. Some schedules pay an agreed amount; others pay market value at the time of loss up to the scheduled amount. If gold rises sharply, an old schedule can leave you underinsured. If it falls, you may be paying for cover you no longer need. Compare your schedule with the gold calculator at least once a year.
What insurers usually ask for
Underwriters want to know that the metal exists, what it is worth and how well it is protected. Expect questions like these:
- An inventory listing each product, weight, purity and quantity, with photos.
- Purchase invoices from the dealer, or an appraisal for inherited pieces.
- Serial numbers of larger bars, where the bar carries one.
- A safe that is bolted to the floor or wall, and sometimes a minimum safe rating.
- A monitored burglar alarm for higher amounts.
- Who knows that you keep metal at home. Discretion lowers risk.
Keep a copy of the inventory and invoices outside the house, for example in secure cloud storage. Without them a claim is much harder to prove.
Bank safe deposit boxes
A safe deposit box feels secure, but it is not insurance. The FDIC states that safe deposit boxes and their contents are not covered by deposit insurance. Banks generally do not insure the contents either, and the box rental agreement usually limits the bank’s liability.
If you use a bank box, ask your homeowners insurer whether property in a bank vault can be added to your schedule. Some insurers charge less for items kept in a bank vault because the theft risk is lower. Also keep in mind that you can only reach the box during banking hours.
Professional vault storage
Many bullion dealers and independent depositories offer storage. Some programs keep your bars and coins separate in your name, while others pool metal. Read the terms carefully before you commit.
- Allocated or segregated storage: specific items are held for you and should remain your property.
- Unallocated or pooled storage: you own a claim on metal, not specific bars, which adds counterparty risk.
- Insurance: ask who the insurer is, what the policy covers, and whether cover equals the full value of all metal in the vault.
- Audits: look for regular independent audits and statements that list your holdings.
- Costs: storage is usually charged as a small yearly percentage of value, sometimes with a minimum fee.
Dealers such as those listed on our US bullion dealers page differ in what they offer, so compare terms line by line rather than by headline fee.
Checklist before you rely on any cover
- Write down the total value of your metal and compare it with every limit that applies.
- Get the endorsement or policy terms in writing before you need them.
- Update the schedule after large purchases or big price moves.
- Keep proof of ownership outside the place where the metal is stored.
- After a loss, file a police report quickly and notify the insurer in the time the policy requires.
Bottom line
Standard homeowners cover for bullion and coins is usually small. Larger holdings at home are typically covered through a scheduled endorsement or a separate valuables policy, often with conditions on safes and alarms. Bank boxes are not FDIC-insured, and vault storage is only as good as its ownership terms and insurance.
Sources: FDIC – Understanding deposit insurance · NAIC – Home insurance · United States Mint
This is general information, not tax or investment advice.
Frequently asked questions
Does homeowners insurance cover gold bullion?
Usually only up to a small special limit. Many policies cap money, bullion and coins together at around $200, and some carriers allow up to about $1,000. Larger amounts normally need a scheduled endorsement or a separate policy.
Are safe deposit boxes insured by the FDIC?
No. The FDIC lists safe deposit boxes and their contents among the things deposit insurance does not cover. Banks generally do not insure the contents either, so owners arrange cover through their own insurer.
Is gold stored with a dealer insured?
Most professional storage programs carry insurance, but terms differ. Check who the insurer is, whether cover equals the full value held, and whether your metal is allocated in your name.
How often should I update the value of insured gold?
Many owners review it at least once a year and after large price moves or purchases, because a schedule set at old prices can leave the metal underinsured.
