Quick answer
Above that ceiling, insurers expect you to schedule the coins and bars on a personal articles floater with an appraisal or receipts, meet the underwriter’s safe and storage requirements, and pay a separate scheduled premium. Serious holders often skip home coverage entirely and use a private depository whose all-risk vault insurance covers 100 percent of stored value at Lloyd’s-market rates. This guide walks through where to find your sub-limit on your own policy, how a scheduled rider works, what documentation and safe rating underwriters ask for, and when the private vault route is the cleaner answer.
Where the sub-limit hides on your own policy
Every standard United States homeowners policy (typically an HO-3 or HO-5 form) has a schedule near the front called Section I Coverage C, Special Limits of Liability. This section carves specific categories out of the general personal property limit and caps them at a small dollar amount that applies to any single loss.
The two categories that matter for bullion holders are usually written like this on the declarations page:
- Money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinumware, coins, medals, scrip, stored value cards and smart cards. This is the line that captures raw bullion, generic rounds and bars, and most numismatic coins. The sub-limit applies to any covered peril (fire, theft, accidental damage), not just theft.
- Jewelry, watches, furs, precious and semi-precious stones. A separate sub-limit usually applies only to loss by theft. Fire and accidental damage on jewelry are typically paid up to your full Coverage C limit.
The two ceilings are separate. The bullion category is generally the more restrictive of the two, and it applies to any peril, not just theft. A house fire, a burst pipe soaking a floor safe, a burglary, all fall against the same low sub-limit.
The exact figure printed on your policy is set by your carrier and your policy edition. Ask your agent for the declarations page and read the Special Limits of Liability box directly. Do not rely on the summary a customer service line reads to you.
Personal articles floater (scheduled personal property) for bullion
If your stash exceeds the sub-limit on your declarations page (it almost certainly does for any serious holder), the excess is uninsured under the base policy. A single ten-ounce gold bar is already several times the entire bullion sub-limit on most standard homeowners policies. A tube of American Gold Eagles is more. A safe full of silver at current spot is far more.
A personal articles floater, also written as a scheduled personal property endorsement, is the standard fix. It attaches to your homeowners policy and lists each item (or each described lot) with a specific insured value. Coverage for scheduled items is broader than the base policy in several ways:
- Peril coverage is generally all-risk: theft, mysterious disappearance, fire, water, accidental damage, and drop are covered subject to the exclusions in the endorsement.
- No deductible on most scheduled property endorsements, or a very low separate deductible.
- Agreed value or replacement cost: the listed value is what the insurer pays, without depreciation, up to the endorsement limit.
- Worldwide coverage: theft or loss while traveling with the item is included, unlike the base policy which limits away-from-premises property to a percentage of the on-premises Coverage C.
Not every insurer schedules bullion or generic rounds. Some carriers will schedule numismatic coins and graded specimens (with a certification report from a recognized grading service) but decline to schedule commodity bullion by weight. The reason is the same underwriting problem as the base policy sub-limit: commodity bullion is fungible, easy to overstate, and priced against a moving spot market that a static schedule cannot track. Confirm the specific product categories your carrier will schedule before you assume the floater is available.
Documentation underwriters typically request
The scheduled-property application looks like a mortgage file. Common requests include a dated appraisal from a recognized numismatic or precious metals appraiser (updated every two to five years), original purchase receipts, photographs of each piece with serial numbers and mint marks, grading service reports for numismatic coins (Professional Coin Grading Service or Numismatic Guaranty Company slabs), assay certificates for private-mint and refinery bars, and storage documentation (safe make and model, installation location, alarm details, monitoring contract).
The value you schedule usually locks in only after the appraisal is accepted. Some carriers pay agreed value up to the scheduled figure; others pay replacement cost as of the loss date, capped at the scheduled figure. The two treatments give very different outcomes when spot has moved 30 percent between scheduling and a claim.
Safe and storage requirements underwriters impose
Above a certain value, most carriers add safe and storage warranties to the endorsement. A warranty is stricter than a recommendation: if the warranted condition is not met at the time of loss, coverage can be denied. Typical requirements include:
- Underwriters Laboratories (UL) burglary-rated safe. The two ratings most cited on scheduled-property endorsements are the RSC (Residential Security Container) as a floor and the TL-15 or TL-30 (Tool-Resistant, tested for 15 or 30 minutes) for higher scheduled values. UL publishes the actual test standards for burglary-resistant safes and vaults (UL burglary-resistant safe certification).
- Bolt-down installation. A safe that can be carried out of the house is treated as a container, not a safe. Bolting to a concrete slab or the structural framing of the building is often a written warranty.
- Fire rating separately from burglary rating. A UL Class 350 one-hour or two-hour fire rating on the safe means the interior stays below 350 degrees Fahrenheit under a standard fire test. Bullion tolerates fire much better than paper or media, so the fire spec matters less for coin and bar storage than the burglary rating.
- Central-station monitored alarm system, sometimes with specific certification (UL 681 for police-station connected systems or an equivalent industry certification).
- Restricted access disclosure: some endorsements require that only named insureds hold the combination.
The Insurance Information Institute publishes a plain-English overview of homeowners coverage that touches on scheduled personal property (Insurance Information Institute). Your state Department of Insurance publishes a consumer guide that lists the special sub-limits used in that state’s standard forms; the National Association of Insurance Commissioners maintains the directory of state departments (NAIC state insurance departments).
What a scheduled endorsement typically excludes
Even after you pay the scheduled premium, a floater usually excludes wear, tear, tarnish, and toning; inherent vice (environmental storage failure the owner should have prevented); market-value fluctuation between scheduling and claim; war, nuclear hazard, and government seizure; and undocumented in-transit loss above a threshold. Ask the underwriter for the endorsement wording before you commit, because the difference between two carriers on the same scheduled coin can be a full order of magnitude in what is actually reimbursed after a claim.
The private vault alternative
Serious bullion holders frequently skip the homeowners route entirely and store the metal in a private precious metals depository. The depository buys a Lloyd’s-market all-risk insurance policy on the entire vault and passes the cost to depositors as a fraction of storage. Insurance covers 100 percent of the market value of stored metal against theft, damage, mysterious disappearance, employee dishonesty, natural disaster, and usually fire and flood. Coverage is typically written by a syndicate at Lloyd’s of London. Storage fees run around 0.5 percent to 1.0 percent of stored value per year for retail depositors, all-in with insurance included. Two custody choices apply: allocated (segregated) storage, where specific serial-numbered bars belong only to you, and unallocated (commingled) storage, where you own a pro rata share of a fungible pool.
The economics often favor the depository once the stash reaches a level where the rider premium and the safe hardware investment start to matter. A ten-ounce gold stash may make sense at home in a UL-rated safe with a scheduled rider. A hundred-ounce silver stash or a diversified allocation with numismatic pieces often ends up cheaper and better protected at a depository. The Goldiew survey of gold IRA storage options covers the same depositories that also accept non-IRA private storage. Two of the largest publish their all-risk insurance structure openly: see the Goldiew review of Brink’s Precious Metals Services and the deep-dive on Loomis International United States.
Home rider or private vault: choosing between the two
Both routes have a legitimate use case. The right answer is a function of stash size, mix, and how often you touch the metal. Money Metals Depository in Eagle, Idaho is one option for the vault route, with published fee and insurance details.
| Factor | Home + scheduled floater | Private depository |
|---|---|---|
| Physical possession | Immediate, in your hand | Retrieval requires shipment or in-person appointment |
| Coverage ceiling | Capped by scheduled value; underwriter may decline commodity bullion | Effectively unlimited for retail holders; 100 percent of value insured |
| Documentation burden | Owner maintains appraisals, receipts, photos, safe warranty | Depository handles inventory, audit, and insurance renewal |
| Ongoing cost | Scheduled premium plus one-time safe hardware plus alarm monitoring | Annual storage fee (typically 0.5 to 1.0 percent of value, insurance included) |
| Fire, water, natural disaster | Subject to scheduled endorsement wording and safe warranty | Covered by the vault’s Lloyd’s-market policy |
| Employee dishonesty and mysterious disappearance | Owner’s household exposure; some endorsements exclude | Explicitly covered under the vault policy |
| Best fit | Small stash, active user, values immediate access | Larger stash, long-hold investor, values low administrative overhead and full insurance |
Silverware, jewelry, and mixed holdings
The bullion sub-limit is not the same as the sub-limit for jewelry or silverware. Jewelry and watches usually carry a separate theft-only sub-limit that is meaningfully higher than the bullion figure, but it only applies to theft, and it is often still far short of a real jewelry box. If your holdings mix bullion and jewelry, each category is scheduled on its own line. The Goldiew guide on jewelry insurance explained covers the jewelry side of the scheduled-property process, and the parallel Goldiew guide on homeowners insurance for bullion covers the buying side of the scheduled rider, including how carriers quote scheduled premiums by product category.
Practical checklist before the next storm or trip
- Pull the declarations page and read the Special Limits of Liability box. That figure is your true coverage today.
- Inventory the stash. Photograph each coin and bar, capture serial numbers on assay certificates and grading slabs, and file the purchase receipts.
- Choose the coverage path. Small stash: schedule the specific pieces on a personal articles floater and meet the safe warranty. Larger stash: quote a private depository against the annualized cost of the home route, including safe hardware and alarm system.
- Refresh the appraisal on the carrier’s schedule. A five-year-old appraisal on numismatic gold is often disallowed at claim time.
Frequently asked questions
Is gold bullion covered by homeowners insurance?
Yes, but only up to a small special sub-limit written into every standard United States homeowners policy under Section I Coverage C, Special Limits of Liability. The category typically reads “money, bank notes, bullion, gold other than goldware, silver other than silverware, coins” and the sub-limit applies to any covered peril, not just theft. Any value above that ceiling is uninsured under the base policy. To cover the full value, schedule the bullion on a personal articles floater with appraisals and receipts, or store the metal at a private depository whose all-risk insurance covers 100 percent of stored value.
Where do I find the bullion sub-limit on my own homeowners policy?
Read the declarations page of your policy and locate the section titled Special Limits of Liability (Section I, Coverage C). The bullion category is usually a single line covering money, bank notes, bullion, gold or silver other than ware, coins, medals, and stored value cards. The dollar figure at the end of that line is the maximum the base policy pays on any covered loss to those items.
Do junk silver, silver rounds, and generic bars fit the same sub-limit as American Eagles?
Yes. The bullion sub-limit is written broadly to cover money, bank notes, bullion, gold or silver other than ware, and coins as a single category. Ninety-percent junk silver, silver rounds, generic mint bars, and sovereign coins all fall against the same ceiling on the base policy. Scheduling the pieces individually on a personal articles floater does distinguish them, but the base policy treats them alike.
Will my insurer schedule commodity bullion, or only numismatic coins?
Insurer practice varies. Many personal-lines carriers will schedule numismatic coins with a Professional Coin Grading Service or Numismatic Guaranty Company slab and grade, but decline to schedule commodity bullion or generic bars because the value floats with spot and the piece is fungible. Others will schedule bullion at an agreed value with an appraisal refresh on a set schedule. Ask the underwriter what product categories they will schedule before you assume the floater is available for your specific stash.
Does a safe need to be UL-rated for scheduled coverage to apply?
Above a certain scheduled value, most carriers add a safe warranty to the endorsement. Common floors are a UL Residential Security Container (RSC) rating; above roughly a mid-five-figure schedule, carriers often step up to a UL Tool-Resistant TL-15 or TL-30 rating. The safe usually must be bolted to a concrete slab or structural framing. If the warranted condition is not met at the time of a loss, coverage can be denied even if the scheduled premium was paid.
Does a home fire count against the bullion sub-limit or the jewelry sub-limit?
The bullion sub-limit generally applies to any covered peril, including fire. The jewelry sub-limit typically applies only to theft; jewelry destroyed in a house fire is usually paid up to the full Coverage C limit unless a separate scheduled endorsement or rider applies. Bullion holders are the more exposed of the two on any non-theft peril because the bullion ceiling covers everything from a house fire to a burst pipe to a burglary.
What does private depository insurance cover that a home rider does not?
Depository policies are typically written at Lloyd’s of London on an all-risk basis and cover 100 percent of the market value of stored metal against theft, damage, mysterious disappearance, employee dishonesty, and (usually) natural disaster, fire, and flood. The depository handles inventory, audit, and insurance renewal. A home rider caps out at the scheduled value, still requires the owner to maintain a warranted safe and alarm, and often excludes mysterious disappearance and household employee dishonesty.
How much does private vault insurance cost as a percentage of stored value?
Retail depositories typically charge 0.5 percent to 1.0 percent of stored value per year, all-in with the vault’s all-risk insurance included. Fee schedules climb for allocated (segregated) storage, where specific serial-numbered bars belong only to the depositor, and drop for unallocated (commingled) storage. Confirm the specific rate card and the coverage carrier with each depository; the range above reflects the typical retail band, not a promise.
Are numismatic coins scheduled differently than bullion coins?
Yes. A graded numismatic coin (slabbed by Professional Coin Grading Service or Numismatic Guaranty Company) carries a certification report that pins down grade, provenance, and market comps, so the scheduled value can lock in above the melt figure. Bullion coins are typically scheduled at spot-adjusted value with a shorter refresh cycle because the price floats with the metal market.
Can I add bullion coverage in transit or while traveling?
A personal articles floater usually extends worldwide coverage on scheduled items, subject to endorsement wording. Some carriers exclude transit above a threshold unless the shipment uses registered mail with declared value or an armored carrier. Ask the underwriter about the specific transit language before you assume the schedule extends automatically.
Does a bank safe deposit box come with insurance on stored bullion?
No. Bank safe deposit boxes do not include insurance on their contents. Federal Deposit Insurance Corporation coverage applies to deposit accounts at the bank, not to the box or its contents. If you store bullion in a safe deposit box, coverage must come from your homeowners policy (subject to the base sub-limit and any off-premises limitation), a scheduled personal articles floater, or a standalone valuables policy.
Do I have to declare bullion holdings to my insurer if I stay under the sub-limit?
No. The base policy already covers the categorized items up to the special limit. The trade-off is that any loss above that ceiling is uninsured, and the ceiling applies per event, not per item. Most bullion holders exceed the sub-limit on a single American Gold Eagle, which is why the scheduled-property or depository route is the working answer for anyone with a real stash.
Sources
- Insurance Information Institute: consumer guides to homeowners insurance coverage, scheduled personal property, and personal articles floaters.
- National Association of Insurance Commissioners: directory of state insurance departments: each state’s Department of Insurance publishes a consumer guide that lists the special sub-limits used in its standard policy forms.
- Underwriters Laboratories: burglary-resistant safes and vaults certification: the test standards behind Residential Security Container, TL-15, and TL-30 ratings that carriers reference in safe warranties.
- Federal Trade Commission consumer information: general consumer protection resources on insurance, appraisals, and personal-property recordkeeping.
- Federal Deposit Insurance Corporation: safe deposit boxes: confirmation that FDIC coverage does not extend to the contents of bank safe deposit boxes.
- IRS Publication 584: casualty, disaster, and theft loss workbook (used in claim documentation).
- Goldiew: homeowners insurance for bullion (the buying side of the scheduled rider)
- Goldiew: jewelry insurance explained
- Goldiew: gold IRA storage options comparison (private depository landscape)
- Goldiew: Brink’s Precious Metals Services review
- Goldiew: Loomis International United States review
- Goldiew: transporting gold safely (domestic)