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Old 15 November 2019, 11:39 AM   #1
Bulldozer
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Icon2 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?
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Old 15 November 2019, 11:56 AM   #2
DTap
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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.
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Old 15 November 2019, 11:58 AM   #3
Bulldozer
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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.
Assurant is 1.65%!

What property insurance companies do 1% for personal items? I wouldn't mind switching.
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Old 15 November 2019, 12:08 PM   #4
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I'm with cooperators and I believe it's just under 1% annually.

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Old 15 November 2019, 12:08 PM   #5
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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.
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Old 15 November 2019, 12:09 PM   #6
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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.
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Old 15 November 2019, 12:12 PM   #7
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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.
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Old 15 November 2019, 12:15 PM   #8
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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.
0.6% is honestly amazing. Which company?
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Old 15 November 2019, 12:17 PM   #9
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Quote:
Originally Posted by WhiskeyKoffee View Post
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.
How do you mean?
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Old 15 November 2019, 12:29 PM   #10
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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.
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Old 15 November 2019, 01:11 PM   #11
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I have what is called a “special articles policy” with State Farm.


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Old 15 November 2019, 01:13 PM   #12
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Best Insurance Options

I use jewelers mutual
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Old 16 November 2019, 12:09 AM   #13
123Blueface
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Quote:
Originally Posted by Bulldozer View Post
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?
Many carriers can allow you to raise the limits in increments of $1,000 but very important to note that basic insurance jewelry coverage on a HO or Renters policy is NOT all risk. It’s subject to one of the listed named perils. Not only that but property away from the insured premises is limited to 10%.

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.
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Old 16 November 2019, 12:14 AM   #14
beshannon
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Some on homeowners policy some on Jewelers Mutual
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Old 16 November 2019, 12:21 AM   #15
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I use jewelers mutual
Same here costs about $100 a year for my Explorer2. 0 deductible. Now I can wear the watch without worries.
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Old 16 November 2019, 12:21 AM   #16
MattyL147
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Keep it separate - use JM.
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Old 16 November 2019, 12:31 AM   #17
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A good safe and only have one watch out of it at at time.
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Old 16 November 2019, 01:44 AM   #18
wjj
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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.
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Old 16 November 2019, 04:12 AM   #19
Hollie_Rollie
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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...
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Old 16 November 2019, 05:03 AM   #20
ArdenJaguar
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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.
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Old 16 November 2019, 05:45 AM   #21
123Blueface
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Quote:
Originally Posted by wjj View Post
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.
Hmmm........
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.
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Old Yesterday, 10:10 PM   #22
Hollie_Rollie
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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...
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