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Insurance?

Davidt
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Admittedly I’m no insurance guru but I had no idea adding watches to your policy, never mind getting it cancels was such an issue.
I have a couple of watches named on my insurance policy simply because it was easy and the additional premium was so little.

Can’t you just tell them you sold it. Or it got nicked.
 
D
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We have State Farm, and have a rider with our home owners for my wife’s jewelry. It also includes my older omega. She is going to call and add my new Omega. I should add we have an excellent credit rating. It probably helps that I have had a continued relationship with State Farm for well over 40 years. I’ll probably drop the older Omega from it.
 
Madjam1966
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Timo007 Timo007
Afternoon, could anyone point me in the direction of decent insurance please? I currently have a new Seamaster Pro 300 (had approx 2 months) really struggling to obtain insurance on it. A recent Google search came back with a couple of decent ones, one apparently I failed a credit check so wouldn’t insure me, the 2nd rang me 2 days later after taking the policy out to state they couldn’t insure me (didn’t offer any explanation) I then contacted my house insurance to add it to that who had to look at upgrading my policy to eventually tell me they couldn’t add it to this, now because I have told them I have the watch they are cancelling my house insurance if I don’t obtain adequate insurance for the watch within 14 days???!!
My age btw is very late 40s

Exact same scenario happened to me. Now in a panic trying to sort this out. Seems honesty may be the best policy until it kicks you up the arse.
 
Walrus
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Zman4eva Zman4eva
I agree with the sentiment to self-insure if it's only a $4K watch.

House insurance is such a scam (in the US). You call them for anything and they bump up your rates, tell you to replace your roof, or try to cancel you. God forbid you actually have a claim. You'll get denied by every other insurer since you now have a prior claim.
Amen brother. 15 years on one place claim free then had some water damage I put a claim in for. They were nice took care of it then dropped me had to go into a risk pool for a few years. One guy I knew had faulty wiring cause a fire he ended up having to go to Lloyd’s of London to get insurance, and we are in the US. Insurance is such a scam but I still kinda like warren buffet.
 
Walrus
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One problem I find with watch insurance is those of us who buy used online from private parties. The proof of ownership ie purchase required by Chubb etc can be hard to meet with private sales I need to figure out documenting “handshake sales”.
 
Larry S
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Walrus Walrus
One problem I find with watch insurance is those of us who buy used online from private parties. The proof of ownership ie purchase required by Chubb etc can be hard to meet with private sales I need to figure out documenting “handshake sales”.
E mails are useful to document sales. They have been accepted by my insurer. Next best is to obtain a formal appraisal from an AD with you as the owner.
 
Walrus
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Larry S Larry S
E mails are useful to document sales. They have been accepted by my insurer. Next best is to obtain a formal appraisal from an AD with you as the owner.
Hodinkee wouldn’t take emails. Good to know some do. Could I get an appraisal at any decent jeweler that would be acceptable as proof of ownership? I gotta head to either booston and pak my caa or NYC and deal with traffic for the real AD.

Yea I know Boston can be even worse than NY for traffic but I’m more used to it.
 
PandaSPUR
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Walrus Walrus
Hodinkee wouldn’t take emails. Good to know some do. Could I get an appraisal at any decent jeweler that would be acceptable as proof of ownership? I gotta head to either booston and pak my caa or NYC and deal with traffic for the real AD.

Yea I know Boston can be even worse than NY for traffic but I’m more used to it.
Statefarm accepted a very basic emailed invoice as proof for one of my watches.

If you need more, you can get an appraisal from online places. I used this one for my snoopy because I was insuring it for above retail price: https://www.elitetimepieces.com/insuranceappraisalform.html
 
Dan S
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Looks like the OP was banned from OF because he failed to get insurance for his watch. Or maybe it was his credit rating. 😕
 
lindo
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I include my watch collection with home insurance because it is a relatively cheap add on. I give my broker an annual jump drive update which includes description and images of each watch - along with artworks, wife's jewellery, and some other items. She then returns the drive to me.

It may sound like overkill, but this worked out well when we had a move and the truck caught fire. Only 10% of the load was lost, thanks to quick thinking by the driver. However some expensive artwork was lost and the marine insurance claim exceeded $110K.

The loss assessor had my printout showing what we had insured, item by item. He authorised quick payment for the lot. Without the detailed list of expensive items provided to the broker in advance of the move I think we would have had trouble getting the full claim approved.

The other argument for a detailed list of your watches is if you drop off the perch suddenly and your beneficiaries know nothing about your watches. Not only does it tell them what they are and what they are worth, but it may head them off just dropping them into a general auction house where they would probably go for a song.
 
johncarlo
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Larry S Larry S
Yes …Too much building in historically risky places is certainly a problem. Fraud is certainly a problem, especially with Roofs. My roofer says the insurers have only themselves to blame for that last issue (rolling over too easily) Climate change is real however including sea level rise and making the former even worse. Tornado Alley for example is moving eastward. I’m a veteran of trying to keep a house insured in Florida. I gave up and sold it right before IAN destroyed it. (yes, I disclosed to the new owner (now rebuilt) the heart stopping cost of insurance). Both my sisters have lost their insurance again in S Florida and forecasts for this season are grim. Recent Economist issue rang the alarms for the global housing market and its all about location location location and insurance.
It sounds like you've faced quite a few challenges with property insurance, especially in high-risk areas. Climate change and shifting weather patterns are definitely impacting the insurance landscape. It's a tough situation, but transparency and awareness about these risks are crucial.
Thanks for sharing your insights!
 
McBeardy
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Timo007 Timo007
Afternoon, could anyone point me in the direction of decent insurance please? I currently have a new Seamaster Pro 300 (had approx 2 months) really struggling to obtain insurance on it. A recent Google search came back with a couple of decent ones, one apparently I failed a credit check so wouldn’t insure me, the 2nd rang me 2 days later after taking the policy out to state they couldn’t insure me (didn’t offer any explanation) I then contacted my house insurance to add it to that who had to look at upgrading my policy to eventually tell me they couldn’t add it to this, now because I have told them I have the watch they are cancelling my house insurance if I don’t obtain adequate insurance for the watch within 14 days???!!
My age btw is very late 40s
I have 3 Tudors covered in my home insurance.

But I did look here last year https://www.ripeinsurance.co.uk/valuables/watch-insurance/ before I took out my new home cover.

Looked reasonable for what they offer.
 
johncarlo
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Larry S Larry S
Yes …Too much building in historically risky places is certainly a problem. Fraud is certainly a problem, especially with Roofs. My roofer says the insurers have only themselves to blame for that last issue (rolling over too easily) Climate change is real however including sea level rise and making the former even worse. Tornado Alley for example is moving eastward. I’m a veteran of trying to keep a house insured in Florida. I gave up and sold it right before IAN destroyed it. (yes, I disclosed to the new owner (now rebuilt) the heart stopping cost of insurance). Both my sisters have lost their insurance again in S Florida and forecasts for this season are grim. Recent Economist issue rang the alarms for the global housing market and its all about location location location and insurance.
You're right location plays a critical role, and insurance struggles are intensifying with climate risks. Insurers need to be more proactive and adaptive, especially in high-risk areas like Florida. It's a tough reality for homeowners facing rising premiums and limited coverage options.
 
Evitzee
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502 to right 502 to right
I self insure through Smith & Wesson.
Always an option, doesn't work too well if you aren't home when the burglary occurs though.
 
Annapolis
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Evitzee Evitzee
Always an option, doesn't work too well if you aren't home when the burglary occurs though.
It does if you rig it Home Alone style.
 
502 to right
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Evitzee Evitzee
Always an option, doesn't work too well if you aren't home when the burglary occurs though.
I have other ways to deal with that... I won't make that public though. 😀
 
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