Looking to Insure my Rolex

[xcutter73]

I just switched Homeowners insurance. They do not cover jewelry. I have a 3 year old Submariner two tone and an eighteen caret gold bracelet worth $8k that needs insuring. My wife has 2 rings worth $5k each. I was recommended by some and discouraged by others with using Jewelers Mutual. Has anyone had or know of anyone that had good luck with claims from them or any other insurance company. I hope to never make a claim, but in the event that I need to, I would like to think that there will be no hassle. Jewelers Mutual and Chubb seem to be the big ones that pop up on the search engines.

[Urosfan]

Serparate rider on your home owners insurance is how I go

[xcutter73]

Originally Posted by Urosfan

Serparate rider on your home owners insurance is how I go

Not very helpful as I clearly stated my new homeowners does not cover jewelry.

[rolexjim]

I have State Farm and my "homeowners" insurance policy does not cover specific pieces of jewelry. However, they do write separate policies just for the jewelry. I have all my watches and my wife's rings insured.

[rebel_1]

I use Jewelers Mutal. I’ve never had a claim so I can’t speak of their real customer service. Everything I heard about them was good.

[map782]

I also use State Farm. My wife has has a separate policy for her wedding rings and I have one for my Explorer II. The extra cost per month is minimal, I believe both policies together cost under $25, but the piece of mind is well worth it.

[Cerachrom]

Ask your agent or your insurer for a personal article floater (PAF) or Valuable Personal Property Policy (VPP). These are separate contracts with a schedule of your items (and replacement values) spelled out. I've had mine with USAA for 20+ years. Cost is reasonable and coverage is pretty broad.

[AndyS]

State Farm, personal articles policy. Separate from homeowners and great coverage for a minimum cost.


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[1bad750]

what ballpark are u guys paying a year? I have a few that prb should be insured.

[rolexjim]

Originally Posted by 1bad750

what ballpark are u guys paying a year? I have a few that prb should be insured.

I cannot find the itemized charges for each piece, however, I am currently paying $35.12/month to cover:

Platinum engagement ring with 1.5 ct diamond: $13,963.00
Platinum band w/ diamonds: $3,747.00
Rolex Air King watch: $5,301.00
Panerai 000111 watch: $6,640.00
IWC Portuguese watch: $8,382.00
Rolex Yacht-Master 16623: $13,608.00

Total Value of insured items: $51,xxx

I think that is a very reasonable premium.

[Quailhunter]

Rough average is 1% to 2% of insured value per year on my special items rider on my homeowner insurance.

[jctrolex]

I used Jewellers Mutual until a year ago. They sent me a dear John letter saying they won’t cover me after the current policy expired. I never had a claim on theirs
or my home policy. I asked them for the reason and they said it has nothing to do with me but just my geographical location. I live in a nice house in a nice neighbourhood in Canada. It’s not like I live in Crompton or some bad neighbourhood in Detroit. I think that’s pretty bad form on their part to cut me off after years of taking my premium payment. I now have a rider with my home policy.
As for cost it typically cost somewhere between 12-15 cents per dollar covered per year.

[mattedialdoc]

If I might piggyback with a question:
I too sought additional coverage from my homeowners, but they said I needed an Appraisal of each watch. I asked a local AD but they didn't feel they were able to appraise within the current vintage marketplace. What would you gents suggest in that regard? They indicated that all they could do would be to indicate replacement value with a current model.


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[SamQue]

Originally Posted by Quailhunter

Rough average is 1% to 2% of insured value per year on my special items rider on my homeowner insurance.

Sounds about right, I have about $61K insured and pay a bit over $850 per year for my rider. Just reviewed the rider for accuracy.

[SamQue]

Originally Posted by mattedialdoc

If I might piggyback with a question:
I too sought additional coverage from my homeowners, but they said I needed an Appraisal of each watch. I asked a local AD but they didn't feel they were able to appraise within the current vintage marketplace. What would you gents suggest in that regard? They indicated that all they could do would be to indicate replacement value with a current model.


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When I first set up my jewelry/watch rider I was required to provide appraisals. Can't remember how much I paid for professional appraisals, one for a vintage watch. That was about eight years ago. With my last two Rolex watches all they wanted was an email of the sales invoices, warranty cards, watch photo and strangely (well maybe not) a photo of me wearing the watch. All emailed off and immediately placed on policy. Never made a claim on the rider fortunately.

My regular jeweler recommended an independent/third party appraiser.

[swils8610]

Jewelers Mutual seems to be popular here. I have a rider on my Homeowners with Travelers.


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[Flintstone]

I went to my AD and asked who he liked working with when a client needs to make a claim. He said Jewelers Mutual. That was good enough for me.

[LuminousMaximus]

I'm looking just not to ever have to use insurance, but an informative post none-the-less