Watch insurance information

[JMGoodnight369]

Hey everyone. So I’ve been looking into adding some watches on to an insurance policy and I stumbled across Jewelers Mutual Insurance on the Crown and Caliber site. They apparently cover everything from stolen to damaged watches for a reasonable price per year. I was curious if any members have dealt with them or other insurance companies with their watch collections and what your experiences was like. Thanks.


Sent from my iPhone using Tapatalk

[mbalmz]

I used JM to insure my fiancée’s engagement ring. they were fine to work with but the coverage isn’t cheap. I’m looking into insuring my watches now through renter’s insurance—haven’t picked anything yet but looks like this approach will be cheaper.


Sent from my iPhone using Tapatalk

[wBrah]

I got a better deal getting a personal article policy from State Farm.

[ChiTownWatches]

Added my Root Beer to my home policy as a stand alone item. State Farm $130/yr covers if lost or stolen with a $500 deductible.


Sent from my iPhone using Tapatalk

[JMGoodnight369]

Originally Posted by ChiTownWatches

Added my Root Beer to my home policy as a stand alone item. State Farm $130/yr covers if lost or stolen with a $500 deductible.


Sent from my iPhone using Tapatalk

With yours do you have to send in a new appraisal letter every year? The price with Rolex fluctuates so quickly.


Sent from my iPhone using Tapatalk

[ChiTownWatches]

Originally Posted by JMGoodnight369

With yours do you have to send in a new appraisal letter every year? The price with Rolex fluctuates so quickly.


Sent from my iPhone using Tapatalk

Not sure to be honest. They didn’t say. Guess I should ask. We had my wife’s ring insured like 10 years ago and never had it reappraised. I’m sure it would cost more to replace today then it cost back then. Hmmm. Now I’m concerned lol I’ll find out tomorrow and let you know :)


Sent from my iPhone using Tapatalk

[JMGoodnight369]

Originally Posted by ChiTownWatches

Not sure to be honest. They didn’t say. Guess I should ask. We had my wife’s ring insured like 10 years ago and never had it reappraised. I’m sure it would cost more to replace today then it cost back then. Hmmm. Now I’m concerned lol I’ll find out tomorrow and let you know :)


Sent from my iPhone using Tapatalk

I appreciate that. Glad I could bring that to light tho. It would really hurt to loose or have a root beer stolen and then they only give you a fraction of what it’s worth. I’m sure insurance companies don’t consider inflation and value fluctuations because then they don’t have to pay out as much during a worst case scenario.


Sent from my iPhone using Tapatalk

[123Blueface]

Originally Posted by ChiTownWatches

Not sure to be honest. They didn’t say. Guess I should ask. We had my wife’s ring insured like 10 years ago and never had it reappraised. I’m sure it would cost more to replace today then it cost back then. Hmmm. Now I’m concerned lol I’ll find out tomorrow and let you know :)


Sent from my iPhone using Tapatalk

You will only get up to declared value, or less if can be located.
If more to replace than insured value, you are out.p the difference.
You can get an appraisal for a higher amount to reflect Grey market prices if sole source to replace, such as I did with my Pepsi and Batman. Likelihood of AD getting me another soon if lost is slim to none.

For about the same money, you can insure with JM for only a $100 deductible, and not fear a claim screwing with your Homeowner policy, like getting raised in premium or being cancelled.

Always try to keep easily stolen or lost items like high end jewelry separate from your Homeowner policy, specially if you live in a volatile insurance state.

[dmb359]

I use JM for like 5 watches plus my wife's wedding ring.....I like it. Separate from Homeowners, and reasonable prices (like 1%ish) with no deductible (or choose a deductible option).

Just send in one appraisal and done (unless the value changes and you want to update the insured value with a new appraisal). Have them appraised for true replacement value if it's something like a sports Rolex that costs quite a bit more than retail to replace.

There are quite a few threads around related to JM, do a little searching if you want to read more opinions.

[cop414]

JM here for watch and wife’s rings. They recommend a new appraisal every so often but I do believe that they automatically adjust what you have covered by 2% in value every year or two. From what I understand your rate is at least somewhat dependent on your zip code, which is tied into the national UCR report for crime (uniform crime report, I did the UCR’s for out department in the 80’s, prior to them being done by computer, a real pain.)

[ChiTownWatches]

Heard back from the SF agent. They automatically increase the coverage every year by 5%. No need for a reappraisal unless I feel that that’s not enough. So I guess no need to do anything other than maybe check in every couple of years in case prices spike.


Sent from my iPhone using Tapatalk

[Laszlo]

Originally Posted by wBrah

I got a better deal getting a personal article policy from State Farm.

This 100%. Go ahead and steal my $#%*.

[CamSLC]

Separate rider on my home owners insurance. Less than 1% annual premium of replacement value.

[offrdmania]

I have an articles policy through State Farm. In the fine print it seemed like better coverage compared to JM and it was a bit less in cost.

[shteam]

Was looking over some #'s on JM and to insure a watch valued at 30k is $570. 31k is $698, that's $1000 more value but the yearly cost is 22% higher. I don't have a deep understanding of insurance so if someone could explain that'd be awesome.

[dkg1616]

Anyone use lavallier?

My soon to be fiancés ring is currently being made and should be done in a couple weeks and am looking at JM and lavalier. Lavalier looked a bitch cheaper and covered same scenarios.

[RichM]

Originally Posted by shteam

Was looking over some #'s on JM and to insure a watch valued at 30k is $570. 31k is $698, that's $1000 more value but the yearly cost is 22% higher. I don't have a deep understanding of insurance so if someone could explain that'd be awesome.

30K seems to be the magic number for JM, when the rate get real high. For example, I just plugged in a 29K gents watch in my zip code and the rate is $406 with no deductible. Break that 30K mark and the rate goes through the roof. Not sure why myself. I do use JM for all my jewelry and the rate seems to be a little over $100 for $10,000 worth of coverage.