Denied by Jewelers Mutual

[icebergslm]

Hey guys, I had a question about insuring a watch. I recently picked up my first Rolex, a dark rhodium op39 that I’m absolutely in love with. I didn’t want to put it on my home owner’s policy so I contacted jewelers mutual as suggested by a number of members here.
I received a denial from them stating nature of item, lack of security, and credit review. It’s a $5700 watch, hardly a Lange Zeitwerk, no I don’t have a security system, but I didn’t see that listed as a requirement for insurance, and my credit score is in the 700s.
Has this happened to anyone here? What would be your next move, in terms of getting insurance on your timepiece?

[Chadridv]

Very strange! I modified the mortgage on my house a few years back and my credit took a huge hit cause of it. Not long after I insuring multiple watches as well as my wife's wedding jewelery, with no problem.

I heard there is an insurance score which is separate of credit. Have you had many insurance claims in the past?

[icebergslm]

^ nope, no insurance claims

[function12]

Just call your current home owners and ask for a jewelry policy. Mine through State Farm is way cheaper than jewelers mutual. I have almost $100k in a jewelry policy. All items above 5k have to have an appraisal. Zero deductible and a replacement policy. Since it is a separate policy, claims on my home owners or jewelry will not affect each other.

[WhiskeyKoffee]

You never, ever, ever want to make a claim on a homeowner's policy unless you have a catastrophic loss. Always, always get a separate policy for your Rolex. I went through USAA. They approved me without anything more than my own description of my Rolex and the insured dollar amount. My wife's ring is insured through Chubb. They are more expensive, but will write a check (instead of searching for a replacement) if her ring were to be lost or stolen.

[Chewbacca]

Interesting. Zip code also plays into it. Maybe lots of b&e or petty theft issues in your area?

[bdex75]

Originally Posted by Chewbacca

Interesting. Zip code also plays into it. Maybe lots of b&e or petty theft issues in your area?

This.

I would call them and question it. I use a separate policy thru my homeowners company.


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[BillA]

Get a personal articles policy from your homeowners insurance.

[smabe123]

Originally Posted by WhiskeyKoffee

You never, ever, ever want to make a claim on a homeowner's policy unless you have a catastrophic loss. Always, always get a separate policy for your Rolex. I went through USAA. They approved me without anything more than my own description of my Rolex and the insured dollar amount. My wife's ring is insured through Chubb. They are more expensive, but will write a check (instead of searching for a replacement) if her ring were to be lost or stolen.

Can you expand on this? Why wouldn't I want to insure through my home owners insurance? I need to get my watch insured this week, so this thread hit at a great time.

[function12]

They may have turned you down because the premium was to small and not worth their risk.

[Fmnunes2803]

Man that sucks. I hope u get your watch insured some how...good luck!!


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[rebel_1]

Wow. I've never heard of being unable to get insurance. But, if that's your only Rolex, just never take it off.

[WhiskeyKoffee]

Originally Posted by smabe123

Can you expand on this? Why wouldn't I want to insure through my home owners insurance? I need to get my watch insured this week, so this thread hit at a great time.

Clark Howard and other consumer experts constantly speak about this. Generally speaking, your house is the largest and most important investment of your life. For the most part, one claim will result in your insurance company cancelling your policy, which leaves you desperately searching for any company that will take you, most of which have huge premiums and lessor coverage. Sure, this is what you deal with if your house burns down, floods, or otherwise suffers a catastrophic loss. However, this is not what you want to deal with because your lawnmower threw a rock at your neighbor's car, your watch was stolen, or a hail storm damaged a few shingles on your roof.

I'm not talking about a completely separate plan. I'm talking about insuring your Rolex through your homeowner's policy. Just don't do it. Get a completely separate and independent plan. Google it if you don't believe me. Check Clark Howard's site. You never, ever make a claim against your home unless you suffered a catastrophic loss.

[F308gt4]

With all due respect, why insure a watch at all? I’m old school, insurance should protect against catastrophic loss. Losing your watch (or having it stolen, etc.), while it may suck, should not be a catastrophic loss.

[liebs520]

Try Lavalier?


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[Syed117]

Originally Posted by F308gt4

With all due respect, why insure a watch at all? I’m old school, insurance should protect against catastrophic loss. Losing your watch (or having it stolen, etc.), while it may suck, should not be a catastrophic loss.

It's so inexpensive that you might as well have it.

That's how I see it.

[EDL7]

I've made several claims over the years on my home insurance..thats what they are for..
The last time..they replaced my roof..and no..they didn't drop me..

[offrdmania]

Im in the middle of having a policy written through State Farm. They are much cheaper than Jewelers mutual and will insure individual watches instead of just having them under an umbrella policy.

[jrs146]

I've had a good experience with jewelers mutual. I've never had to file a claim but their customer service is excellent and their rates are fair. I would give them a call to inquire more.


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[themast]

Originally Posted by WhiskeyKoffee

Clark Howard and other consumer experts constantly speak about this. Generally speaking, your house is the largest and most important investment of your life. For the most part, one claim will result in your insurance company cancelling your policy, which leaves you desperately searching for any company that will take you, most of which have huge premiums and lessor coverage. Sure, this is what you deal with if your house burns down, floods, or otherwise suffers a catastrophic loss. However, this is not what you want to deal with because your lawnmower threw a rock at your neighbor's car, your watch was stolen, or a hail storm damaged a few shingles on your roof.

I'm not talking about a completely separate plan. I'm talking about insuring your Rolex through your homeowner's policy. Just don't do it. Get a completely separate and independent plan. Google it if you don't believe me. Check Clark Howard's site. You never, ever make a claim against your home unless you suffered a catastrophic loss.

I never understood this.

I did a claim with my homeowner insurance for a bathroom leak damage a few years back. The claim was about $850 and I had a $500 deductible. I read some of the stories you are citing but I made the claim nontheless because otherwise is nonsensical in my mind to have insurance and not using it.

As far as I can tell, nothing happened to my insurance premium, my capability to obtain insurance on a new (to me) vehicle or for a new house subsequent to that claim. So I really do not understand this theory of not making claims for minor damages.

[SDRider]

I’m not really sure why you would insure a $5700 watch.

[Star Ferry]

There are a lot of reasons you could have been denied. there's probably an algorithm facilitating the decision, the details of which are a trade secret.

[Star Ferry]

Originally Posted by function12

They may have turned you down because the premium was to small and not worth their risk.

x2. There are fixed costs associated with establishing and administering a new policy. A $5700 policy might not be worth it for them unless they're extremely happy with the risk

[RichardF]

State Farm has a personal articles policy that you can put your watches on. They don't charge here by zip code.I discussed this at length with the agent because for a year my former agent had the wrong address and zip on my policy even though they had right address on my appraisals. The computer bases the rate on the appraisal/replacement cost. If you have a watch that is over 25,000 you also will be assessed a surcharge making the policy even higher. Home owners with State Farm will not cover your watches. Also State Farm loves doing soft credit inquiries and will do one every few months on you.


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[WhiskeyKoffee]

Originally Posted by themast

I never understood this.

I did a claim with my homeowner insurance for a bathroom leak damage a few years back. The claim was about $850 and I had a $500 deductible. I read some of the stories you are citing but I made the claim nontheless because otherwise is nonsensical in my mind to have insurance and not using it.

As far as I can tell, nothing happened to my insurance premium, my capability to obtain insurance on a new (to me) vehicle or for a new house subsequent to that claim. So I really do not understand this theory of not making claims for minor damages.

You were lucky and your experience is definitely not the norm. I was with State Farm for 30 years, never had a claim, and have a credit rating of 840. My riding lawn mower slung a rock into my neighbor's van's windshield. I was stupid enough to make a claim for $600. State Farm cancelled me later that same month. Just research it online ... You NEVER, EVER make a homeowner's claim for a non catastrophic loss.

[martinr]

Originally Posted by WhiskeyKoffee

You were lucky and your experience is definitely not the norm. I was with State Farm for 30 years, never had a claim, and have a credit rating of 840. My riding lawn mower slung a rock into my neighbor's van's windshield. I was stupid enough to make a claim for $600. State Farm cancelled me later that same month. Just research it online ... You NEVER, EVER make a homeowner's claim for a non catastrophic loss.

Maybe it's you because I had State Farm and filed a claim for water damage to my parquet floor, moisture had soaked up through the slab, they covered it no problem and did not raise my rates. Also in the same house we experienced a windstorm that knocked down some trees that fell on my pool fence and wrecked it. Filed a claim, they paid for the damage and tree removal and again did not raise my rates. I've never heard of Clark Howard.

[rolehex]

OP, Another person on this forum was also turned down about 6 months ago, I remember reading about it. Not sure what the reasoning was but you're not alone.

[HL65]

Originally Posted by WhiskeyKoffee

You were lucky and your experience is definitely not the norm. I was with State Farm for 30 years, never had a claim, and have a credit rating of 840. My riding lawn mower slung a rock into my neighbor's van's windshield. I was stupid enough to make a claim for $600. State Farm cancelled me later that same month. Just research it online ... You NEVER, EVER make a homeowner's claim for a non catastrophic loss.

That is ridiculous. I have made multiple claims on my insurance policy and never have had my premium raised as a result nor dropped. Also not just claims but very large ones at that which were paid.

[Star Ferry]

There's no way State Farm drops most customers after one claim. Less whisky and more coffee, please

[locutus49]

I disagree completely. We have had homeowners with USAA for over 30 years, and used it a couple times on the house (storm damage, microwave getting zapped by power surge during storm), and it was no problem and they did not raise our rates.

Also, both our Rolexes (mine a platinum Daytona) are listed under a USAA homeowners rider, and I am confident they will pay it we lose one or whatever.

Experts may disagree, but I use my own critical thinking in making these decisions. Housing experts have been wrong about many things.

Originally Posted by WhiskeyKoffee

Clark Howard and other consumer experts constantly speak about this. Generally speaking, your house is the largest and most important investment of your life. For the most part, one claim will result in your insurance company cancelling your policy, which leaves you desperately searching for any company that will take you, most of which have huge premiums and lessor coverage. Sure, this is what you deal with if your house burns down, floods, or otherwise suffers a catastrophic loss. However, this is not what you want to deal with because your lawnmower threw a rock at your neighbor's car, your watch was stolen, or a hail storm damaged a few shingles on your roof.

I'm not talking about a completely separate plan. I'm talking about insuring your Rolex through your homeowner's policy. Just don't do it. Get a completely separate and independent plan. Google it if you don't believe me. Check Clark Howard's site. You never, ever make a claim against your home unless you suffered a catastrophic loss.