Insuring Roles watches.

[SwissmadeTexan]

I have 2 Rolex's that I purchased at the end of last year. I was trying to get them insured under my homeowners policy but my insurance agent said they kicked it back so I am having to do a seperated policy for these watches. And its going to cost me 500.00 per year. Is it me or does that seem a little excessive?? Has anyone else had experience with this issue?? Thanks in advance....


-Chris

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[m5blitzer]

If you have an appraisal from your AD showing the replacement cost, best to insure under a separate rider policy. Unless your 2 watches are solid gold watches, $500 is excessive. I have $50K (2 watches) for only $300/yr. Others go into a big safe or safe deposit box. With the number of watches I have, it will cost me too much to insure all of them. Better the money goes to something else.

Others will comment about their experience with other insurance companies.

[Nikos5559]

I have my Rolex and my wives diamond under my home owners insurance, I gave my agent a copy of the appraisals for both to be replaced and it increased my premium by around $180 for the year! Just make sure you tell them you want to schedule each piece under your home owners! That way lost stolen wreck etc they are covered! My replacement cost on my rolex is $9k and my wives diamond is $25K to give a apprx cost to insure

[jfisher17]

I have a separate rider through Travelers. Approximately 60k worth of watches and jewelry runs me about $300 a year. Piece of mind in case something gets lost or stolen.

[rr-nyc]

My riders for my watches in nowhere near that. Your price seems very expensive. What is your deductible?

[SoftwareDrone]

Originally Posted by rr-nyc

My riders for my watches in nowhere near that. Your price seems very expensive. What is your deductible?

Recommendations?

[dddrees]

Try Jewlers Mutual Insurance.

[HDHNTER]

Originally Posted by dddrees

Try Jewlers Mutual Insurance.

Best advice you'll receive.

[hsfrank]

Originally Posted by SwissmadeTexan

I have 2 Rolex's that I purchased at the end of last year. I was trying to get them insured under my homeowners policy but my insurance agent said they kicked it back so I am having to do a seperated policy for these watches. And its going to cost me 500.00 per year. Is it me or does that seem a little excessive?? Has anyone else had experience with this issue?? Thanks in advance....

Often times insurance companies will set a minimum premium for a small policy. Other times they will set it high to discourage new business. While I don't thow all the facts I would agree that $500 is high for two watches. You need a personal property floater. If you are or have been in the service try USAA. They are in Texas and will write all you insurance needs at excellent rates. I know whereof I speak as I have had them continuously since 1963. You can PM me and I will send you info as to the correct value to insure. It is NOT current sale price nor what it cost you UNLESS the company agrees in writing to replace old with new.

[BogeyFree]

I don't have any of mine insured and never have. I'm just not worried about it. No one will ever find where they are in my house and what are the chances of my house burning to the ground, etc. and if I get mugged on the street the douche is gonna have to deal with my S&W so with all the money I've saved over the years by not insuring if I ever have a loss and have to buy another one I'm still ahead of the game and counting. That's the way I look at it.

[omegabenz]

Originally Posted by dddrees

Try Jewlers Mutual Insurance.

My renter's policy changed agents, and hey dropped my tool and watch coverage on accident in the hand-off or fumble for the lack of a better word, so I went with Jewelers Mutual, but I haven't had to make a claim yet, but it sounds like they are top-notch.

Originally Posted by m5blitzer

If you have an appraisal from your AD showing the replacement cost, best to insure under a separate rider policy. Unless your 2 watches are solid gold watches, $500 is excessive. I have $50K (2 watches) for only $300/yr. Others go into a big safe or safe deposit box. With the number of watches I have, it will cost me too much to insure all of them. Better the money goes to something else. Others will comment about their experience with other insurance companies.

Although a safe or safety deposit box is ideal, what about coverage while you are wearing them?

[rr-nyc]

Originally Posted by SoftwareDrone

Recommendations?

I use Liberty Mutual but I couldn't say they're the least expensive

[rr-nyc]

Originally Posted by BogeyFree

I don't have any of mine insured and never have. I'm just not worried about it. No one will ever find where they are in my house and what are the chances of my house burning to the ground, etc. and if I get mugged on the street the douche is gonna have to deal with my S&W so with all the money I've saved over the years by not insuring if I ever have a loss and have to buy another one I'm still ahead of the game and counting. That's the way I look at it.

Insurance is less than a penny per dollar insured... You're hardly ahead of the game. One things for sure, a single loss and you're won't be in the game without another serious cash outlay. I'm sure everyone who's house burns down thought the same way as you until it happens.

As far as S&W, you can't carry everywhere so do you leave the watch at home too?

[harry in montreal]

one half of one percent of their value should be the premium. for now take a color copy of the watch and the papers and keep it in a file. this should be enough to get the watches insured. you may need an appraisal if you lack a bill of sale.

[SwissmadeTexan]

Originally Posted by dddrees

Try Jewlers Mutual Insurance.

Wow thanks so much everybody! I checked out this website and my premium will only be $210 for the year!! Man I just can get enough of the Rolex Forums!!!

[forgeahead]

It seems like I paid about $600/yr with Jewelers Mutual to insure about 50k in jewelry and watches. I let that policy lapse. I ought to reinstate it. My wife left her engagement ring in a nightstand in San Diego a few years ago. My homeowners policy paid the 22k replacement. I had good documentation and they interviewed us in person. They did not reissue the policy upon renewal. As I get older, I am value insurance more.

[m5blitzer]

IMHO I am seriously thinking of letting my current rider lapse as it is a dual edged sword. It is simply expensive to insure every watch in my collection but the benefits of a rider are obvious. However, once you make a claim (at no fault of your own), especially an expensive watch, they with either raise your rates to a point you can't afford it or will not renew your policy.

Big safes, security system, video cameras, a crazed Schutzhund-trained German Shepherd and a buddy on my night stand will cover most home break-in. It is once the watch is outside of the house worries me but I can't worry about it all the time.

[HDHNTER]

Originally Posted by SwissmadeTexan

Wow thanks so much everybody! I checked out this website and my premium will only be $210 for the year!! Man I just can get enough of the Rolex Forums!!!

[paltak]

I pay $100 per year for Allstate "extended J" with my homeowner policy, $25K coverage for all my watches/jewelry up to $5K per piece, no appraisals needed.

[MJD]

I have a policy with USAA for all Rolex watches and only pay just under $200 per year.

[mhaedo]

Anyone know of a good policy that covers both high end watches and bullion?

[guyrolex]

Sounds wrong - my coverage includes $50,000 for all jewelry at an annual cost increase wof $80

[liptonnr]

$500 is high unless the watches have some especially high value my sub-c lv cost $80 per year with a $8k replacement value, for reference!

[DJL737]

200 a year from USAA. Covers my Rolex and the wife's wedding and engagement ring.



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[BogeyFree]

Originally Posted by rr-nyc

Insurance is less than a penny per dollar insured... You're hardly ahead of the game. One things for sure, a single loss and you're won't be in the game without another serious cash outlay. I'm sure everyone who's house burns down thought the same way as you until it happens.

As far as S&W, you can't carry everywhere so do you leave the watch at home too?

By ahead of the game I mean that in all the years I have been a Rolex owner and would have paid insurance it would have amounted to more than it would cost me to buy a new watch if I suffered a loss. And I'm willing to pocket the $500 or so a year vs. the chances of my house burning to the ground. If that should ever happen I'd be worrying about a lot more than just losing a watch. I usually wear my watch everywhere but sometimes I leave it home depending on where I'm going.

[Lion]

We have a rider with Liberty Mutual...not the cheapest I imagine but since they insure our cars and home it's the easiest. Appraisals on all watches and jewelry were needed!!!

[stusrt]

Originally Posted by dddrees

Try Jewlers Mutual Insurance.

that's who I use - many pieces come and go in my collection. I just have to scan and email them an appraisal on a new watch, and it's insured ASAP. Have some expensive jewelery on the policy as well.

as for $500 - that's WAY too high.

were you live matters also - I have to pay extra for being in Detroit area (if you can belive that!)

[DJL737]

200 a year from USAA. Covers my Rolex and the wife's wedding and engagement ring.



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[david_ord]

I just got a quote fro $122 from Statefarm for $9,845's worth over coverage for my DSSD. While it is not that expensive, it is not cheap, coming in at 1.24%. Does anyone think another company can do better?

[mhaedo]

I just shopped around today. I looked at Jewelers Mutual, Chubb, and a rider on my renters insurance. I live in one of the nicest areas of Center City Philadelphia, but it is still considered high risk. Chubb wouldn't write me, and the broker said even if they would it would end up being 3.4%. Jewelers Mutual and a rider on my renters insurance both came in at 2%. I chose the rider for convenience. I would have been thrilled with 1.24%. I guess high rates come with the territory living in the city...