Insurance against theft

[ravenhome777]

What do you guys do to insure your watches against theft?

Is there a particular company that you can use?

I asked my home insurance agent about this, and he said that I need to get the watch appraised in order to insure it on the home owner's policy. Not sure if this is the best way to go, or if I should buy insurance from another company.

[ashbaug2]

There are quite a few threads on this, already...

I use a supplemental valuable property policy through my homeowner's insurance. I use USAA, and they only wanted a picture of the receipt. Now, I'm only covered to the cost of the watch (what I paid), not the actual value to replace, which I should probably get updated since my BLRO is likely impossible to replace at MSRP...

A lot of people have been talking about the Hodinkee watch insurance, so check them out, too.

[Johnny Crystal]

Originally Posted by ashbaug2

There are quite a few threads on this, already...

I use a supplemental valuable property policy through my homeowner's insurance. I use USAA, and they only wanted a picture of the receipt. Now, I'm only covered to the cost of the watch (what I paid), not the actual value to replace, which I should probably get updated since my BLRO is likely impossible to replace at MSRP...

A lot of people have been talking about the Hodinkee watch insurance, so check them out, too.

USAA here too. How would you get them to cover the replacement price? Getting a appraisal is the only way I can think of and I’m sure that cost $$

[springer]

Most insurance companies will require an appraisal. Go out and get your appraisal - you'll then be ready to discuss a policy with the various insurance agents with appraisal in hand.

[ravenhome777]

Thanks for the advice.

I didn't realize Hodinkee provided insurance.

I found the following thread (which gets into guns quite heavily) but still has useful information... although it's quite old:
https://www.rolexforums.com/showthre...surance&page=3

I saw a mention in that thread about "Jewelers Mutual Insurance". I'm not sure what the benefit is between this and putting it on your home owner's insurance. Does home owners insurance only cover up to a certain amount like 5k? Does it also not protect it if you damage it? What if you drop it, or it gets water damage?

It would be nice to have a policy that covers everything. Is that what "Jewelers Mutual Insurance" does?

One thing I was wondering is if you filed a claim that your watch was stolen, how does the insurance company prove that it was, in fact, stolen? Couldn't anyone claim that their watch was stolen?

[sleddog]

Originally Posted by ravenhome777

One thing I was wondering is if you filed a claim that your watch was stolen, how does the insurance company prove that it was, in fact, stolen? Couldn't anyone claim that their watch was stolen?

Your insurance provider would require a copy of the police report regarding the theft.

[ravenhome777]

Originally Posted by sleddog

Your insurance provider would require a copy of the police report regarding the theft.

Ah. OK

[ashbaug2]

Originally Posted by ravenhome777

Thanks for the advice.

I didn't realize Hodinkee provided insurance.

I found the following thread (which gets into guns quite heavily) but still has useful information... although it's quite old:
https://www.rolexforums.com/showthre...surance&page=3

I saw a mention in that thread about "Jewelers Mutual Insurance". I'm not sure what the benefit is between this and putting it on your home owner's insurance. Does home owners insurance only cover up to a certain amount like 5k? Does it also not protect it if you damage it? What if you drop it, or it gets water damage?

It would be nice to have a policy that covers everything. Is that what "Jewelers Mutual Insurance" does?

One thing I was wondering is if you filed a claim that your watch was stolen, how does the insurance company prove that it was, in fact, stolen? Couldn't anyone claim that their watch was stolen?

As I understand my homeowners policy, it only covers up to a certain maximum replacement value ($5k) and only against theft. So if someone breaks in and steals it from my home, not if it’s lost in a fire or dropped on a concrete floor. Jewelers Mutual and Hodinkee provide such insurance, as does a rider coverage on your homeowners insurance specifically for that item.

For the Valuable Personal Property Insurance rider, it covers everything. But you should understand that if someone steals it or it is lost, you file a police report And the Insurance pays you out, IF that watch is recovered, it is usually then the property of the Insuring company (because you’ve already been compensated). Make sure if you have sentimental value that whatever option you choose gives you the option to buy it back, should it be recovered.


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[ashbaug2]

Originally Posted by Johnny Crystal

USAA here too. How would you get them to cover the replacement price? Getting a appraisal is the only way I can think of and I’m sure that cost $$

I haven’t looked into it. I’ll probably call them and see what they need. It’s definitely a requirement, though, since the BLRO is twice as much to replace through grey market than an AD… and my AD already got me one, they won’t get me two haha


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[Garywebster]

Does anyone recommend a good insurer in NY?

[ravenhome777]

Originally Posted by ashbaug2

As I understand my homeowners policy, it only covers up to a certain maximum replacement value ($5k) and only against theft. So if someone breaks in and steals it from my home, not if it’s lost in a fire or dropped on a concrete floor. Jewelers Mutual and Hodinkee provide such insurance, as does a rider coverage on your homeowners insurance specifically for that item.

For the Valuable Personal Property Insurance rider, it covers everything. But you should understand that if someone steals it or it is lost, you file a police report And the Insurance pays you out, IF that watch is recovered, it is usually then the property of the Insuring company (because you’ve already been compensated). Make sure if you have sentimental value that whatever option you choose gives you the option to buy it back, should it be recovered.


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That's a great post. I hadn't thought about the sentimental value issue!

https://www.jewelersmutual.com

I was looking into the above website a little. I like what I see so far, but I should ask them if I'd have the option to buy back if it's found.

[ravenhome777]

One weird thing that I found on the Jewler Mutual page is this:
https://www.jewelersmutual.com/the-j...al-group-cover

What's not covered:

What's Not Covered

So, what isn't covered under jewelry insurance? Mostly uncommon causes of loss like war and rodents.

Here's the exclusion list:

1. Civil authority, like if your jewelry is confiscated during a search by law enforcement

2. Deterioration or inherent vice, like a manufacturer's defect

3. Intentional acts, like purposely damaging or losing your jewelry

4. Nuclear hazard, like a fire resulting from a nuclear reaction

5. Vermin, rodents, or insects, like a moth-infestation affecting heirlooms in the attic

6. Voluntary parting, like selling your covered jewelry and having the check bounce

7. War and military action, basically any warlike action

8. Wear and tear, like typical gradual deterioration*


Civil Authority - if something is confiscated by law enforcement. Why would that happen? I wonder what event they had in mind with this.

War and Military action - Again, what did they have in mind? If the 3rd Reich rises up again and invades the USA, and steals your Rolex, they're not covering that?

[ravenhome777]

This was Jewelery Mutual's response. I think it's a good one:

Yes, in our case you would have the opportunity to keep your original item as we understand the value of the sentimental side of jewelry.

Since we are a repair and replace coverage the result of the claim would result in you having a new item. In the end we would likely ask that you either supply us with the replacement item, or the original item that has since been recovered.

We appreciate your interest in us to protect your jewelry and the special moments it represents.

[ashbaug2]

Originally Posted by ravenhome777

One weird thing that I found on the Jewler Mutual page is this:
https://www.jewelersmutual.com/the-j...al-group-cover

What's not covered:


Civil Authority - if something is confiscated by law enforcement. Why would that happen? I wonder what event they had in mind with this.

War and Military action - Again, what did they have in mind? If the 3rd Reich rises up again and invades the USA, and steals your Rolex, they're not covering that?

I think a civil authority issue would arise if you purchased a used watch that ended up being stolen; say you send it in for service and it's been reported stolen so they confiscate it.

War and military action would be simple to me, since I'm in the Army, that if I wore it in a combat zone and it was damaged (say as a result of an IED or other bomb), it would not be covered.

But that's just a SWAG based on very little knowledge without reading any fine print...