Do you insure all you watches?

[Burr]

Just curious to see how people approach insuring their watches. Insure them all? Insure pieces valued over a certain amount? Any related hacks/secrets/tips you’ve found over the years?

Depending on your collection, I could see how yearly insurance fees could be a bit annoying.. but I also feel that way towards all insurance in general.

[The Kermit]

Yes all insured better safe than sorry

[Peashooter45]

I do now!
Well, ok not ALL of them. I have a drawer full of give away swatches etc. that have accumulated over the years and Victorinox Maverick I keep around for a beater. But yeah, the Sub and JLC Master are insured. I had a white dial Daytona stolen out of my home, uninsured, and called my agent the same day. Its' only a couple hundred a year added to the home owner's for the watches, wife's wedding set and my "good" shotguns. Well worth the piece of mind.

[Dan S]

I wonder if there is (anti)correlation between the size of a collection and whether the owner insures it. When this topic comes up, I always read people saying that they insure their collection, and then mention a handful of watches. I rarely read someone saying that they insure all 90 watches in their collection.

[roh123]

It is very hard to insure 50k+ pieces imho. Bank security box is the best solution where I am located.

[Dr.Smellody]

What watches? I know nothing.

[Fredrik]

I keep them in a bank security box and the one I'm wearing is covered by my home owners insurance.

[Patton250]

Originally Posted by Fredrik

I keep them in a bank security box and the one I'm wearing is covered by my home owners insurance.

I really don’t understand how that works. Your homeowners insurance will cover your watch if you’re out fishing and it breaks off and falls to the bottom of the ocean, or someone steals it from you? What if you fall down a set of stairs and smash it? Does your homeowners insurance cover the repairs for that?

My coverage with jewelers mutual covers all of those things and more.

[Token74]

Yep. All of them insured at market value under my house insurance. Works out at just under 1% per year. Means i can enjoy them without any worry. Well worth the money.


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[Kingface66]

Originally Posted by Token74

Yep. All of them insured at market value under my house insurance. Works out at just under 1% per year. Means i can enjoy them without any worry. Well worth the money.


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That’s different than what my carrier (USAA) will cover. Under homeowners insurance my watches will be covered for things like theft. But if I smash it or lose it, to have it covered, I’ll need to have them covered under a Valuable Personal Property. Which I’ve done. If I didn’t have those, and I lost my gilt Sub somewhere it wouldn’t be covered under a simple homeowners policy.

[Token74]

Originally Posted by Patton250

I really don’t understand how that works. Your homeowners insurance will cover your watch if you’re out fishing and it breaks off and falls to the bottom of the ocean, or someone steals it from you? What if you fall down a set of stairs and smash it? Does your homeowners insurance cover the repairs for that?

My coverage with jewelers mutual covers all of those things and more.

My home owners insurance covers theft loss and accidental damage. And pays out market value, although i have to post the insurance on market value.


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[Patton250]

Originally Posted by Token74

My home owners insurance covers theft loss and accidental damage. And pays out market value, although i have to post the insurance on market value.


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That’s very cool. I have State Farm for my homeowners insurance and they won’t do that.

[JParm]

Anything over $2k for me.

[HippoPAPAmus]

Check with your homeowners insurance company. Not all companies cover and not all policies are created equal. I insure all of my watches through Jewelers Mutual. Sure it costs a little, but it’s well worth it. It allows me to wear every single one of my watches without worry and if I ever need it, it will have paid itself off many times over.


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[Dan S]

Originally Posted by Fredrik

I keep them in a bank security box and the one I'm wearing is covered by my home owners insurance.

This would not be enjoyable for me. I like to have dozens of watches to choose from each morning. Do you go to the bank several times a week to change watches? Or is the result that you just end up wearing the same watch over and over again?

[Patton250]

Originally Posted by HippoPAPAmus

Check with your homeowners insurance company. Not all companies cover and not all policies are created equal. I insure all of my watches through Jewelers Mutual. Sure it costs a little, but it’s well worth it. It allows me to wear every single one of my watches without worry and if I ever need it, it will have paid itself off many times over.


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That’s who I use for the exact same reasons. However it would be cool if my homeowners insurance would cover it so I didn’t have to flip that bill to jewelers mutual every month.

Originally Posted by Dan S

This would not be enjoyable for me. I like to have dozens of watches to choose from each morning. Do you go to the bank several times a week to change watches? Or is the result that you just end up wearing the same watch over and over again?

Totally agree.

[roh123]

Originally Posted by Dan S

This would not be enjoyable for me. I like to have dozens of watches to choose from each morning. Do you go to the bank several times a week to change watches? Or is the result that you just end up wearing the same watch over and over again?

Can only answer for myself but yes; I go and change watches whenever I need to. Rarely have more than one nice watch out of the bank at the same time.

Where I live luxury watches are almost impossible to insure decently. Usually the cost is around 2% per year (if even possible) and that quickly becomes very pricey if you have a collection worth let’s say 100k. Then you pay 2k each year just to own some nice pieces. Not worth it imho.

I understand it might be easier to insure in other parts of the world.

[Filipão]

Originally Posted by roh123

Can only answer for myself but yes; I go and change watches whenever I need to. Rarely have more than one nice watch out of the bank at the same time.

Where I live luxury watches are almost impossible to insure decently. Usually the cost is around 2% per year (if even possible) and that quickly becomes very pricey if you have a collection worth let’s say 100k. Then you pay 2k each year just to own some nice pieces. Not worth it imho.

I understand it might be easier to insure in other parts of the world.

Yes Roh123, much cheaper indeed.

All mine are included in a fully comprehensive, as works of art together with paintings and a few jewels from the Mrs.

[watchlovr]

Yes

[Fredrik]

Originally Posted by Patton250

I really don’t understand how that works. Your homeowners insurance will cover your watch if you’re out fishing and it breaks off and falls to the bottom of the ocean, or someone steals it from you? What if you fall down a set of stairs and smash it? Does your homeowners insurance cover the repairs for that?

My coverage with jewelers mutual covers all of those things and more.

Yes, it covers all of that. If I get robbed there is a cap on how much of my my personal possessions they will cover.

And yes, I work close to my bank and change quite often. I could have all of them at home and my insurance would probably cover them, but I feel a bit uneasy doing that. I have synthesizers worth more in my studio, but they are not exactly as liquid as a Rolex.

[illiguy]

Yes

[Goin2drt]

No

[rolexest]

I insure anything over 5k

[roh123]

Originally Posted by Fredrik

Yes, it covers all of that. If I get robbed there is a cap on how much of my my personal possessions they will cover.

And yes, I work close to my bank and change quite often. I could have all of them at home and my insurance would probably cover them, but I feel a bit uneasy doing that. I have synthesizers worth more in my studio, but they are not exactly as liquid as a Rolex.

But then you are limited to pieces up to 10k usd give or take. Correct?

[WiseRat]

While bank safety deposit boxes are generally secure from a physical standpoint, it should be noted that the contents are not insured by the bank or FDIC. You still need your own insurance policy to cover the contents of the safety deposit box against theft. More often than not, mismanagement by the bank is what causes safety deposit box contents to go missing.

[roh123]

Originally Posted by WiseRat

While bank safety deposit boxes are generally secure from a physical standpoint, it should be noted that the contents are not insured by the bank or FDIC. You still need your own insurance policy to cover the contents of the safety deposit box against theft. More often than not, mismanagement by the bank is what causes safety deposit box contents to go missing.

My bank here in Sweden is responsible for everything they can control. Mismanagement among those things. They are however not responsible if they have taken every precaution they can. Robbery, fire etc is not insured unless they have cheated their protocall. I still feel they are safer there than at home.

[offrdmania]

Mine are all insured and kept in my home safe which is bolted to the floor and wall and has over an hour fire rating.

[Fredrik]

Originally Posted by roh123

But then you are limited to pieces up to 10k usd give or take. Correct?

Correct, unfortunately inflation makes a couple of my watches creep closer to the limit every year. My insurance company is not upping the limits very often.

[Texote69]

Yes

[goldfixer21]

Unless you have a separate rider on your homeowners policy, most insurers only cover $1,000 for watches and the like. If you don't know for sure, contact your insurer for details. Don't assume anything.