The extra cost to include the value of my watches in my home insurance is 1.29% of the value.
Like any kind of insurance, it will always seem way too expensive until you're in trouble and they pay ot fix the trouble.
It is easy to fall into the trap of "it's only 1.25% for peace of mind", but over the years those small fees add up. If you collect over decades you will have spent a lot of money, money that could been invested elsewhere.
I added coverage to my home owners policy through Secura. My Omega Seamaster 300 Heritage which retails for $6,500 costs me $63 per year. All I had to do was send my insurance agent a copy of the sales receipt. Unfortunately vermin and nuclear weapon damage are not covered.
I'm more concerned about accidental damage than loss. I'm paying for the piece of mind that I can wear and use my watch in any reasonable manner without needing to baby it and know it's covered for anything serious.
I removed the accidental loss component of my insurance cover which reduced the annual cost notably. This is not the same as theft which is still part of the policy. Never in my life have I ever lost a watch, even the cheap, crappy E.T. digital watch from my youth (I threw it out when it broke).
I thought "loss" in insurance terms included damage that is extensive enough as to cause a loss, ie not be fixable or not economically fixable. Ie, a car totalled in an accident is damaged beyond repair or beyond a reasonable cost to repair is a total loss. Are you saying you insured your watches only for minor damage? Or is the term meant differently here?
If they replace it with something equivalent then it's only a sentimental "loss". I don't have a strong sentimental attachment to any of my watches so that's not really something I factor in. If it's stolen or incurs major damage requiring a hefty cost or it's replaced, I still end up with the same or equivalent watch so as above, any loss is convenience or sentimental only.
I'm using a company called TH March - I think it's quite expensive but I've never used any other insurance company so maybe it isn't.
They're covering my Speedmaster alone at its current retail value of £5,715 or whatever it is (3861 hesalite) for £140 a year. That covers accidental damage from the bracelet failing, theft, loss, theft from attended hand luggage (e.g it's in your bag and your bag is next to you on a train), theft or loss worldwide as long as you're not out of the country for more than 60 days in one go and covers both my home address and a second risk address.
So I have my house and someone else's house that I regularly stay at, so the watch can be left at either house when not worn.
If anything does happen and I have to claim, I can pick the jeweler myself where I get a replacement from and I can pick a place myself that repairs it too if it's damaged - my original place of purchase was an AD that's also an Omega service center so it can handle both the repair or replacement.
A lot of these cheaper insurers that are about £70 seem great but then you realise literally all they cover you against is it being stolen off your wrist and the only thing you get when you claim is vouchers to a jeweler from their preset list - which might not even stock Omega.
