Homeowners insurance question

[samson66]

I have always insured my watches as a rider on my homeowners policy. They charge 1% of the value per year ($10,000 in coverage costs $100).

My question for others that insure their watches this way is what value to you use? Do you simply add up the cost to buy your watches brand new and use that value?

Also I typically have not used the TOTAL value of my watches. My thought has been in will be extremely rare for all three of my watches to be in the same place at the same time. At least one is worn at all times, but never more than one.

So if I were to get robbed I would lose one watch. If my house were broken into while I was gone, at least one watch would not be there. You see where I'm going with this...

Just got my renewal policy and wondering how my fellow TRF'ers come up with their declared value for your watches??? Thanks

[beshannon]

Originally Posted by samson66

Just got my renewal policy and wondering how my fellow TRF'ers come up with their declared value for your watches??? Thanks

Appraisals or sales receipts

[samson66]

Originally Posted by beshannon

Appraisals or sales receipts

I have my receipts for all three, however two were bought from greys.

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[swils8610]

Appraisals from the AD.

[V25V]

Originally Posted by samson66

I have my receipts for all three, however two were bought from greys.

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Most grays can produce receipts as well as appraisals. If they cannot do an appraisal, take it to an AD and have them do it, cost is minimal or free if you have one you have a relationship with.

[superdog]

My insurance company requires appraisals.

Receipt is not good enough.

[V25V]

Originally Posted by superdog

My insurance company requires appraisals.

Receipt is not good enough.

+1, I do not think a receipt would be good for mine either but I have only ever sent appraisals. Very easy.

[samson66]

I have asked them before about the appraisal part and they (Travelers) do not require it. They said save receipts obviously but to take good pictures of everything. They pay the cost to replace the items up to the limit you set. So they would pay MSRP to replace my SD43 for example, even though I paid slightly above MSRP from a TS.

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[56scooter]

Do you simply add up the cost to buy your watches brand new and use that value?

I have a separate rider just for my watches. The insurance company will only insure an individual watch for a specific amount. In order for them to be insured they must be appraised. Thus the insurance company would only pay for a specific watch and not XXXX amount if I was to incur some type of loss.

[goin camping]

I have mine appraised by a merchant I use at the jewelry mart downtown L.A.

As the value goes up. I get a new letter and submit it to my homeowners insurance co.

Letters are pretty cheap to get so it doesn't make sense to lose a few thousand in appreciation over a fifty dollar letter.

[Retired Bob]

I agree with goin camping. Plus I under stand if you have a claim it will affect your homeowners policy.

[77T]

You may want to convert to a separate personal articles policy if Travelers sells them.

Besides your watches, you may have other valuables that gain in value over time beyond the retail price you paid. Your homeowners policy has so many limitations on certain categories of items that a real burglary may never get fully covered.

The people telling you “just save receipts” are not the ones who will handle your claim if you are unfortunately in that situation down the road.




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[samson66]

My collection isn't really rising in value. If I got MSRP on the cost of a replacement on any of my watches it would be sufficient.

Was curious to get opinions on if I should insure total value of everything or just pick a round number. Again, my thought was it would be extremely unlikely to lose all three watches at any one time since all three are never in the same place at the same time.

So right now I think I have $14K in coverage. That would roughly cover the loss of TWO of my watches but not all three.

Do you think this is ok or should I raise coverage to the replacement cost off all three you think?

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[air_king]

I insure for the total replacement cost. I also keep a copy of the appraisals on file along with my AD who also have a copy. Obviously that way if my house burns down or for some reason my copy is lost along with my watches I’m still covered. I know that is not very likely to happen but it’s a nice service provided by my AD.

[Laszlo]

Our home owners insurance will only cover a single item (watch, art, etc.) up to $5K, so if an item’s replacement value is more, you’re out of luck. It’s best to insure items above that value or whatever your home owners policy threshold is as others have suggested. There’s no workarounds or loopholes no matter how much you try to work out the math. Insurance companies are like banks and have worked out the math a long time ago.

[brandrea]

Originally Posted by Laszlo

Our home owners insurance will only cover a single item (watch, art, etc.) up to $5K, so if an item’s replacement value is more, you’re out of luck. It’s best to insure items above that value or whatever your home owners policy threshold is as others have suggested. There’s no workarounds or loopholes no matter how much you try to work out the math. Insurance companies are like banks and have worked out the math a long time ago.

This ^^^ and yes, they’ve figured out the loopholes and the rates

[dwjez14]

This is great to know. I’m calling my home insurance. I had no clue you could cover watches under home coverage . I guess it’s because years ago I asked and the company I had wouldn’t do it. We use jewelers mutual for ours and it’s stupid expensive. It runs over 3600.00 per year to cover all our stuff. I’m going to call next week and get some of my watches switched over.

[Baco Noir]

Originally Posted by superdog

My insurance company requires appraisals.

Receipt is not good enough.

Mine will take a receipt for new watches from an AD. Otherwise it’s an appraisal.

[samson66]

Originally Posted by dwjez14

This is great to know. I’m calling my home insurance. I had no clue you could cover watches under home coverage . I guess it’s because years ago I asked and the company I had wouldn’t do it. We use jewelers mutual for ours and it’s stupid expensive. It runs over 3600.00 per year to cover all our stuff. I’m going to call next week and get some of my watches switched over.

Yes I think they call it a rider. On mine it just states "jewelry" and the amount of coverage.

Thanks for the responses. I think I'm going to call them and have them go over all the specifics with me.

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[GoingPlaces]

I have a jewelry rider with my Chubb homeowners. No appraisal or receipt needed.

[droptopman]

My insurance company just asks the value for anything under 10K, no receipt or appraisal. Over 10K they ask for appraisal from credible source.