ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX
15 November 2019, 11:39 AM | #1 |
"TRF" Member
Join Date: Mar 2009
Location: 55.8554 °N
Posts: 269
|
Best Insurance Options
I just learned that my property insurance (Assurant through Geico) only covers up to $1,000 of jewelry loss no matter the personal property coverage.
What do you all do? Do you buy individual jewelry coverage? This seems expensive at 1-2% of the watch cost per year. Or, have you found a home/renters insurance policy with much higher limits on jewelry coverage? Or, do you just put watches you don't currently use in a bank safe, and "self-insure" the ones in your current rotation? |
15 November 2019, 11:56 AM | #2 |
"TRF" Member
Join Date: Nov 2016
Location: Land of the Free
Posts: 506
|
Usually insurance companies will put a rider on the policy for individual items. Good for the occasional watch or wedding ring. Expect about 1% of the value for your annual premium.
|
15 November 2019, 11:58 AM | #3 | |
"TRF" Member
Join Date: Mar 2009
Location: 55.8554 °N
Posts: 269
|
Quote:
What property insurance companies do 1% for personal items? I wouldn't mind switching. |
|
15 November 2019, 12:08 PM | #4 |
"TRF" Member
Join Date: Feb 2013
Location: Canada
Watch: all of them
Posts: 653
|
I'm with cooperators and I believe it's just under 1% annually.
Sent from my Pixel 3 using Tapatalk |
15 November 2019, 12:08 PM | #5 |
"TRF" Member
Join Date: Jul 2017
Real Name: Mike
Location: Georgia
Watch: Hulk 116610LV
Posts: 376
|
Do a search for consumer expert Clark Howard on this topic. He constantly preaches that homeowner's insurance should be for your home only, and should only be used for catastrophic loss. For a Rolex, you should do individual coverage completely independent of your home. The extra costs are actually savings in the long run.
__________________
116610LV, Hulk, March/2018 126655, November/2022 |
15 November 2019, 12:09 PM | #6 |
"TRF" Member
Join Date: Nov 2016
Location: Land of the Free
Posts: 506
|
I think 1% as an add on to a homeowners policy is pretty standard. But I have cars, house, liability all through the same company. If I gave my math right it’s about 0.6% for me.
|
15 November 2019, 12:12 PM | #7 |
Banned
Join Date: May 2014
Real Name: John
Location: La Jolla, CA
Watch: Platona
Posts: 12,194
|
All insurance for expensive watches is prettty pricey, but it buys peace of mind. Sometimes I wish I would have factored insurance cost into the price of some watches. But I can walk around oblivious to muggers, so it is worth it.
|
15 November 2019, 12:15 PM | #8 |
"TRF" Member
Join Date: Mar 2009
Location: 55.8554 °N
Posts: 269
|
|
15 November 2019, 12:17 PM | #9 | |
"TRF" Member
Join Date: Mar 2009
Location: 55.8554 °N
Posts: 269
|
Quote:
|
|
15 November 2019, 12:29 PM | #10 |
"TRF" Member
Join Date: Nov 2016
Location: Land of the Free
Posts: 506
|
I have State Farm, but I also bundle and don’t own any jewelry I can’t afford to loose (crappy collection), so for me the jewelry rider is a few extra bucks for peace of mind. A claim may screw my rates for 10 years... So to the other posts, may be better to pay a higher rate on a 10k item instead of potentially ruining your rates on your 500k house With a claim.
|
15 November 2019, 01:11 PM | #11 |
"TRF" Member
Join Date: Oct 2007
Location: DC Area, USA
Watch: IIc,1680 Red,16660
Posts: 4,482
|
I have what is called a “special articles policy” with State Farm.
Sent from my iPhone using Tapatalk |
15 November 2019, 01:13 PM | #12 |
2024 Pledge Member
Join Date: Jun 2018
Location: West Coast
Posts: 2,349
|
Best Insurance Options
I use jewelers mutual
|
16 November 2019, 12:09 AM | #13 | |
"TRF" Member
Join Date: Jun 2015
Location: USA
Watch: All
Posts: 4,939
|
Quote:
You have to do a rider/floater, specifically named coverage to be afforded all risk protection, to include mysterious disappearance. Whatever the added cost, worth the peace of mind.
__________________
Rolex 228235 DD40 Olive, 126710BLRO, 116710BLNR, 116613LB, 116500LN White, 126610LN, 116500LN Black, 126610LV, 116610LV Breitling Navitimer 01, Cartier Santos Large |
|
16 November 2019, 12:14 AM | #14 |
"TRF" Member
Join Date: Jun 2009
Real Name: Brian
Location: Northern Virginia
Watch: One of Not Many
Posts: 17,895
|
Some on homeowners policy some on Jewelers Mutual
__________________
Vacheron Constantin Traditionnelle Complete Calendar, Glashutte PanoInverse, Glashutte SeaQ Panorama Date, Omega Aqua Terra 150, Omega CK 859, Omega Speedmaster 3861 Moonwatch, Glashutte Senator Exellence, Rolex 116710 GMT Master II BLNR, Breitling Superocean Steelfish, JLC Atmos Transparent |
16 November 2019, 12:21 AM | #15 |
Banned
Join Date: May 2009
Real Name: Ross
Location: Chicago Area
Watch: 6265 18K Daytona
Posts: 928
|
|
16 November 2019, 12:21 AM | #16 |
"TRF" Member
Join Date: Jul 2014
Location: USA
Posts: 1,171
|
Keep it separate - use JM.
|
16 November 2019, 12:31 AM | #17 |
"TRF" Member
Join Date: Dec 2018
Real Name: Frank
Location: Dallas,NY,Colo.
Watch: Patek 5168, 5170P
Posts: 2,398
|
A good safe and only have one watch out of it at at time.
|
16 November 2019, 01:44 AM | #18 |
"TRF" Member
Join Date: Sep 2016
Location: Illinois
Watch: Rolex GMT II BLNR
Posts: 37
|
For jewelry and watches, we self insure some lower value items, have some covered by our homeowners extended coverage with Allstate, and higher value items are covered by a personal articles policy with State Farm. The Allstate extended coverage is $5000 per item/$25000 per occurrence all peril coverage with a $1K deductible per occurrence. It did not add much to the policy cost and, for example, is what would cover things like my Tudor GMT and Rolex SS DJ2. The State Farm policy is all peril and, for example, covers my BLNR with a $1K deductible per occurrence. It is priced at 0.87% of value. I looked at Jewelers Mutual but they were priced a bit higher and the deductible was 1K per item and not per occurrence. We have a lot of other items covered in addition to my watches so a per occurrence deductible for us, is far better than a per item deductible. We also have a safe and home security system in both of our homes. Not sure if that factored into the rate.
|
16 November 2019, 04:12 AM | #19 |
2024 Pledge Member
Join Date: Sep 2018
Location: U.S.A.
Watch: SD43
Posts: 3,096
|
Am I missing something on Jewelers mutual? I currently own a SD43 and at a $12,000 value it’s $240 a year with a 0 deductible. When I add my dj36 diamond dial that’ll add the total value to $22k and it’ll be $420 a year with a 0 deductible...
|
16 November 2019, 05:03 AM | #20 |
"TRF" Member
Join Date: Nov 2019
Location: Greenville, SC
Watch: Tag Heuer Senna
Posts: 33
|
I use Jewelers Mutual and have been happy with them. When I've added a watch in the past all I've had to do is call them and upload a picture and a scan of the sales receipt. They will automatically bill my credit card on file.
|
16 November 2019, 05:45 AM | #21 | |
"TRF" Member
Join Date: Jun 2015
Location: USA
Watch: All
Posts: 4,939
|
Quote:
Trust me, the Allstate Jewelry coverage included in your HO is not all peril. It’s only for listed perils. Huge difference between the two terms. Listed perils does not cover mysterious disappearance as that is not on any Ho policy. Only coverage they will provide that covers anything and everything is a specific floater for the item. Also, personal property away from the insured premises that is not on a specific floater is limited to 10%. Please check to make sure so you are not unpleasantly surprised some day. As a 36 year claims manager, I am very, very familiar with Allstate’s property policies. Sent you PM.
__________________
Rolex 228235 DD40 Olive, 126710BLRO, 116710BLNR, 116613LB, 116500LN White, 126610LN, 116500LN Black, 126610LV, 116610LV Breitling Navitimer 01, Cartier Santos Large |
|
19 November 2019, 10:10 PM | #22 |
2024 Pledge Member
Join Date: Sep 2018
Location: U.S.A.
Watch: SD43
Posts: 3,096
|
I’ve been reading the reviews on jewelers mutual online and they don’t seem to outstanding. For those members who use jewelers mutual, and have had the unfortunate pleasure of having to actually cash in on your policy, we’re you able to get your money for lost/stolen item?
I’m going to Mexico in February and want to bring my SD43 and want to have some piece of mind... |
30 August 2021, 11:38 PM | #23 |
"TRF" Member
Join Date: Aug 2021
Location: NE
Posts: 8
|
Any other suggestions for a insurance company ?
|
1 September 2021, 05:12 PM | #24 |
2024 ROLEX DATEJUST41 Pledge Member
Join Date: Nov 2011
Location: Thousand Oaks, CA
Posts: 1,433
|
Happy with JM
|
2 September 2021, 02:29 AM | #25 | |
Banned
Join Date: Jul 2008
Real Name: Wade
Location: TN
Watch: 116619
Posts: 2,659
|
Quote:
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
|
|
*Banners
Of The Month*
This space is provided to horological resources.