AnchorWatch and Coincover are the two leading Bitcoin insurance options for self-custody holders. Compare coverage limits, what's covered, underwriters, and which is right for your situation.
If you hold your own Bitcoin keys, you take on personal responsibility for security. When something goes wrong — a hardware failure, a theft, a disaster — there's no Coinbase to call. No FDIC. No recourse.
Two products specifically address this gap: AnchorWatch and Coincover. Both offer Bitcoin insurance for self-custody holders, but they take very different approaches. Here's how they compare.
| AnchorWatch | Coincover | |
|---|---|---|
| Max coverage | Up to $2.5M | Up to £1M (~$1.25M) |
| Custody type | Multisig wallet required | Works with various setups |
| Loss events covered | Theft, key loss, natural disaster | Theft, loss, exchange failure |
| Underwriter | Lloyd's of London | Lloyd's of London |
| Market | US-focused | International (UK-focused) |
| Approach | Insurance-native custody setup | Insurance wrapper on existing custody |
| Target user | High-net-worth self-custodians | Exchange and self-custody users |
| Pricing | Variable (based on coverage) | Tiered plans |
AnchorWatch takes a different approach than most Bitcoin insurance: instead of insuring your existing custody setup, they provide a specific insured multisig custody structure designed to make coverage possible.
How it works:
AnchorWatch uses a company-specific multisig wallet structure where:
What's covered:
What's NOT covered:
The coverage limit: AnchorWatch's $2.5M maximum is the highest available from any self-custody-focused Bitcoin insurer. For large holders, this is a meaningful ceiling — roughly 25 BTC at $100,000/BTC.
The philosophy: AnchorWatch was founded specifically to solve the "uninsurable Bitcoin" problem. Traditional insurance companies don't understand Bitcoin custody well enough to underwrite it. AnchorWatch built their product from the ground up with Bitcoin's specific custody model in mind.
Best for: High-net-worth US Bitcoin holders (above $500,000 in BTC) who want the highest coverage limits and are comfortable building their custody setup around AnchorWatch's specific multisig structure.
Pros:
Cons:
Coincover takes a more flexible approach. Rather than requiring a specific custody structure, Coincover provides an insurance wrapper that works with various wallet setups and even exchange-held Bitcoin.
What Coincover covers:
Coincover's recovery service: Beyond insurance, Coincover also offers a key recovery service — a backup mechanism where Coincover holds an encrypted copy of your recovery information. If you lose access to your wallet, Coincover can help you recover it (subject to identity verification). This is fundamentally different from insurance — it's a technical backup service.
Who uses Coincover:
Coverage limits: Up to £1,000,000 (~$1.25M) — lower than AnchorWatch's ceiling but substantial for most retail holders.
Geographic reach: Coincover is a UK-based company with international coverage, making it more accessible to European and international Bitcoin holders.
Best for: International Bitcoin holders, those who want flexible coverage across multiple custody types, or users who want both insurance AND a key recovery backup service.
Pros:
Cons:
Evertas is the leading institutional Bitcoin insurance provider, underwriting coverage for exchanges, custodians, and mining operations. Their coverage is not designed for individual retail holders but is worth knowing about for institutional context.
Nexus Mutual is a decentralized insurance protocol that offers coverage for smart contract failures and, with some products, exchange hacks. Not traditional insurance (it's mutual coverage), but relevant for DeFi users.
Most reputable Bitcoin insurance policies are ultimately underwritten by Lloyd's of London syndicates — they've been the most willing traditional insurance market to underwrite digital asset risk. AnchorWatch, Coincover, and most institutional policies ultimately trace back to Lloyd's syndicate capacity.
Meanwhile offers life insurance denominated in Bitcoin — a completely different product. You pay premiums in BTC and receive a BTC-denominated death benefit. For Bitcoiners who want insurance exposure that maintains Bitcoin-denominated value, Meanwhile fills a unique niche.
Understanding exclusions is as important as understanding coverage:
Universally excluded:
Often excluded:
Before buying any Bitcoin insurance, ask whether it's the right tool for your risk:
You probably need insurance if:
You might not need insurance if:
The case for proper security over insurance: Well-implemented Bitcoin security (hardware wallet + geographic seed distribution + multisig) reduces the probability of loss to near-zero. Insurance addresses residual risk. Fix the security first, then insure the residual.
When evaluating any Bitcoin insurance (not just AnchorWatch and Coincover):
Choose AnchorWatch if:
Choose Coincover if:
For most serious self-custody Bitcoin holders, AnchorWatch is the stronger insurance product if you're US-based. For international holders or those wanting a simpler path to coverage, Coincover is the more accessible option.
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BitGo Bitcoin insurance review 2026: $250M commercial crime policy via Lloyd's of London for institutional custody. What's covered, limitations, and comparison to Coinbase Custody.
Evertas is the only insurance company built exclusively for cryptocurrency underwriting — staffed by former Lloyd's specialists who understand key management, custody architecture, and crypto-specific attack vectors. This 2026 review covers their products, who they serve ($5M+ institutions), and comparison to AnchorWatch and Coincover.
Coincover offers Bitcoin theft protection and key recovery insurance backed by Lloyd's of London — one of the few products designed for individual holders, not just institutions. This 2026 review covers what's covered, critical exclusions, pricing, and comparison to AnchorWatch.