A Wild Rolex Day

[seabreeze60]

Took my 2017 Datejust TT gold/SS Roman Jubilee with box and papers to Bob's in Westminster for a quote: $5500. I needed to have my Rolex appraised for my home insurance policy. Then drove 15 minutes to Ben Bridge a large Rolex AD to look at the exact same model in stock and get a quote: $11,200 + tax.

Called my State Farm agent and asked what I should do. I didn't want to over insure the watch. He said: State Farm considers Rolex to be the most valuable form of jewelry from an insurance standpoint. Next to cash, home robbers are looking for Rolex watches. He noted that other forms of jewelry like diamonds, gold and silver, must be valued even on the street. However, Rolex has street value. His recommendation: "Keep the Rolex and ignore Bob's."

[123Blueface]

Simple, insure it for what it will cost to replace. If policy states Replacement Cost, insure for value of new watch.
If policy pays ACV, Actual Cash Value, insured for lesser amount.
If on policy as a floater, that is generally for Replacement Cost.

[seabreeze60]

Originally Posted by 123Blueface

Simple, insure it for what it will cost to replace. If policy states Replacement Cost, insure for value of new watch.
If policy pays ACV, Actual Cash Value, insured for lesser amount.
If on policy as a floater, that is generally for Replacement Cost.

This is good advice!

[~Haze~]

Is it your only watch worth insuring? See what your options are and consider the possibilities. You can insure your Rolex a number of different ways and you could end up with coverage against breaking or damage or loss in general (not just against theft).

And how would you feel if your Rolex were stolen and they offered you $3200 for a watch that would cost $11,200 to replace? IMO and experience, put as much coverage on jewelry as you can. The difference between a $2,000 pay out and a $12,000 pay out (as well as significantly more coverage - against loss or damage) might be as little as a $20 difference in your premiums.

[seabreeze60]

Originally Posted by ~Haze~

Is it your only watch worth insuring? See what your options are and consider the possibilities. You can insure your Rolex a number of different ways and you could end up with coverage against breaking or damage or loss in general (not just against theft).

And how would you feel if your Rolex were stolen and they offered you $3200 for a watch that would cost $11,200 to replace? IMO and experience, put as much coverage on jewelry as you can. The difference between a $2,000 pay out and a $12,000 pay out (as well as significantly more coverage - against loss or damage) might be as little as a $20 difference in your premiums.

Well stated!! Adders on Rolex watches are inexpensive from what I learned yesterday. My policy covers theft and damage. So, if I drop and crack the crystal and dent the bezel, they pay with no deductible. The policy is really inexpensive. Thanks.

I also own a older SS Oysterdate that has some value. But that's a tank and has an acrylic crystal can be replaced cheaply. That's my everyday watch and not really that valuable.

[123Blueface]

Originally Posted by seabreeze60

Well stated!! Adders on Rolex watches are inexpensive from what I learned yesterday. My policy covers theft and damage. So, if I drop and crack the crystal and dent the bezel, they pay with no deductible. The policy is really inexpensive. Thanks.

If added as a “floater”, specifically covering that item, it is in fact an all risk protection. Covers anything and everything, inclusive of mysterious disappearance.
If simply expecting to be paid under an increased “jewelry” coverage limit, than it would be subject to a named perils and accidental damage and mysterious disappearance would not be covered.
In other words, jewelry coverage on its own on a policy for homeowner is subject to a peril such as theft, fire, windstorm, etc. So on items like this, always a floater or as some call it as well, rider, and there will be no worries at all.

(36 years as a Claims Manager)

[seabreeze60]

Originally Posted by 123Blueface

If added as a “floater”, specifically covering that item, it is in fact an all risk protection. Covers anything and everything, inclusive of mysterious disappearance.
If simply expecting to be paid under an increased “jewelry” coverage limit, than it would be subject to a named perils and accidental damage and mysterious disappearance would not be covered.
In other words, jewelry coverage on its own on a policy for homeowner is subject to a peril such as theft, fire, windstorm, etc. So on items like this, always a floater or as some call it as well, rider, and there will be no worries at all.

(36 years as a Claims Manager)

This should be mandatory reading for all Forum Members! If they don't want insurance after they read it, at least then have been informed. Thank you.

[droptopman]

Originally Posted by 123Blueface

If added as a “floater”, specifically covering that item, it is in fact an all risk protection. Covers anything and everything, inclusive of mysterious disappearance.
If simply expecting to be paid under an increased “jewelry” coverage limit, than it would be subject to a named perils and accidental damage and mysterious disappearance would not be covered.
In other words, jewelry coverage on its own on a policy for homeowner is subject to a peril such as theft, fire, windstorm, etc. So on items like this, always a floater or as some call it as well, rider, and there will be no worries at all.

(36 years as a Claims Manager)

Well stated and solid information. It is expensive but worth the piece of mind.

[dba]

Insure it for Actual Replacement Value, ie: to get the exact model that was lost.

[greanie]

Should watches always be “added” to home insurance or have others done it through independent insurance specifically for your jewelry pieces . . . Maybe adding antique furniture and other “collectibles” as well.


Sent from my iPhone using Tapatalk

[123Blueface]

Originally Posted by greanie

Should watches always be “added” to home insurance or have others done it through independent insurance specifically for your jewelry pieces . . . Maybe adding antique furniture and other “collectibles” as well.


Sent from my iPhone using Tapatalk

I am in the claims business and I don’t mix the two.
I prefer JM for all my jewelry and not on my homeowner.
In FL, as in many states on the coast, homeowner insurance is quite expensive due to windstorm coverage. A loss for a Rolex may result in a rate increase or worse yet, cancellation and then forced into the “pool”, which costs are out of this planet.

[seabreeze60]

The day ended with my AD calling offering a SS GMT in exchange for my DJ and $3K. That would be a big NO. Got to love �� Rolex.

[seabreeze60]

Originally Posted by ~Haze~

Is it your only watch worth insuring? See what your options are and consider the possibilities. You can insure your Rolex a number of different ways and you could end up with coverage against breaking or damage or loss in general (not just against theft).

And how would you feel if your Rolex were stolen and they offered you $3200 for a watch that would cost $11,200 to replace? IMO and experience, put as much coverage on jewelry as you can. The difference between a $2,000 pay out and a $12,000 pay out (as well as significantly more coverage - against loss or damage) might be as little as a $20 difference in your premiums.

Thanks. That’s what I did. Took my 2 Rolexes to a local licensed watch appraiser. He appraised both at replacement value. Since the DJ is nearly new he appraised it at full list. The Oysterdate was recently overhauled by Rolex. He appraised it for $700 more than I paid the seller. He thought my FrankenRolex was a nice piece given that Rolex did the overhaul.

[Oakley12]

from my experience (in the US) most, if not all homeowner policies have specific $$ limits on certain items, jewelry, firearms, art, etc. I took out a "personal articles" policy for items which fall outside of the limits under my homeowners policy.

Items are insured for replacement value and cover all peril. Loss, damage, theft, etc. Costs me minimal in relation to the out of pocket if i had to replace.

[seabreeze60]

Originally Posted by Oakley12

from my experience (in the US) most, if not all homeowner policies have specific $$ limits on certain items, jewelry, firearms, art, etc. I took out a "personal articles" policy for items which fall outside of the limits under my homeowners policy.

Items are insured for replacement value and cover all peril. Loss, damage, theft, etc. Costs me minimal in relation to the out of pocket if i had to replace.

Correct. Thanks. My homeowners policy only covers up to $2K on theft, fire, etc. on all jewelry. So, with a separate jewelry policy you can protect whatever you choose to insure. This includes clumsy damage, theft or any kind of loss. In order to insure your Rolex, for example, you must have an official appraisal. I've attached an appraisal on an Oysterdate I recently purchased for $2600. The next step is to send to the insurance company for a quote and add to the policy for the DJ I own. The total cost to 100% protect my two Rolex watches is roughly $150 per year, or 1% of their value. This includes, for example, cracking my crystals with no deductible. I'm not an insurance salesman, by the way. Just learning the ropes.