Insurance: Jewelers Mutual vs. a Rider vs. Other

[Generation]

I want to get insurance for my watches now that I have a Rolex. I've heard many recommendations for Jewelers Mutual on the forums, but my AD recommended getting a rider on my homeowners insurance for the lowest premium.

What do you recommend: Jewelers Mutual, a rider on homeowners insurance, or something else ("other," please specify in the replies)? If you feel inclined, please respond with why you chose your selection.

[garyk]

Home owners

[JRell]

Go to your insurance agent and tell them you want it insured. Keep it separate from your home owners. The reason is if you ever have to do a claim, it will raise your overall home insurance rates. Keep them separate. I had them add the personal articles insurance. Think it is under $100 per year per watch.

[Off Script]

This is why I went with Jewelers Mutual over a rider on my homeowner's insurance:

https://www.jewelersmutual.com/compa...-to-homeowners

Although it's good you're doing your homework, no one in the forum can tell you what's best for your personal situation. You can definitely search for some real world examples of how insurance claims worked out. I haven't had a problem with JM to date (no claims) but if I do I'll be sure to let the forum know. Good luck!

[kieselguhr]

I prefer a separate insurance so I went with Jeweler’s Mutual. If anything happened to the watches, I did not want my rates to go up exorbitantly on my house. Also I have been a customer with them for a long while and get great rates.

[Rushhour]

Personal Articles floater or Jewelers Mutual.

Both will normally have broader coverage than a homeowners policy (there are exceptions) and as others have said - you don’t want a loss to your watch screwing up the main policy protecting your assets - home.

I’m an insurance broker for large multi-nationals and went to Jewelers Mutual. For the above 2 reasons, especially the broader coverage.

Just check what the coverage is between the floater (not all are built the same) & Jewelers Mutual before your decide.

Also like JM since I got my CHNR yesterday and added it on - online with out a hassle.

Best of luck to you.


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[wesdaniel]

I have a personal articles policy along with my other insurance. It's not a "rider" per se as it doesn't have anything to do with my homeowner's - I just happen to have all of my insurance with the same company.

I pay $5.86 per $1,000 of insurance which is the best value that I've seen anywhere.

I made one claim, seven years ago. A watch was stolen from my car - a Datejust. The watch was 10 years old, I paid $3,950 for it brand new but had it on an inflation adjusted policy. State Farm cut a check to me for $6,750 within a couple of weeks of the time I made the claim. There was no change to my homeowner's policy and there was no increase to the premium for the other watches and jewelry I had insured.

The only downside is that, if I buy a watch anywhere other than an AD, I have to provide an appraisal rather than just my proof of purchase. But, that's about $40 per article and a 2-day turnaround.

[dnd2984]

I had JMs for about 12 years since I got my wife’s ring. I added two of my watches to the policy with ease. The cheapest I found was USAA VPP I have few more watches on that policy too.

[HiDive]

I already had a seperate valuable articles policy through State Farm and it has paid off at least five times when my wife or I damaged watchesover the past forty years. There is no deductible, it is seperate from homeowners and car and it has never gone up due to a claim. I have watches, jewelry, firearms and a few other things on the policy. It pays for all the same mishaps that the other policies cover.

[J to the Z]

I’d avoid a rider on your homeowners policy for the reasons already mentioned. I use State Farm since they were able to give me the best rate compared to all the other companies I got quotes from. I’d recommend shopping around since each company will quote you a different rate, sometimes vastly different than others. The range of quotes I got was surprisingly quite wide.


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[dukie748]

Good thing about JM is it is a separate policy from your homeowners, and they allow you to insure at ‘market value’ rather than RRP - downside is you have to have each piece separately appraised.

[Generation]

Thanks for responding, everyone! So far, Jewelers Mutual is the clear winner, with 68 percent of the votes.

Originally Posted by dnd2984

I had JMs for about 12 years since I got my wife’s ring. I added two of my watches to the policy with ease. The cheapest I found was USAA VPP I have few more watches on that policy too.

Thank you. I forgot to mention that the homeowners insurance is through USAA. Can anyone else with USAA attest to the quality of their coverage?

[JoseR]

JM is the way to go. I got my AK and DJ41 last year and with JM it was 233.00 for the year. My home owners insurance was higher. Where you purchased your watch just ask for it to be appraised. JM is by the book, receipt, appraisal and pictures of card but they'll cover practically everything..

[Laszlo]

Other for me. You can get personal article insurance through your primary insurance company. Home owners only covers up to $5k and has deductible. Jewelry, art, etc. should be insured individually and has no deductible or cap. But you’ll need to submit appraisal and/or purchase receipt for new for each item.

[benny88]

Home insurance for mine; single article limit of 15k GBP, with a collective limit of 30k GBP. Which easily covers my watch and my wife's engagement ring. Covered worldwide and will pay out appraisal/valuation value, cost very little extra, circa 50 GBP.

[DonRickles]

JM treats new customers like sh!t. They quoted an exorbitant amount for low coverage.......they lost my business but quick! KMA JM!

[J to the Z]

Originally Posted by DonRickles

JM treats new customers like sh!t. They quoted an exorbitant amount for low coverage.......they lost my business but quick! KMA JM!

Sadly the same experience for me when I was doing my due diligence with different insurers. The initial quote, which was fairly reasonable, got me interested in continuing with the application process but then after I had to jump through many hoops to provide them with all the paperwork they required, the final quote wasn’t even remotely close. JM just proved to be way too costly for me, but I’m sure it works well for others depending on the pieces in their collection, location, and other factors.


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[JohnnyM]

Get a separate personal articles policy with your current insurer. I use State Farm. Not a rider to homeowners a 'Personal Articles Policy'. You will get a discount if you have other policies. Will be less expensive than JM. Expect to pay 1.5% per year.

[Xenon]

JM discriminates against certain zip codes.

[Urosfan]

Get separate rider on home owners insurance, it was cheaper than Jm when I compared both quotes


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[btinl]

I've had JM for about 15 years, but I've never had a claim. I'm curious if anyone has ever had them pay out for a claim.

[Screwly]

Originally Posted by btinl

I've had JM for about 15 years, but I've never had a claim. I'm curious if anyone has ever had them pay out for a claim.

I’m curious too. I’ve been looking at switching from my homeowners to JM, but haven’t heard of a real world claim, good or bad....

[Fleetlord]

Riders don't cover much.

[Freelance]

According to my State Farm rep, they will only cover ONE watch as part of the standard add-on. Meaning, if your watch collection is lost, they would only cover ONE. I didn't press on other options after I heard this.

I think the choice to insure comes down to collection vs a watch or two.

Personally, I don't insure my MacBook Pro, or Mac Pro that cost as much as a Rolex when optioned. ???

Self-Insuring might be an option. When I found out that my State Farm policy more or less has ONE of my watches covered, I looked into JM for my collection. By the time I added everything up, I found it easier to "Pay Myself" the premium I would have paid JM. I have had the money, making money, for me in an investment account for 15yrs now. I have never had a "loss", and I have a stash of cash to cover me if I do.

https://www.thebalance.com/avoiding-...suring-2645677

[Ballzzz]

I have travelers separate from another major company for home policies, have not used it yet in the 5 years I have had it, but I know travelers is a top notch company.

[ltmgeller]

I have JM and have had no problems, but I've also never had to file a claim.

[DonRickles]

Originally Posted by Xenon

JM discriminates against certain zip codes.

Huh...........No Whole Foods in my zip, but we do have one of the highest incomes averages in the State.....

I was told, the reason for this was because I never owned a Rolex before.....complete BS!

[piratfisk]

I selected "rider" because it is the closest to my situation. We have a "jewelry/valuables" insurance policy (though the same company that does our homeowners' insurance: USAA) and it was cheaper than JM for the same amount of coverage.

[Xenon]

Originally Posted by DonRickles

Huh...........No Whole Foods in my zip, but we do have one of the highest incomes averages in the State.....

I was told, the reason for this was because I never owned a Rolex before.....complete BS!

I can easily ask you dozens of personal questions and pinpoint exactly why you were quoted an exorbitant amount for low coverage since I am in the industry but you might either lie or tell me it's none of my effing business as is your right to do. So let's just keep it moving.