Insuring your watch

[liboozers]

OK TRFers I was talking to my fiance and some friends over the weekend and we were speaking about insurance for my watch and also her ring. I said I have to look at my homeowners policy to see whats covered and also if I would need additional coverage. I called my homeowners and they said they have a separate policy for Jewelry/Watches thats not part of the homeowners. Its separate so if making a claim it doesn't appear on the homeowners or pay that deductible. I just called and basically the coverage I got an estimate for which I needed appraisals or sales receipt for both the watch 116710LN and her ring she said was $416 a year with 0 deductible. Covers lost/theft/damage(with repairs at jeweler of my choice). I need an appraisal for my watch because I bought it from DavidSW so I do not have my sales receipt of normal price of the watch. So for my coverage estimate she gave me $26000 for coverage as of now.
Before I get appriasal on the watch should I get coverage on the watch for the new replacement cost $8500?
Is this a good price?
Who do you use?

[beshannon]

I have my watches and my wife's jewelry on our homeowners insurance.

Prices are based on many things, very tough to compare.

[Jimbogigolo]

I will be using jewelers mutual. It's expensive even with a deductible of $250 but that depends on the total price/amount you are insuring.The beauty of using a private company is if in any event there was a loss or claim it would not count against your home insurance policy. It really is a personal choice. A big safe at home (where burglars cannot easily lift it) may be the inexpensive alternative but that won't cover for losses when you are wearing the watch out and about.


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[liboozers]

Originally Posted by Jimbogigolo

I will be using jewelers mutual. It's expensive even with a deductible of $250 but that depends on the total price/amount you are insuring.The beauty of using a private company is if in any event there was a loss or claim it would not count against your home insurance policy. It really is a personal choice. A big safe at home (where burglars cannot easily lift it) may be the inexpensive alternative but that won't cover for losses when you are wearing the watch out and about.


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Thats kind of what I was thinking myself. Also for my policy 0 deductible is $416 a year. If I change it to the highest deductible which is $1000 for each item then it changes yearly premium to $342. So the $74 difference a year in my eyes isnt worth it for $1000 deductible in case I make a claim.

[bjr011]

Jewelers Mutual is great and very reasonable.

[Corsair66]

Originally Posted by liboozers

I need an appraisal for my watch because I bought it from DavidSW so I do not have my sales receipt of normal price of the watch.

He provided, on request, a full-value appraisal on letterhead. My homeowner's insurance accepted that document without question when issuing the rider.

[liboozers]

Originally Posted by Corsair66

He provided, on request, a full-value appraisal on letterhead. My homeowner's insurance accepted that document without question when issuing the rider.

Even better maybe I will call/email DavidSW and ask him to provide me with one so I have it and not have to worry about paying for one.

I was planning on having the appraisal and my PCL turned into BCL at LAWatchworks at the same time. SO I had a reason to be without the watch lol. There goes that idea.

[NothingToSeeHere]

State Farm just quoted me $574/year for $35,000 Jewlery coverage, and $11,000 Gun coverage, no deductible. That sounded very reasonable to me.

[Noxa]

Although not comparable as in the uk but again I add 'special' items to my home insurance policy, £35,000 of watches and rings and all for the princely sum of......... £6.74 a month! Couldn't pay quick enough. For the record the £6.74 is JUST covering the watches and jewellery as an add on.

[coolaking]

Originally Posted by Noxa

Although not comparable as in the uk but again I add 'special' items to my home insurance policy, £35,000 of watches and rings and all for the princely sum of......... £6.74 a month! Couldn't pay quick enough. For the record the £6.74 is JUST covering the watches and jewellery as an add on.

Who with?

[JnmEaton]

I will tell you as an insurance professional a separate personal articles is the best way to go. if you use your homeowners policy there are always limits that they will pay and it does affect your claims history. I get a discount on my homeowners policy for being claims free of $1155.00 per year. If I filed a claim on my watch I would have a huge deductible, a set maximum they would pay and it would cost me that $1155.00 for 3 years ($3465.00) b/c I would be claim free any longer. For $416.00 a year and have $0 deduct. that's a pretty good deal. I have $60k in scheduled jewelry and artwork for $604.00 year.

[MrInternational]

Originally Posted by JnmEaton

I will tell you as an insurance professional a separate personal articles is the best way to go. if you use your homeowners policy there are always limits that they will pay and it does affect your claims history. I get a discount on my homeowners policy for being claims free of $1155.00 per year. If I filed a claim on my watch I would have a huge deductible, a set maximum they would pay and it would cost me that $1155.00 for 3 years ($3465.00) b/c I would be claim free any longer. For $416.00 a year and have $0 deduct. that's a pretty good deal. I have $60k in scheduled jewelry and artwork for $604.00 year.

Boom! Authoritative information - great!

For what it's worth I have my DJ41 insured for 7,350 (retail price) with JM for ~$85 annually.


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[BillH2121]

I just insured watches and a ring last week with State Farm. As stated above, the personal articles rider is the way to go - my cost for $25,000 coverage, no deducible, was approx. $350 per year. Also as stated above, there are several considerations that enter into the determination of cost for the rider - whether you store items in a safe, how many hours per day the house is uninhabited, how close to a fire station, etc.

[Quailhunter]

Another factor affecting my home insurance and my separate policy on valuables is that I have a monitored alarm system. I think my valuables policy costs about 1.5% per year on the insured value. I also have the items insured at "new" replacement cost.

[JnmEaton]

i can guarantee that the points listed above are true and accurate. the SF homeowners policy HAS limits to what it will pay $1500/$2500 or $2500/$5000 and up to $10,000 for silver and gold. In Mississippi, may vary a bit by state.

[hbombkid]

I have travelers and have the separate jewelry policy so it's separate from my home insurance. I have 25k in coverage for jewelry and my watch and it's about 240 a year.