Do you Insured your Watches?

Posts

56

Likes

613

cooljme

·Oct 17, 2019

Hello OF,

First let me formal introduce myself, My name is Jaime, Living in NYC, Software Engineer for a Design Software Company and a lover/enthusiast of Watches. Time for me has a good meaning and what a better way to see it than in a Mechanical way.

I joined the forum not too long ago, but with the target of learning about Omega's and specially the Speedmaster.
I recently bought my first Speedy from @Kringkily based on the research I have done in the last couple of months, and what a wonderful experience that was (Shout-out to Speedmaster George) 😀 I'm in love with my new Speedy, which now takes me to my question?

Do you Insure your Watches? If yes where? Do you get them appraised? Any suggestion in NYC that will not rip me off. Thank you OF! Great meeting you all.

Cheers,
Jaime

 

Posts

1,023

Likes

1,019

BradleyJ.

·Oct 17, 2019

I don't insure mine but I did insure the wife's engagement ring thru my homeowner's if that helps. The cost was cheap since the policy already existed. It amazes me that some much money for a single stone and yet it just sits in place by a couple prongs 😵‍💫

 

Posts

56

Likes

613

cooljme

·Oct 17, 2019

BradleyJ.

I don't insure mine but I did insure the wife's engagement ring thru my homeowner's if that helps. The cost was cheap since the policy already existed. It amazes me that some much money for a single stone and yet it just sits in place by a couple prongs 😵‍💫

Oh I have my Wife Engagement and Wedding band as well haha, I'm very careful with my valuable things, she is not so much 🙄

 

Posts

15,464

Likes

45,795

Canuck

·Oct 17, 2019

The subject of insurance coverage on a watch collection has been discussed at length in numerous threads on the OB. look for the magnifying glass in the header to this page, and type in “insuring a watch collection”. The answers you seek may have already been discussed. But get back to your thread, scroll to the last entry, and hit the REPLY button and ask away, if the answers you seek remain unanswered.

 

Posts

1,023

Likes

1,019

BradleyJ.

·Oct 17, 2019

cooljme

she is not so much 🙄

That's basically what I wanted to imply but my wife has me trained pretty well so I kept it to myself

 

Posts

56

Likes

613

cooljme

·Oct 17, 2019

Canuck

The subject of insurance coverage on a watch collection has been discussed at length in numerous threads on the OB. look for the magnifying glass in the header to this page, and type in “insuring a watch collection”. The answers you seek may have already been discussed. But get back to your thread, scroll to the last entry, and hit the REPLY button and ask away, if the answers you seek remain unanswered.

Perfect, Just found an old thread where you wrote about it and found good answers. Cheers!

 

Posts

303

Likes

308

Martin_F

·Oct 17, 2019

Congratulations on your new watch! Been looking for a Speedmaster for myself...

 

Posts

10,750

Likes

52,784

Walrus

·Oct 18, 2019

Has anyone had to ever make a claim on stolen watches or jewelry covered under a special policy. I thought of insuring some of my wife and I items but I’ll never forget an experience I had. Lived in a house for 15 years always paid and for 15 years no claim until I had a plumbing back up and a flooded basement. Insurance was nice, gave us a check for the work, then they booted us off and told us to find new coverage. We had to go into a risk pool type of thing as other companies would see that one claim and refuse to cover us. Insurance makes it sound great when you are signing up but damn if you need to actually use it. It’s like a racket, no wonder warren buffet has so much money.

 

Posts

33

Likes

49

Micmicmotorbike

·Oct 18, 2019

Walrus: sounds terrible. I would hope that jewelry wouldn’t be the same. I knows it’s not too bad through homeowners. But I’ve never and hope to never have to make a claim. Anyone here make a claim on jewelry?

 

Posts

10,750

Likes

52,784

Walrus

·Oct 18, 2019

Micmicmotorbike

Walrus: sounds terrible. I would hope that jewelry wouldn’t be the same. I knows it’s not too bad through homeowners. But I’ve never and hope to never have to make a claim. Anyone here make a claim on jewelry?

Yeah that was my thought. Jewelry specific claim. I hope no one had to but if it did how did it work out

 

Posts

422

Likes

882

oinkitt

·Oct 18, 2019

Some of my insurance!!!

 

Posts

208

Likes

983

Texasjohn

·Oct 19, 2019

Yes

 

Posts

847

Likes

8,408

Ssunnylee24

·Oct 19, 2019

I just insured my Rolex through Jewelers mutual.
Very simple process (almost too simple to think if its a real deal) and cost is low.
I did it for peace of mind since they cover damage, theft and mysterious disappearance even over seas.

 

Posts

3,611

Likes

24,362

Dsloan

·Oct 19, 2019

I'm in the process of setting up a personal article policy with my State Farm agent. Seems rather simple: just need a list of the items, a description, and serial #s. About $15 a month to cover my admittingly small collection - less than $10K replacement value. However,f if I'd had individual items over $2.5K, I'd have had to get them appraised.

For what it's worth, I used to have a similar policy to cover my pro photography gear. I Had everything stolen in a break-in (about $10K worth of stuff), and State farm sent me a check very quickly. And, they were happy to issue me policy for the replacement gear without any increase in rate.

 

Posts

1,706

Likes

5,686

rkman11

·Oct 19, 2019

Ssunnylee24

I just insured my Rolex through Jewelers mutual.
Very simple process (almost too simple to think if its a real deal) and cost is low.
I did it for peace of mind since they cover damage, theft and mysterious disappearance even over seas.

I’ve used Jeweler’s Mutual for years. Haven’t had to file a claim yet (knock on wood!) but they’ve always been really helpful and easy to deal with.

 

Posts

10,750

Likes

52,784

Walrus

·Oct 19, 2019

Dsloan

I'm in the process of setting up a personal article policy with my State Farm agent. Seems rather simple: just need a list of the items, a description, and serial #s. About $15 a month to cover my admittingly small collection - less than $10K replacement value. However,f if I'd had individual items over $2.5K, I'd have had to get them appraised.

For what it's worth, I used to have a similar policy to cover my pro photography gear. I Had everything stolen in a break-in (about $10K worth of stuff), and State farm sent me a check very quickly. And, they were happy to issue me policy for the replacement gear without any increase in rate.

Glad to hear that like I wrote earlier I really got punished for daring to put in one claim in 15 years for a plumbing issue basement floor. I like to hear not everyone is treated like that

 

Posts

2,808

Likes

8,339

larryganz

·Oct 19, 2019

I have a Metlife home hazard, contents, and automobile policy, with scheduled watches and artwork.

We’ve had 2 roof claims in 15 years, a partially flooded basement in 2013 from failed sump pump when the rest of Colorado was under water, and a stolen Rolex claim in 2011. We’ve been with them for 27 years and have not been canceled yet.

 

Posts

72

Likes

239

Jim W

·Oct 24, 2019

I don't have mine insured... I keep them in a safe in my fully alarmed business premises.
I keep thinking I probably should insure them too.

 

Posts

269

Likes

369

Sublime_1

·Oct 24, 2019

Yes, I carry insurance on 4 watches with Jewelers Mutual. I submitted AD appraisal on 2, Purchase receipt on 1 and an evaluation from Rolex on the 4th. I carry a $250.00 deductible on each watch.

Process was simple. Submitted a request with the appropriate documents, received a call about 2 days later and was insured after submitting pics of the watches.

 

Posts

68

Likes

27

jolyon

·Oct 24, 2019

oinkitt

Some of my insurance!!!

At least if they do succeed in getting away with your watch, you can keep their feet