Someone had mentioned to me recently that it might be smart to look into travellers insurance for my new Speedmaster. It's my first nice timepiece and I kind of like the idea. I can imagine be mugged in some dark alley and feeling really smart as I'm handing over an expensive watch! However, I would love to hear your thoughts on the topic. Has anyone employed such measures?

I travel for a living but usually to relatively safe places and I don't push my luck. But still, it's a lot of value wrapped around a wrist held together by screwed in links.

Very interested in the advice from the OF.

Thanks,

Brian
New owner of a "TinTin" Speedy.

 

Your best bet is to start by looking at your current coverage on your personal property insurance policy. You may have a rider for valuable personal property, which would include your new Omega. I have my watches covered on a rider, with the premium being about 1% of the stated value of each piece. Get online and look at your policy. I wouldn't wear it around too much without getting it covered.

 

Personal articles policy is how I cover 3 of my watches. Their value exceeded my homeowners. Check out thread below, lots of advice.

https://omegaforums.net/threads/watch-insurance.53885/page-2#post-656703

 

I decided to go with a jewelry specific insurance (not sure if I'm supposed to be spelling the name). I didn't want to mess with renter's insurance itself, and I didn't want to have them dictate how to repair. With the jewelry specific insurance I went with, I can bring the watch to my AD I trust have their matchmaker work on it if the watch gets damaged. Loss, theft, mysterious disappearance are also covered. I'm paying about 1.5% of stated value.

 

Whatever you do, it's suggested that you not use your homeowner's or renter's insurance policy to cover the watch. See this post for details: http://forums.watchuseek.com/f20/insuring-your-omegas-1076793-6.html#post29635522

 

Interesting. I do have a Valuable Personal Property rider on my USAA homeowner's policy for my Speedmaster. I'm not sure how much I pay, but it is around $75 a year. As mine is just a 145.022-76 I have it covered for $3500.

 

I go through Jeweler's Mutual and their premiums are very reasonable. Had minor roof damage 6 years ago on my house from a hurricane and had filed an insurance claim on it... they raised my rates for years. Then I sold the house after the repairs and all the different insurance companies are trolling the new homeowner trying to buy insurance citing that repair for their reasoning of a higher premium. Bunch of jerks.

Pretty much, avoid homeowner's insurance whenever possible. I don't know if Jeweler's Mutual is any good if I ever need to file a claim but I know damn well they can't troll me as hard as a homeowner's insurance policy.

 

Home insurance, also commonly called homeowner's insurance is a type of property insurance that covers a private residence. Any standard homeowner insurance Gainesville policy will cover damage to the structure and personal possessions, up to a limit specified in the policy, caused by the following perils: storms (wind, hail, rain and snow) and tornado's, fire, and lightning. Try for using Property coverage, which is designed to pay for home repairs, garage repairs, or any other buildings that suffer damage. Also, there is, Personal property coverage that will cover your loss of valuables, such as jewelry, electronics, or even guns due to theft or damage. Get more information regarding this to get all answers about home insurance.

 

I (in UK) added mine to my home insurance (contents) that covers it against loss or theft at home, or away from home. I paid an additional £30 per annum (pro rata) to cover one, specified watch. Will shop around when renewal due but felt this figure seemed reasonable enough.

 

I have both my Speedmasters listed as named valuables on my house contents policy. The insurance company have the model number and serial numbers. Covered for world wide loss or damage etc.

 

Best insurance is having another omega at home just in case the one you are wearing gets lost or stolen. That way you don't have to wait long while you shop for another back up Omega!

I've worn my Omega all over the US, some cities in Mexico and nobody has ever noticed my planet ocean. Did have a watch stolen in baggage during a flight, but visa has a travelers insurance which paid me back a portion of the value. Was a cheap designer watch though in my bag.

 

"I travel for a living"

If you are a solo ( self employed ) trader…You should be able to claim your insurance cost, against your tax

If you are an employee…I would expect / demand your employer arrange personal insurance against loss

 

We have a specific rider on our home owners for jewelry and cameras and I don't know, guns...LOL. If I drop my Canon 1Dx in the lake, I get a new one. All of my wife's jewelry is listed individually. It's a great policy and not too expensive.

Mike

 

I have a rider on my homeowners as well. No need for any appraisals if value is less than $30k for jewellery and watches (I'm underinsured now with my wife's rings and jewelry plus my watches, but the added annoyance of getting appraisals + additional cost to insure is a tough sell...)

 

Our insurance guy is fine with the appraisals that come with the jewelry. I guess it does not mater if the seller is a bit biased on their appraisal of their own goods LOL, we don't have any really expensive pieces. But for retail items like cameras, etc, its a no brainer. I just tell swing by with my stuff and he checks a box and it's covered.

 

Definitely insure your expensive watch(es)! I use a valuable personal property rider for mine. I accidentally dropped my Speedmaster a couple of months ago and damaged it. Insurance covered the repair at an AD of my choosing with no questions asked.

FWIW, I insure my watches for what I paid for them, even if it's significantly less than MSRP. A store receipt or appraisal is proof of value for most insurers.

 

I sold insurance for The Hartford for a good long while. In my humble opinion you should never ever insure your watches under your homeowners or renters policy. Should you have a claim, you will likely find your policy canceled upon renewal. Get specialty insurance. It is not expensive.

 

Really? According to every insurance commercial what's supposed to happen when you file a claim is the rep becomes your best friend.

 

I just got word from my insurance agent. He added my watch and I now have full coverage for everything but mechanical failure for $137 a year. Loss, stolen, misplaced, dropped in a lake, crushed under a bus, etc.