Watch insurance

[PPSL]

Hello guys. hope everyone is doing well and very healthy. Wanted to ask the forum for suggestions on companies for watch insurance. Looking to get several quotes soon.

Hope everyone stays safe.

[Nurv1717]

I've found the best rates with my homeowner's insurance policy. Appraisals are required over a certain dollar amount, but those are easy to get done and then you can have them properly insured for market value, not msrp, which makes a huge difference depending on your collection.

[CKizzy]

+1 for a homeowners umbrella policy for valuables.

[Mbbgysam]

I've had nothing but great experiences with Jeweler's Mutual.

[GreenLantern]

+1 for Jeweler's Mutual.

[PatekSF]

Originally Posted by CKizzy

+1 for a homeowners umbrella policy for valuables.

You posted under the Patek forum so my guess is that you’re looking at a “high dollar” reference. If that is the case, then the watch needs to be a scheduled jewelry item (appraisal with photo, etc), not simply covered under an umbrella policy. At least that’s case in the USA.

[offrdmania]

I use the State Farm articles policy. They cover in all instances, even if the watch is ripped from your wrist. Others dont offer that kind of coverage. An appraisal is needed for any items worth over $5K and you can update with new appraisals and change your policy whenever needed. There is no penalty for changes.

[chiscott_29]

I highly recommend a separate/stand-alone "Personal Collections" policy if you have a valuable collection or have watches that you might want to cover in different ways. The 3 US companies I know of that sell these types of policies are Chubb, Nationwide Private Client, and PURE.

I am not sure if the 3 companies above all sell the same exact policies - I assume there are subtle differences. I have Nationwide Private Client and I love their offering. Some really notable features include:

- No Deductible

- Agreed Value without an appraisal as long as you can document you own the watch and that you are the rightful owner (an invoice, receipt, etc.). This is SO important for those watches that can't easily be replaced at retail price.

- Automatic coverage for 50% more than agreed value if there is a loss. Again, this is huge for those PP's, Rolex, and AP's that you are lucky to get at retail but would need to be replaced at a higher price on the secondary market.

- Scheduled Item and Blanket Coverage options

- Options for Reporting In-Safe coverage and Non-Reporting In-Safe coverage

Jewelers Mutual also sells a standalone jewelry policy that will cover watches, but will require all the typical paperwork that a standard homeowners policy would require.

I really like not having to deal with appraisals. Has anybody tried to get an appraisal for a SS Daytona or a 5711/1A? In my experience, the AD will only provide an appraisal for the retail price. Getting something that reflects the true replacement value is difficult.

Happy to answer any further questions on this one. I'm in the industry so have a lot of knowledge on this topic. Also, I don't sell insurance so don't worry that I'm going to try and sell you insurance. :-)

[Billfav]

Very happy with them. It is all they insure and have used them for years.

[Pim]

+1 for the homeowners umbrella construction.

Just having the insurance feels good in these times where you are definitely not safe with a Rolex or Patek

[gejay99]

@chriscott what’s the yearly cost breakdown that they cover?

For the rest like the home insurance, I’ve only had experience that covers up to 20k which is automatically included but for much larger amounts, what do you guys pay for premiums if you don’t mind sharing? And same insurance or a separate one?


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[Russell996]

Originally Posted by gejay99

@chriscott what’s the yearly cost breakdown that they cover?

For the rest like the home insurance, I’ve only had experience that covers up to 20k which is automatically included but for much larger amounts, what do you guys pay for premiums if you don’t mind sharing? And same insurance or a separate one?


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I’m in the UK so might not compare but my home insurance policy costs about 0.5%, allows me to set market values/or new replacement by piece and in my case includes individual pieces up to £200k. Any single piece over £100k has specific cover restrictions such as only insured when worn or in a safe. Anything up to £50k doesn’t need to be named on the policy.

[Marco_1112]

got it as part of my home insurance

[Codik]

Originally Posted by Russell996

I’m in the UK so might not compare but my home insurance policy costs about 0.5%, allows me to set market values/or new replacement by piece and in my case includes individual pieces up to £200k. Any single piece over £100k has specific cover restrictions such as only insured when worn or in a safe. Anything up to £50k doesn’t need to be named on the policy.

Would you mind sharing which policy you are using? This sounds really good.

[Tay821]

Originally Posted by gejay99

@chriscott what’s the yearly cost breakdown that they cover?

For the rest like the home insurance, I’ve only had experience that covers up to 20k which is automatically included but for much larger amounts, what do you guys pay for premiums if you don’t mind sharing? And same insurance or a separate one?


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I've got Chubb. It's roughly 1% of watches value

[1William]

With a very close family member in the insurance business we have decided to break out our Home Owners Insurance from our jewelry insurance. This is because we do not want our homeowners cancelled if we make a claim against the policy for jewelry. Yes, it does happen and more frequently than you would think. I have Jewelers Mutual and have been very pleased with the process of getting coverage. If you have an appraisal for a stated amount they will cover it, Hulk, Daytona,etc. I have never had to make a claim so I can not speak to the service.

[beshannon]

I use homeowners for some and Jewelers Mutual for others

[chiscott_29]

With Nationwide Private Client, it's roughly $1.33 per $100 of value for full replacement cost at your established agreed value. There is no deductible, and they do not offer a deductible (not sure why). This also includes automatic 50% excess of agreed value if you need it in the case that the watch has increased in value between the purchase price and the loss date.

They also offer "Reporting In Safe" at $0.33 per $100 of value, and "Non-Reporting In Safe" at I believe $0.88 per $100 of value. First you need a qualifying home safe, which has to be a legit safe either TL15 and bolted down, or in excess of 750 pounds. With Reporting, you must notify the insurance company each time the watch comes out of the safe. With Non-Reporting, you are entitled to take the watch out of the safe up to 5 times per year and do not need to report it to the insurance company.

There also are blanket options which I don't have the rates for. As a guide, I also carry blanket coverage for watches that I do not want to schedule, and I pay about $800 for $50,000 in coverage with a $25,000 per item limit.

Note, rates will likely be a bit different based on zip code. I do not believe that they offer any discounts for alarm systems or that sort of thing, although I am not certain on that. I have all my insurance through NPC and I know they give a homeowners discount for security systems but I am not sure it flows down to Personal Collections.

I am guessing Chubb offers very similar features on their Valuables policies. I don't know much about PURE.

I think everybody needs to review their personal situation on what makes sense. It is not "one size fits all" by any means. I definitely believe everybody should insure their watches in some fashion, unless you're wealthy to the point where you simply don't care and can easily afford replacement. In my opinion that you should take with a grain of salt...A separate policy makes more sense for those with collections over $100,000, or where losing your watches without financial remedy would inflict possible financial harm.

[chiscott_29]

Originally Posted by 1William

With a very close family member in the insurance business we have decided to break out our Home Owners Insurance from our jewelry insurance. This is because we do not want our homeowners cancelled if we make a claim against the policy for jewelry. Yes, it does happen and more frequently than you would think. I have Jewelers Mutual and have been very pleased with the process of getting coverage. If you have an appraisal for a stated amount they will cover it, Hulk, Daytona,etc. I have never had to make a claim so I can not speak to the service.

Spot on. This is the huge risk of having it on your homeowners. If you have a large jewelry loss you WILL be canceled unless you are a very valuable customer (i.e., you generate thousands of dollars annually in premium). The best case is your rates will skyrocket on your overall Homeowners policy. This is even more so the case if your loss is unexplained or mysterious and cannot be attributed to a tangible event such as a documented burglary or theft.

[Calatrava r]

I do the Personal Articles umbrella on my homeowners.

[Russell996]

Originally Posted by chiscott_29

Spot on. This is the huge risk of having it on your homeowners. If you have a large jewelry loss you WILL be canceled unless you are a very valuable customer (i.e., you generate thousands of dollars annually in premium). The best case is your rates will skyrocket on your overall Homeowners policy. This is even more so the case if your loss is unexplained or mysterious and cannot be attributed to a tangible event such as a documented burglary or theft.

That’s what protected no claims is for.

[Rolexander]

+1 Jewelers Mutual


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[Kliminator]

Jewelers mutual for my watches and wife's jewelery

[rockdrock]

Originally Posted by chiscott_29

I highly recommend a separate/stand-alone "Personal Collections" policy if you have a valuable collection or have watches that you might want to cover in different ways. The 3 US companies I know of that sell these types of policies are Chubb, Nationwide Private Client, and PURE.

I am not sure if the 3 companies above all sell the same exact policies - I assume there are subtle differences. I have Nationwide Private Client and I love their offering. Some really notable features include:

- No Deductible

- Agreed Value without an appraisal as long as you can document you own the watch and that you are the rightful owner (an invoice, receipt, etc.). This is SO important for those watches that can't easily be replaced at retail price.

- Automatic coverage for 50% more than agreed value if there is a loss. Again, this is huge for those PP's, Rolex, and AP's that you are lucky to get at retail but would need to be replaced at a higher price on the secondary market.

- Scheduled Item and Blanket Coverage options

- Options for Reporting In-Safe coverage and Non-Reporting In-Safe coverage

Jewelers Mutual also sells a standalone jewelry policy that will cover watches, but will require all the typical paperwork that a standard homeowners policy would require.

I really like not having to deal with appraisals. Has anybody tried to get an appraisal for a SS Daytona or a 5711/1A? In my experience, the AD will only provide an appraisal for the retail price. Getting something that reflects the true replacement value is difficult.

Happy to answer any further questions on this one. I'm in the industry so have a lot of knowledge on this topic. Also, I don't sell insurance so don't worry that I'm going to try and sell you insurance. :-)

Chubb never called back and Jewelers insurance did not seem all that interest due to my travels.

Any recommendation for those that travel a lot and stay in countries for several years? Official home address is the US. Right now I have USAA but growing out of it after watches over $30K. Any have excellent international plans?


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[chiscott_29]

Originally Posted by rockdrock

Chubb never called back and Jewelers insurance did not seem all that interest due to my travels.

Any recommendation for those that travel a lot and stay in countries for several years? Official home address is the US. Right now I have USAA but growing out of it after watches over $30K. Any have excellent international plans?


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Just FYI, Chubb and NWPC are only sold via independent agents, and most independent agents won't write a stand-alone Personal Collections/Jewelry policy. So, I had to change over all my insurance to NWPC. YMMV. NWPC isn't exactly cheap but they also aren't "outrageous" given their excellent coverage and customer service. I was willing to pay a premium for all the flexibility on the Personal Collections policy.

My recommendation is find a local independent agent that writes for these two carriers and have them do the legwork for you. They have the right connections.

And, I didn't want to post my experience with Jewelers Mutual, because quite honestly it has been negative. When I was quoting and told them I traveled, they shut it down and declined my business. If I had coverage from them, I'd be reading my policy with a magnifying glass so that you know what you're really covered for. They are very well respected though in the industry so I am sure for many people it's a great option.

I can verify that at least for NWPC, their coverage is worldwide and almost any typical loss is covered (theft, misplaced, mysterious disappearance, etc.).

[Kliminator]

Originally Posted by rockdrock

Chubb never called back and Jewelers insurance did not seem all that interest due to my travels.

Any recommendation for those that travel a lot and stay in countries for several years? Official home address is the US. Right now I have USAA but growing out of it after watches over $30K. Any have excellent international plans?


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Jewelers mutual is covered internationally as well. That being said - not sure if you spend years at a time abroad.

Luckily haven't had to file a claim with them ... And hoping I never have to

[Urosfan]

Get a separate rider for jewelry on your current home owners insurance if available for that company


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[rockdrock]

Thanks all for the comments. I really appreciate.


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