Insuring a watch

[karmatp]

After reading the post on shipping a Rolex I was wondering how many people have insurance on their watches. Maverick has insurance through Jewelers Mutual apparentlly which sounds like a good idea. I just keep documentation in a fire safe in case of fire or theft, are their other options?? Thanks for the feedback..

[HDHNTER]

We finally insured our jewelery through Jewelers Mutual yesterday. The appraisals about killed me. I had a tough time paying someone $650 to tell me how much I had spent on jewelery, lol. Necessary evil I suppose. You'll need current appraisals (less then 1 yr old). Process was quick and painless. To insure 30K worth of jewelery cost me $297 per year w/ a $100 dollar deductible per piece. Full replacement cost, even if it's lost or damaged beyond repair. I felt this was a far better/safer alternative then adding a rider to my Home Owners insurance and chance screwing myself come renewal time if I ever had to make a claim.

[Superlative]

what does this mean?? If you rolex get stolen do they replae it with a new ones ?? I dont understand this??

Replacement with like kind and quality
We repair or replace your insured jewelry item with one of like kind and quality. We return you to the same position that you were in before the loss.

You work with your preferred jeweler for repairs and replacements covered by the policy. In most cases, this is the jeweler from whom you purchased the item or who provided your insurance evaluation/ appraisal. Other insurers contract with replacement companies for repairs and replacements. With Jewelers Mutual, you won’t have to see a stranger to have your jewelry repaired or replaced. We also won’t make you get several estimates.

[austinsig]

Originally Posted by HDHNTER

To insure 30K worth of jewelery cost me $297 per year w/ a $100 dollar deductible per piece. Full replacement cost, even if it's lost or damaged beyond repair.

That sounds pretty good compared to the rates that my homeowners insurance quoted. Do you know anyone that has filed a claim with Jewelers Mutual? If so did it work out ok?

[HDHNTER]

Originally Posted by austinsig

That sounds pretty good compared to the rates that my homeowners insurance quoted. Do you know anyone that has filed a claim with Jewelers Mutual? If so did it work out ok?

No I don't know of anyone who's filed a claim. I went with them because I have seen them repeatedly recommended on the net and in person. The appraiser I used also highly recommended them. Actually his words were "They are the only company I would use". That was the final endorsement I needed to hear He was a Rolex owner as well and has been a very successful appraiser for over 30yrs so his opinion carried some weight with me.

[ohsixx]

A year ago, I added my TT Blue Sub to my wife's "Jewelry Rider" that is somehow attached to our home owner's insurance policy. I noticed the premium increased $95 per year.

I have not gotten around to adding the Exp II yet.

[maverick]

Originally Posted by HDHNTER

We finally insured our jewelery through Jewelers Mutual yesterday. The appraisals about killed me. I had a tough time paying someone $650 to tell me how much I had spent on jewelery, lol. Necessary evil I suppose. You'll need current appraisals (less then 1 yr old). Process was quick and painless. To insure 30K worth of jewelery cost me $297 per year w/ a $100 dollar deductible per piece. Full replacement cost, even if it's lost or damaged beyond repair. I felt this was a far better/safer alternative then adding a rider to my Home Owners insurance and chance screwing myself come renewal time if I ever had to make a claim.

I have talked down a local jewelers here because I get so many appraisals. LOL But I have heard the Jewelers Mutual pays much easier and faster than your insurance company. Plus, as stated, your homeowners policy is safe in case of a claim. =) maverick

[HDHNTER]

Just got off the phone with Jewelers Mutual. They were an absolute pleasure to speak with. Here's the scoop. First off, scratch the higher deductible. She checked for me and for 30K in jewelery w/ a $100 deductible cost me $297 per year, for 0 Deductible was only $319 per year. No brainer for me. As for your question: She said if a piece is stolen, lost or whatever they will replace with the same. So if you lost a TT Blue Sub you will get a new TT Blue Sub from an AD of your choice. If you have a vintage piece that is no longer available you will have to pick out a similar priced current production piece. Now if this was a rare ultra $$ piece I'm sure that' s handled a little differently but I didn't ask for details on that scenario since it doesn't apply to me at this time. You do not have to get your jewelry re-appraised after the initial. Every 3 yrs they'll send out a form that list all of your covered jewelery. Your jeweler just needs to visually look at each piece and sign stating condition hasn't changed. If value has increased he/she can add that in the provided box and your premiums will adjust to reflect the higher coverage. After speaking with them I feel completely confident I made the right choice in using them for coverage. I applied yesterday and policy went into affect today.

Originally Posted by Superlative

what does this mean?? If you rolex get stolen do they replae it with a new ones ?? I dont understand this??

Replacement with like kind and quality
We repair or replace your insured jewelry item with one of like kind and quality. We return you to the same position that you were in before the loss.

You work with your preferred jeweler for repairs and replacements covered by the policy. In most cases, this is the jeweler from whom you purchased the item or who provided your insurance evaluation/ appraisal. Other insurers contract with replacement companies for repairs and replacements. With Jewelers Mutual, you won’t have to see a stranger to have your jewelry repaired or replaced. We also won’t make you get several estimates.

[watchnut]

I have my wifes jewelery and my Rollies listed separately on my homeowners policy. Had to get a one time appraisal which the AD will give you gratis. It's not cheap at around $10-$11 per thousand but gives you piece of mind. Personally, I hate insurance. It's gambling, pure and simple. If you are filthy rich, you don't need it. Same with life insurance. If you have enough to pay funeral expenses, anything else is to take care of your heirs or create a nice estate for someone else. By definition you have to experience a loss to collect. Not a happy prospect in any case!

[XELOR]

Use any example like this:

You have a twenty year old gold DD (President).

New they're well over $20k.

Pre-Owned they can be found for 1/2 of new or less.

The watch walks away.

Do they go find another 20 yo DD somewhere?

[HDHNTER]

Originally Posted by XELOR

Use any example like this:

You have a twenty year old gold DD (President).

New they're well over $20k.

Pre-Owned they can be found for 1/2 of new or less.

The watch walks away.

Do they go find another 20 yo DD somewhere?

I did ask about that, if you bought new your replacement will be new. If you bought it pre-owned your replacement would be pre-owned as well but in same condition as your original. She said that if you bought it pre-owned but they're not aware of that then your replacement would be new.

[XELOR]

Why thank you Allen. I can't find the web site.

I must be doing something wrong .

[Downing]

Originally Posted by watchnut

I have my wifes jewelery and my Rollies listed separately on my homeowners policy. Had to get a one time appraisal which the AD will give you gratis. It's not cheap at around $10-$11 per thousand but gives you piece of mind. Personally, I hate insurance. It's gambling, pure and simple. If you are filthy rich, you don't need it. Same with life insurance. If you have enough to pay funeral expenses, anything else is to take care of your heirs or create a nice estate for someone else. By definition you have to experience a loss to collect. Not a happy prospect in any case!

It's a gamble, alright, and a weird one at that. You're betting something bad is going to happen. Your insurance company is betting something bad is not going to happen. You both hope that they're right and you're wrong.

[HDHNTER]

Originally Posted by XELOR

Why thank you Allen. I can't find the web site.

I must be doing something wrong .

No problem

http://www.jewelersmutual.com/

[austinsig]

Thanks for the info hdhnter

They sound like a good company to deal with.

[HDHNTER]

Originally Posted by austinsig

Thanks for the info hdhnter

They sound like a good company to deal with.

You're welcome.

[JAD3703]

We have my watches and my wife's jewellery attached as a separate rider to the home insurance policy. No deductible and no deprecation of value. And a rather robust and substantial wall safe.

James

[Dan Pierce]

I use Jewelers Mutual as well [thanks to Maverick]. Pleasure to deal with and don't have to worry about messing up the home insurance policy.
dP

[Oyster Lover]

I use Statefarm, and as part of my Homeowners insurance. Two rollies for total of $11,000 costs me just a bit over $100 a year. I think a deductible of $500 is on the whole house. Statefarm also accepted simply a bill of sale for each Rollie, and didn't requite an appraisal... Easy Peasy!

[maverick]

Originally Posted by Dan Pierce

I use Jewelers Mutual as well [thanks to Maverick]. Pleasure to deal with and don't have to worry about messing up the home insurance policy.
dP

BTW, I don't get a commission. ;-) But for me having them fully insured is a nice 'security blanket'.

If I were robbed I would just hand them my watch knowing it would be replaced. It's a nice 'comfort' zone. =) maverick

[arttay10]

I wonder if its its just a U.S thing or they have similar set-ups in the UK?
Adding onto household policies are a fortune !!

[Superlative]

You never know when you need it but its good to know that you have it!!

[XELOR]

http://www.jewelersmutual.com/

TWILIGHT ZONE- WEBSITE ADDRESS DIRECTING ME TO SPAM

[walds11]

Yeah, weird.

Originally Posted by XELOR

http://www.jewelersmutual.com/

TWILIGHT ZONE- WEBSITE ADDRESS DIRECTING ME TO SPAM

[austinsig]

I guess either their site is down or it has been hijacked. I did see their site up earlier today. Could just be temporary dns issues.

[HDHNTER]

Originally Posted by walds11

Yeah, weird.

That's really strange, I just clicked the link and it directed me right to their site.

[SSD]

The site worked for me. Insurance is like any other tool, it's better to have it and not need it, then need it and not have it. Think I'll go with Jewelers Mutual, BTW- looks like a better deal than State Farm. I don't wish to ah, "complicate" my homeowners' policy with a seperate incident... Thanks for the info!!!

[SPACE-DWELLER]

I have all my belongings fully insured