Insuring watches not on home insurance?

[TotoroInFlight]

Hi everyone,

Had a quick question re: insurance for watches. I currently have five watches in the collection. In the past, when I had a smaller collection, adding 1-2 watches to home insurance was a negligible extra cost per year.

However, as my collection grew and I wanted to add more watches to home insurance, there was a more dramatic uptick in cost for coverage and (if I had chosen to add them), it would have forced me to upgrade my home insurance policy altogether. So the home insurance rep actually told me that he recommended going with a company like Jeweler’s Mutual or Lavalier, but my application of Jeweler’s Mutual coverage of only watches was denied as it was deemed too risky (apparently watches have a higher claim rate than other jewelry) and I’m still waiting to hear back from Lavalier.

So my question is: what does everyone else do for insuring their watches? Are there other companies or do people just bite the bullet and insure their watches on their home insurance policy even at much higher costs?

Thanks and any guidance is much appreciated!

[doboy007]

Originally Posted by TotoroInFlight

Hi everyone,

Had a quick question re: insurance for watches. I currently have five watches in the collection. In the past, when I had a smaller collection, adding 1-2 watches to home insurance was a negligible extra cost per year.

However, as my collection grew and I wanted to add more watches to home insurance, there was a more dramatic uptick in cost for coverage and (if I had chosen to add them), it would have forced me to upgrade my home insurance policy altogether. So the home insurance rep actually told me that he recommended going with a company like Jeweler’s Mutual or Lavalier, but my application of Jeweler’s Mutual coverage of only watches was denied as it was deemed too risky (apparently watches have a higher claim rate than other jewelry) and I’m still waiting to hear back from Lavalier.

So my question is: what does everyone else do for insuring their watches? Are there other companies or do people just bite the bullet and insure their watches on their home insurance policy even at much higher costs?

Thanks and any guidance is much appreciated!

I use State Farm (different than my home insurance) to cover my watches.

[Rolexlover123]

What is a fair rate? I googled and it saids the annual premiums are about $100 for every $10K of coverage. Does that sound about right based on your policy?

Originally Posted by doboy007

I use State Farm (different than my home insurance) to cover my watches.

[edyu]

Originally Posted by Rolexlover123

What is a fair rate? I googled and it saids the annual premiums are about $100 for every $10K of coverage. Does that sound about right based on your policy?

That’s cheap if that’s the case. When I checked half a year ago it was about $100 for every $5k or so.

[doboy007]

Originally Posted by Rolexlover123

What is a fair rate? I googled and it saids the annual premiums are about $100 for every $10K of coverage. Does that sound about right based on your policy?

Depends on the zip code, but mine is around $62 per $10k coverage. Used to be $59, but went up after adding another watch. Still cheaper than what ppl were paying through JM.

[The Libertine]

State Farm. Separate jewelery policy (rider).

[Travelair007]

I just went through this.

I tried all the separate jewelry insurance companies (Jewelers Mutual, etc. ) they were more expensive than adding it to my home insurance.

For $350,000 coverage, Jewelers Mutual’s quote was $5,000/yr and I had to throw in some deductibles to lower the quote down.

I added all my jewelry, luxury goods, furs and accessories for $2,300/yr in a separate jewelry rider, Total Risk policy with zero deductible.

[1William]

I have chosen to put my watches with Jewelers Mutual and break them out from my homeowners policy. There are a lot of factors that go into deciding what a risk is for insurance companies but I can tell you that a claim involving a lot of money will increase your chances of being cancelled. Should I suffer a lose on my watches, I need to keep my homeowners on my house in place. And should I have a homeowners claim and get cancelled I would like my jewelry to be covered.

[cop414]

I use Jewlers Mutual for watch and her rings.

[brandrea]

I don’t have an expensive collection so I don’t insure any more.

I used to use JM and it was about $150 per 10K (that’s CDN dollars). I guess I’m at the point where if I lose a watch it’ll be on me

[CamSLC]

I am using American Family homeowners rider. My premium is exactly 7.4% of the quoted appraisal value.

[ashbaug2]

I picked up a valuable property policy through USAA (separate from my homeowners policy). It covers my wife's rings, my Rolex, my Seiko MM300, and a few things that go bang. Total value around $50, and we paid $470 for the entire year.

[swils8610]

Travelers has a rider on my home owners policy. It’s about $100 per 10k in coverage.


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[JodyHighroller]

I spoke with Lavalier this morning and they confirmed they aren’t approving new apps for watches. They have experienced a high loss amount similar to Jewelers Mutual.

Seems like the only option at this point is to add a rider or personal articles to your homeowner’s policy.

[sergzurc]

Recently insured watch among other items with State farm. Broke out to roughly 1% of retail. This is in the Hollywood/Los Feliz area neighborhood.

[CamSLC]

Originally Posted by CamSLC

I am using American Family homeowners rider. My premium is exactly 7.4% of the quoted appraisal value.

I'm terrible at math or misplaced my decimal. **.74% of quoted value**

[Travelair007]

Originally Posted by 1William

I have chosen to put my watches with Jewelers Mutual and break them out from my homeowners policy. There are a lot of factors that go into deciding what a risk is for insurance companies but I can tell you that a claim involving a lot of money will increase your chances of being cancelled. Should I suffer a lose on my watches, I need to keep my homeowners on my house in place. And should I have a homeowners claim and get cancelled I would like my jewelry to be covered.

Can you elaborate on the rust of being cancelled? What does that really mean? Would other insurance providers not accept to cover you home following a cancellation?

[function12]

If you are insuring just one watch in the 10K range then the premium will be to small for them (Jewels mutual) to bother with it.

[droptopman]

Ameriprise (AMEX) homeowners with a scheduled possessions underwriter policy. Currently about 1.5% of insured value. JM makes sense but they wanted appraisals on everything and my insurance only asks for appraisals on 10K+, so back in the flipping days it was just more convenient to use my HO insurance as they are easy to deal with. No that I am not flipping, I may revisit the JM option. As what 1William said above makes sense to me.