Messages: 6845 Location: Southern California
Registered: July 2007
Re: contact your homeowner's insurance & ask for a rider
Wed, 23 January 2019 16:13
I looked into this a while back and this type of thing was VERY expensive from my insurer, one of the major ones. Then I changed companies and it was the same. Most "regular" insurance companies will do this but don't like to, thus the high cost. I did find one specialty company that does this specifically for jewelry and watches, but I cannot remember the name. They were still expensive, but it was a more comprehensive approach. If I can dig up the name I will send or perhaps another member will recall the company.
Time may change me, but I can't trace time... @watchwineman on Instagram
Messages: 4464 Location: Austin TX
Registered: December 2003
This coverage can be expensive...
Wed, 23 January 2019 16:30
Because most of these policies are all physical risk with few exclusions so they cover many many many things.
I question your statement - Most "regular" insurance companies will do this but don't like to, thus the high cost - The high cost is because frequency of losses under this type of coverage can be high.
I would look at your current homeowners policy and try to figure out if you can increase your current limits on jewelry. Normally you can get up to $5,000. Then decide if you can live with 5k if something happens to your watch if the loss is covered.
Messages: 3249 Location: TX
Registered: December 2003
Most Americans over insure .....
Wed, 23 January 2019 17:36
The idea of insurance is to cover a potential loss that would put a dent in your personal financial situation. The loss of a watch usually doesn't fit into that category.
Unless you live in a sketchy area or regularly expose yourself to the potential of getting mugged or held up I really don't see the need for this kind of insurance. Get a safe deposit box at the bank if you need to store your watches, or if you go out of town. But you'll find most insurance riders for jewelry and watches pretty pricey, and usually not worth it.
Most people would be better off self insuring themselves.
Messages: 6530 Location: Chicago Burb's
Registered: September 2004
State Farm Ins offers it
Wed, 23 January 2019 18:13
i have all my insurance through State Farm, including a separate rider for my watches. am pretty sure you need to have a homeowners policy through them to qualify. i have my home and car's insured with them as well and get a small discount on everything because of it. not sure if they offer it across the country or just state by state.
it is kind of a PITA because every watch needs a formal/official appraisal submitted. every time you buy/sell a piece....there's a little bit of extra work and/or expense involved. luckily i have a good certified jeweler near by who does it for $25/per while i wait. expect to spend just under 2% of the replacement value per year(this will vary depending on your location and deductible)
have had the same policy for 20+ years and sleep much better knowing it's there. but then i've paid almost 40% of my collections average value over those 20+ years to have that happy/fuzzy feeling. like almost all insurance, it's a personal choice and will depend on your risk tolerance and perceived value of having the insurance. it's well worth it for me
good luck
ya don't have to go home sir....you just can't stay here.
Messages: 6845 Location: Southern California
Registered: July 2007
Re: This coverage can be expensive...
Wed, 23 January 2019 18:23
Perhaps what I meant was that they don't offer many options for jewelry and watches, and what they do offer is very expensive. Not like auto or home where there are a multitude of options to choose from. I get it, these are expensive babbles being insured and loses may be higher.
Time may change me, but I can't trace time... @watchwineman on Instagram
Messages: 4273 Location: Florida
Registered: September 2004
Re: watch insurance suggestion
Wed, 23 January 2019 19:24
I also use State Farm but then again they have the Home and cars as well. I have my watches plus my wife's jewelry like engagement ring, etc. I also have antiques which is on a separate company that insures antiques for breakage, shipping loss as well as theft. Riders are not necessarily cheap but in the long run if something does happen the loss is on them and not for me to bear.
Messages: 4727 Location: long island
Registered: February 2008
Re: watch insurance suggestion
Thu, 24 January 2019 05:05
+ 1 for Jewelers Mutual. They are relatively affordable. The one caveat is they don't give you money for loss of watch, they replace it with the same one.
Messages: 67 Location: NC
Registered: October 2011
Re: watch insurance suggestion
Thu, 24 January 2019 06:54
Like others have said I have a rider on my homeowners policy at replacement cost (the cost of a new watch, not the depreciated value of the current watch). Yes, it is expensive (and this is all relative of course), however if there was a catastrophic loss, I could not come up with money out of pocket to replace my modest (5 piece) collection. On the other hand, would I go to the store and buy 5 new pieces, very unlikely. Yes, I would be very upset, but life would go on. Each year at my renewal I think this over again, and the inertia and peace up mind makes me renew the policy. I'm sure I will go through the same process this year. Good luck with your decision.
Re: I've used Jewelers Mutual for all my watches forever.
Thu, 24 January 2019 20:08
Ratskunk wrote on Wed, 23 January 2019 23:06
Yes I second this. I also use state farm and have a rider with all my watch collection listed within it. It is very easy to contact my agent and add or subtract models too.
Messages: 1962 Location: TEXAS
Registered: October 2005
Re: watch insurance suggestion
Fri, 25 January 2019 10:57
Since I am a military veteran (US Navy), I have been a member of USAA for many years and use what USAA call a "Valuable Personal Property" policy that lists each item. They do require an insurance appraisal for each item listed.
