Debating on Insurance/safe

[Commandopat]

Hodinkee for me - $1200/year for 120K insurance.

[wesdaniel]

Originally Posted by Whoisthis

I have Lemonade rental insurance and they want 290$ a yr for a watch worth 12000$. Its ridiculous.
I may have 70k worth of watches. Is it possible to pay less than $200 a yr for my collection? If so, which companies?

Is it pain in the butt to file a claim and get a reimbursement? for a stolen/theft watches?
Do they call the watch companies to verify the purchase even though you
Give the insurance company appraisal/receipts in the beginning of starting the insurance?

That quote is ridiculous - it's basically $25 per year per $1K of value.

I have a State Farm Personal Articles Policy that I pay just under $6 per year per $1K of value. So, to insure your $70K collection would run ~$450.

The rate per $1K of value is dependent on your ZIP code and other factors, so YMMV.

It is not a pain to file a claim. I've filed two and they've been resolved very quickly and easily. One was a theft - I had to provide police report and it took about two weeks from providing the police report before I had a check in my hand. They do have the option of finding you a replacement watch, but, they couldn't find one for me for the value of the policy, so they paid out the face value. The other was for a drop where the crystal broke. They paid right away for the repair.

I send in my receipt (for a newly purchased watch) or an appraisal (for a pre-owned watch) and that's the end of it.

[Whoisthis]

Originally Posted by wesdaniel

That quote is ridiculous - it's basically $25 per year per $1K of value.

I have a State Farm Personal Articles Policy that I pay just under $6 per year per $1K of value. So, to insure your $70K collection would run ~$450.

The rate per $1K of value is dependent on your ZIP code and other factors, so YMMV.

It is not a pain to file a claim. I've filed two and they've been resolved very quickly and easily. One was a theft - I had to provide police report and it took about two weeks from providing the police report before I had a check in my hand. They do have the option of finding you a replacement watch, but, they couldn't find one for me for the value of the policy, so they paid out the face value. The other was for a drop where the crystal broke. They paid right away for the repair.

I send in my receipt (for a newly purchased watch) or an appraisal (for a pre-owned watch) and that's the end of it.

Hodinkee wants about 1.4% of the value of the watch.
Well do you have home insurance or others attached to SFPA policy to make it cheaper?

When you filed a claim, did they ask for the receipt or appraiser when the claim was filed or before you started the policy ?

[dddrees]

Originally Posted by Gab27

Those 15 minutes involve an experienced two-man crew who have schematics of the safe, and virtually every power tool available and at their disposal. It is designed to mimic the worst possible situation of a multi-person team who are the absolute best at breaching safes. High-security safes are routinely paired with alarm systems and the safe is then buying time for the response. A TL-15 presents a formidable challenge.

This video shows the extreme intensity of the attack a safe must withstand to attain a TL-15/TL-30 rating:
https://www.youtube.com/watch?v=OtbGUbeM860
(Don't mind the silly music)
(Safes with TL-15x6 or TL-30x6 must withstand an attack to all 6 sides.)



The Sentry you have is indeed effectively a locking box with fire protection. Basic hand tools will rapidly defeat it. If subjected to an attack as the one shown above, it would literally be sawed in half almost instantaneously.

If your goal is to spend under $1,000, I would recommend shopping used. Local locksmiths often sell used safes, as do a few companies. Often you can get very nice safes for huge discounts this way and, in some situations, you may then want to refinish them after buying.

Thanks for sharing.

[saturdayAMswingers]

One thing to keep in mind - my insurance agent recommended avoiding a situation where I was making a claim on my homeowners for a lost watch. Switched from a homeowners jewelry rider to a separate Hodinkee policy. Costs a bit more, but worth it to separate the two should something happen.

[wesdaniel]

Originally Posted by Whoisthis

Hodinkee wants about 1.4% of the value of the watch.
Well do you have home insurance or others attached to SFPA policy to make it cheaper?

When you filed a claim, did they ask for the receipt or appraiser when the claim was filed or before you started the policy ?

Yes, I have multiple lines of insurance with State Farm - auto, home, life. I don’t think they will write a standalone PA policy. But, it may be worth getting a quote from them for a combined policy.

You have to prove the value when you add the watch to your policy. Once it’s added, you have inflation coverage only. So, the insured value tracks to inflation. If there is a watch that skyrockets in value and you want to increase your limit, you need a new appraisal to substantiate it.

When making a claim, you need to provide police report (theft or loss) or photos and statement of what happened (if damaged).