Community Stories

Do you Insured your Watches?

CoDiffe
Posts
587
Likes
3,696
Being an insurance agent, I sometimes recommend that people schedule/insure watches and jewelry outside of their homeowners policy. As mentioned above Jewelers Mutual is a really good option. I’m sure my company wouldn’t like me saying this but keeping it separated from your home insurance can keep you from getting into trouble with claims frequency.

One lady a few years ago wanted to switch to us on home insurance but couldn’t because she had her daughter’s violin scheduled on their home insurance and had made 3 claims to get it repaired. The payouts were negligible totaling less than $500 but the amount doesn’t matter it’s based on frequency. So she was uninsurable with us and could not leave her insurance company for another 3 years until those claims dropped off and became 5 yrs old.
 
Omega-Q
Posts
783
Likes
1,348
I have a personal article insurance policy for my watches. It's easy piece of mind! I'd recommend it...
 
Walrus
Posts
10,037
Likes
48,115
CoDiffe CoDiffe
Being an insurance agent, I sometimes recommend that people schedule/insure watches and jewelry outside of their homeowners policy. As mentioned above Jewelers Mutual is a really good option. I’m sure my company wouldn’t like me saying this but keeping it separated from your home insurance can keep you from getting into trouble with claims frequency.

One lady a few years ago wanted to switch to us on home insurance but couldn’t because she had her daughter’s violin scheduled on their home insurance and had made 3 claims to get it repaired. The payouts were negligible totaling less than $500 but the amount doesn’t matter it’s based on frequency. So she was uninsurable with us and could not leave her insurance company for another 3 years until those claims dropped off and became 5 yrs old.
That sounds like solid advice. A bit off topic but I wrote how I was dropped for having one claim in 15 years. It was a flooded basement I think it was about 3k worth of damage or so. I then went through hell trying to get new insurance. It was many years ago and I’ve had nothing since, knock on wood, but do you see that happen often. Actually with what you are saying might it make more sense to have different companies for cars and houses etc or would that not matter.
 
Wryfox
Posts
2,864
Likes
13,015
CoDiffe CoDiffe
The payouts were negligible totaling less than $500 but the amount doesn’t matter it’s based on frequency.

Is it any wonder people hate insurance companies. If you have a company that makes you second guess if should file a claim because they might drop you, you're with the wrong guys. There are some REALLY bad insurance companies out there.

On a more pleasant note, I'd highly recommend Collectibles Insurance Services. They've been around forever and will insure all sorts of collectibles, which is great for me with a number of hobbies. They are VERY easy to work with, and fantastic rates.
 
CoDiffe
Posts
587
Likes
3,696
Wryfox Wryfox
Is it any wonder people hate insurance companies. If you have a company that makes you second guess if should file a claim because they might drop you, you're with the wrong guys. There are some REALLY bad insurance companies out there.

On a more pleasant note, I'd highly recommend Collectibles Insurance Services. They've been around forever and will insure all sorts of collectibles, which is great for me with a number of hobbies. They are VERY easy to work with, and fantastic rates.

This is why you need a good agent to help you sort through the things you may not think of before they happen. 😀
 
CoDiffe
Posts
587
Likes
3,696
Walrus Walrus
That sounds like solid advice. A bit off topic but I wrote how I was dropped for having one claim in 15 years. It was a flooded basement I think it was about 3k worth of damage or so. I then went through hell trying to get new insurance. It was many years ago and I’ve had nothing since, knock on wood, but do you see that happen often. Actually with what you are saying might it make more sense to have different companies for cars and houses etc or would that not matter.

Usually home claims look back 5 yrs. anything older than that shouldn’t matter. If that was your only claim I see no reason why you were non renewed unless there was another issue. Sometimes flood plain maps are redrawn and maybe your home got placed into a flood plain?

Usually 3 claims in 5 yrs is what would get you in trouble on home insurance. Again, the amounts don’t matter. It could be a zero payout, $50, or $100,000. It’s all about the frequency.
 
Walrus
Posts
10,037
Likes
48,115
CoDiffe CoDiffe
Usually home claims look back 5 yrs. anything older than that shouldn’t matter. If that was your only claim I see no reason why you were non renewed unless there was another issue. Sometimes flood plain maps are redrawn and maybe your home got placed into a flood plain?

Usually 3 claims in 5 yrs is what would get you in trouble on home insurance. Again, the amounts don’t matter. It could be a zero payout, $50, or $100,000. It’s all about the frequency.
No no flood issues around me and it seriously was that one claim the lead to the issue. I was just amazed as they were very nice taking my money for the decade and a half until I needed them. Well anyways it was in the past just left a bad taste in my mouth after that experience.
 
KstateSkier
Posts
838
Likes
3,269
I have a separate personal articles policy that covers 3 of my Omega's. It's something like $164 annually. Was pretty easy to do. Provided photos of each watch including movement photos that clearly showed serial #s and insured them for replacement value. Each year I update the replacement values to be as accurate as can be.
 
Jonathan40
Posts
1,093
Likes
5,549
Here in the UK it’s difficult to find someone who will insure beyond £50k total high value items.
One solution is Hiscox who are superb but not cheap.
Just over £1k per year but this includes building and all contents with high value items included away from the home.
£3/day and I sleep well at night so happily covered.
 
Z
Posts
6
Likes
12
I’ve been thinking about doing this recently. Looks like I’d need to get my Speedmaster appraised to do something with Jewelers Mutual. Never having done this before, clean anyone share what that process is like/costs?
 
Jerseyhammer
Posts
1,617
Likes
8,652
Jonathan40 Jonathan40
Here in the UK it’s difficult to find someone who will insure beyond £50k total high value items.
One solution is Hiscox who are superb but not cheap.
Just over £1k per year but this includes building and all contents with high value items included away from the home.
£3/day and I sleep well at night so happily covered.
100% agree. ( I see your both a watch and Doug Hyde fan...snap ...lol)
 
Sign up or log in to reply...

Similar threads

PatinaPete

If you insure through Hodinkee

PatinaPete Open Discussion
asloper6001
asloper6001
Posts
7
Views
558
Madjam1966

Insuring your watches - help please!

Madjam1966 Open Discussion
Evitzee
Evitzee
Posts
15
Views
1K
mseamaster

Taxes when selling your watches

mseamaster Open Discussion
alam
alam
Posts
17
Views
2K
gbesq

Show Us Your Watches That Appeared In Bond Movies

gbesq Open Discussion
R
ReturnRight1022
Posts
50
Views
5K
jtb1971

Why do you collect watches?

jtb1971 Open Discussion
Stini
Stini
Posts
31
Views
1K
Jakeys

How many (gauss) do you do?

Jakeys Open Discussion
Pastorbottle
Pastorbottle
Posts
12
Views
523