Do you insure your watch(es)?

[Jazzbo]

New Rolex owner here, investigating the benefits/costs associated with listing my watch individually on my homeowner's insurance. Looks like my TT GMT IIc will run me about US$65/year to add to the policy.

Any thoughts from all of you?

[kcmo]

Do it, it's peace of mind! Both of my Rolexes are insured and it makes me feel a lot better when I wear them.

[BigHat]

Review your coverage. I needed to get a personal property policy but you should do what you need to get covered.

[JAD3703]

Yes, for sure. Never needed to use it (knock on wood), but it's peace-of-mind. I needed a personal jewellery insurance policy rider on top of my house policy.

James

[kcmo]

Should have mentioned that I have a separate personal articles policy for just my watches and my wedding rings...aside from my homeowners policy.

[watchlady]

I've been looking into it and I'm going to be getting a policy from http://www.jewelersmutual.com/
My collection is big enough that I want to separate it from our general homeowners policy. You can do an estimate online, I called today as it wasn't clear online how the deductible affected the price but I found it's discount of 7% for $100, 10% for $250 and 14% for $500 deductible. I have to take my watches in for an appraisal at a local jeweler then send the paperwork off to them later this week.

[watchnut]

Mine are listed separately on an Inland marine policy with my homeowners. Runs about $10-$11 per thousand. I'm paying more for jewelery than for my house. Could my priorities be a bit skewed?

[FlyingMoose]

Safe deposit boxes are pretty cheap... xD

[BigHat]

Originally Posted by FlyingMoose

Safe deposit boxes are pretty cheap... xD

Especially if you want to own vs. wear the watches.

[watchlady]

I couldn't imagine going to a bank to get a watch out.

Originally Posted by FlyingMoose

Safe deposit boxes are pretty cheap... xD

[DS/B MINI S]

Originally Posted by watchlady

I couldn't imagine going to a bank to get a watch out.

It's not too bad if you rotate them out once a month

[waltk1026]

A safe deposit box?! How would that do any good if your watch accidently came off and you lost it or if you got mugged.

[BigHat]

Originally Posted by DS/B MINI S

It's not too bad if you rotate them out once a month

Safety deposit boxes are for wills, deeds and stock certs. Unless the watches in question were investment grade, buying them and putting them in a safety deposit box is a dumb idea to me. I buy watches to wear and enjoy.

It costs about $70 bucks to insure a $10K watch and you can wear it whenever you feel like it. Most importantly, unless you plan to never take it out of the bank you still face perils such as robbery or smashing it on the sidewalk if you fall and your cheap safety deposit box won't mean jack when that happens.

[steel4me]

i agree but for all of you who have it insured, what are the conditions/sti[ulations attached?

1) Are you covered under robbery? if yes, home robbery? or robbery outside home? what about carjacking? What if there is not police report? what if it is our fault?

2) What about general loss??? someone just steals it from your office when you are not watching?

Have you guys read the fine print??? It is pretty easy to get insurance but very very hard to get paid by them ... they are no fools ......

[BigHat]

Originally Posted by steel4me

i agree but for all of you who have it insured, what are the conditions/sti[ulations attached?

1) Are you covered under robbery? if yes, home robbery? or robbery outside home? what about carjacking? What if there is not police report? what if it is our fault?

2) What about general loss??? someone just steals it from your office when you are not watching?

Have you guys read the fine print??? It is pretty easy to get insurance but very very hard to get paid by them ... they are no fools ......

If your insurance company sucks, your coverage sucks. I use USAA and feel very good about their service. Basically, the answer your above questions -- YES. Of course everyone need to read their own policy.

I had a friend that was unable to find his watch, assumed someone must have walked into his house and taken it. USAA paid off.

By the way, under what circumstances is getting something taken from you, "your fault" ?

[Arturo]

I have SAFECO...being a lawyer who sues insurance companies for breach, I know the good ones. SAFECO has excellent coverage and customer relations, but you pay for what you get. My coverage will cover loss of the watch virtually anywhere. There is a company that writes jewelry insurance out of Florida, and you can go that route, but if you have assets to protect that have a nexus at your home, why not just use your homeowners insurance? I cover my art, rugs and watches with riders. NO PROBLEM.

[roadcarver]

I'm about to have one written by Statefarm here in Canada and their provision for the personal property rider covers even unexplained loses. Also, there are no deductible. For $16 / mo coverage for the watches for both mine and the missus, its a no brainer.

[slojoh]

yes a safe and a gun

[904L_addict]

Jeweler's Mutual. Both SD and GMTIIC recently came with me to Philippines. Much less nervous wearing a Rolex in a developing nation knowing it's insured with zero deductible.

[SPACE-DWELLER]

I have all my watches insured through my home insurance.

BTW: I take pics of all my belongs and include my passport as background with the page with the photo of me opened.

All is saved on a USB flash memory key that I carry on me all the time.

[walds11]

Yup, on a separate rider on my homeowner's policy.

[StanGMT]

I've got mine insured on my homeowners policy. Make sure that it's insured for ALL RISKS, WORLDWIDE - not just loss or theft, accidents can happen, too.

[Arrows58]

My house insurance refused to up my single item limit on my policy, does any one know where I can get independent watch/jewellery insurance in the UK?

Any help appreciated

Thanks Guys

[Thani]

i dont insure any of my watches

[SPACE-DWELLER]

Originally Posted by Thani

i dont insure any of my watches

Okay, where do you live? City + street name, plus when you're working.

[steel4me]

Originally Posted by BigHat

By the way, under what circumstances is getting something taken from you, "your fault" ?

Well I was thinking of things a person might do that reveal their own fault such as leaving it in a public place, like a gym locker, where they have signs posted tat they are not responsible for theft and you assume the risk. Or if you leave it in a hotel and forget about it, leave it in your car and car gets broken into etc etc .....

[StanGMT]

What's all this about leaving it in a hotel room and forgetting about it - is that possible? Or are you preoccupied with something else in this hotel room???

[CEG]

Both of mine added to my house contents policy... Cost me about £40 a year extra - but excellent peace of mind...

[f16570]

Hiscox Insurance World wide

f

[DRCramer1989]

Most policies when written as a separate jewelry rider provide "all risk" coverage. That basically means that there a no exlusions. Many jewelry floaters also have no deductible.