[123Blueface]

OMG!
So much misconception and misinformation on this topic.

Watches not specifically stated on a policy (SPP/Floater) are subject to policy limits for jewelry, generally $1,000 but can purchase higher, and are subject to depreciation (known as betterment) and only covered for a peril listed on the policy (e.g. theft on premises, fire, etc, most policies have 17 listed perils).

Watches insured on SPP/Floater can be insured for any agreed appraised amount. You can insure a BLRO for $18,000 even though it costs $9200. It is all risk, no specific perils. It will pay you up to insured amount to replace but if can be located for less, you will not get the limits. There is no depreciation/betterment. Only deduction is deductible.

Hopefully this clarifies a bit.