To insure or not to insure...

[kaien]

Originally Posted by Big Tone

Keep in mind you should be able to add items to your personal articles policy, the addition of those items will not be at the same rate as what you’re paying to protect tour watch. If you’re married, add you and your wife’s wedding bands, her other expensive jewelry, etc. what you’ll find is the per item cost of protection will go down.

I guess this depends on the type of coverage/policy. Typically, when an item is added to a Personal Articles Policy, it should be added to the schedule where each item has its own value. The per item cost of protection shouldn't go down. Even if it were a blanket-type coverage, it shouldn't mean that 10 items covered under a $100 blanket affords you $10 per piece, but 20 items covered under a $100 blanket only affords you $5 per piece. Sorry if I'm misunderstanding what you wrote.

Just be sure to check the terms of your policy.

Originally Posted by liboozers

If making a claim in future for anything this way it does not reflect on your homeowners.

+1

And, if you do have it on your homeowner's policy, it may be subject to your deductible. Also, it would most definitely count against your claims history on your homeowner's policy unless otherwise specified on your policy terms, which may influence your policy eligibility and renewal premium.

Originally Posted by 123Blueface

No homeowner policy does. They all use a standardized form. All homeowner policies provide coverage for named perils only (fire, theft, lightning, etc.) and that is not one. Only by endorsement by adding a floater.

Some homeowner's policies actually have a low coverage amount for jewelry that's baked into the policy. However, this baked-in coverage would most definitely not cover the replacement of a Rolex.

Originally Posted by Sade

Yes we have it on homeowners but it does cover mysterious disappearance.

Make sure you check with your insurance provider that it's not just mysterious disappearance on your home premises. I guess it wouldn't be that hard just to say you can't find it in your house though, now that I think about it, lol. I'm not endorsing insurance fraud, though!

But again, it would count as a homeowner's insurance claim, which may influence your policy eligibility and renewal premium.

Originally Posted by vinny84

State Farm asks for an appraisal letter and copy of receipt from the jewelry store or shop. I’d imagine they go off of that

With State Farm, it's actually either an appraisal less than 2 years old OR a copy of the receipt. The appraisal is almost always more than the what you paid, but remember:

1. More coverage doesn't mean more payout. The coverage amount is the MOST they'll cover you for, not what they'll give you for your watch. This is your ceiling. Since the purpose of insurance is indemnity, if they can find your watch for less than you paid for it, they'll either offer to set you up with a jeweler to get a new item, or they'll give you a check for the price they could replace the item for.

2. More coverage also means higher premium (but it's usually not outrageously higher)

And, for the OP...yes, insure it!

[run23]

I may be in the minority on insurance, but $270/year is way too high. I’ve never lost or had a watch stolen, so using my half-a##ed risk analysis it wouldn’t be worth it to me.

See if you can get a blanket policy on all of your stuff that also covers the watch.

[watchmework]

The price of insurance is worth the piece of mind for me. I’d recommend you get it because you never know what will happen, better to have it...especially for my SD43. If you think the price is high, shop around.

[masyv6]

Originally Posted by DZA3000

anyone other than JM insure watches? ive been having a hard time finding insurance and JM i think didn't want to insure me because of my travels

I'd be interested in hearing discussion on this as well. JM didn't seem excited to work with me due to my extremely frequent travel and rate at which my collection changes. It seems like buying, wearing, and eventually selling a piece is a strange practice to them and they did not want to insure any piece that I would consider to not be a part of my permanent collection

[franzy]

Please do it. I lost my GMTIIC on a golf course....It was miraculously found a few day later, bit it’s better to be safe than sorry. I have mine on a personal article with State Farm and pay $37 a year. No brainer for imo.


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[DocHorton]

I pay 1.5% of replacement value with Jewelers Mutual. Insure and wear worry free!

[WhiskeyKoffee]

Originally Posted by 123Blueface

As a claims manager for nearly 36 years, your agent is not only a wise man, but very honest and clearly a good friend.
He could very well add the floaters for you and make extra money off the extra premium but he gave you sound advice. Best to keep that jewelry insured separately. A claim on it will not impact what is already a volatile homeowner insurance market, just about all over the country.

Spot on!! Those of us in the Atlanta area have spent years listening to consumer expert Clark Howard talk about this very thing. Clark stresses that your house is almost always your biggest investment and the homeowner's insurance market is extremely volatile with many companies trying to find a reason to cancel or otherwise avoid a homeowner's policy. Clark stresses you should push your homeowner's deductible as high as you can, and to never, ever, ever make a homeowner's claim for anything other than a catastrophic loss. Items like jewelry, precious metals, coins, etc should always be insured separately.

Never risk your homeowner's policy over a watch.

[bigfatpauli]

In in Canada and I have my watches (of a similar value) insured for about the same annual cost.

It is good piece of mind... Just in case.

[MCO1]

That seems high to me but I'm not in Canada! Insure it none the less though.

[s14roller]

i think it depends on if it's a big deal if you lose it. The stuff you can't easily replace, I think insuring is a good idea. If you can easily just buy another, then whatever.

[jucarbon]

I want to insure separate from home insurance. What jewelry insurance company's are recommended?

[kaien]

Originally Posted by masyv6

I'd be interested in hearing discussion on this as well. JM didn't seem excited to work with me due to my extremely frequent travel and rate at which my collection changes. It seems like buying, wearing, and eventually selling a piece is a strange practice to them and they did not want to insure any piece that I would consider to not be a part of my permanent collection

That's interesting to hear that an insurance company with the word "Jewelers" in it didn't want to work with a customer with quality pieces. It sounds to me more like they didn't want to put the service effort in insuring you...

If the items are listed on the insurance policy and documented, there should be no issue with switching in and out of watches. The service work of documentation should have zero weight in terms of eligibility.

The only time there should be an issue of insurability (as it relates to a Personal Articles Policy) is claims history and/or frequency.

[masyv6]

Originally Posted by kaien

That's interesting to hear that an insurance company with the word "Jewelers" in it didn't want to work with a customer with quality pieces. It sounds to me more like they didn't want to put the service effort in insuring you...

If the items are listed on the insurance policy and documented, there should be no issue with switching in and out of watches. The service work of documentation should have zero weight in terms of eligibility.

The only time there should be an issue of insurability (as it relates to a Personal Articles Policy) is claims history and/or frequency.

It was left me with a very unfavorable view of JM, to say the least. I was specifically told that their policies wouldn't apply to a collector like myself

So instead I'm pursuing either some kind of block jewelry coverage with a separate insurer or even considering forming business specifically to get jeweler's insurance. I can't believe I'm considering jumping through this many hoops....

[JohnMatrix]

Insure

[123Blueface]

Originally Posted by kaien

I guess this depends on the type of coverage/policy. Typically, when an item is added to a Personal Articles Policy, it should be added to the schedule where each item has its own value. The per item cost of protection shouldn't go down. Even if it were a blanket-type coverage, it shouldn't mean that 10 items covered under a $100 blanket affords you $10 per piece, but 20 items covered under a $100 blanket only affords you $5 per piece. Sorry if I'm misunderstanding what you wrote.

Just be sure to check the terms of your policy.



+1

And, if you do have it on your homeowner's policy, it may be subject to your deductible. Also, it would most definitely count against your claims history on your homeowner's policy unless otherwise specified on your policy terms, which may influence your policy eligibility and renewal premium.



Some homeowner's policies actually have a low coverage amount for jewelry that's baked into the policy. However, this baked-in coverage would most definitely not cover the replacement of a Rolex.



Make sure you check with your insurance provider that it's not just mysterious disappearance on your home premises. I guess it wouldn't be that hard just to say you can't find it in your house though, now that I think about it, lol. I'm not endorsing insurance fraud, though!

But again, it would count as a homeowner's insurance claim, which may influence your policy eligibility and renewal premium.



With State Farm, it's actually either an appraisal less than 2 years old OR a copy of the receipt. The appraisal is almost always more than the what you paid, but remember:

1. More coverage doesn't mean more payout. The coverage amount is the MOST they'll cover you for, not what they'll give you for your watch. This is your ceiling. Since the purpose of insurance is indemnity, if they can find your watch for less than you paid for it, they'll either offer to set you up with a jeweler to get a new item, or they'll give you a check for the price they could replace the item for.

2. More coverage also means higher premium (but it's usually not outrageously higher)

And, for the OP...yes, insure it!

I was referring to the comment regarding mysterious disappearance.
All homeowner policies have jewelry coverage. However, generally limited somewhere between $1,00-$5,000, and afford coverage to any jewelry owned regardless of one item of or many adding to the coverage total, as long as loss took place as result of a covered peril.
Jewelry coverage can be increased. However, again, it does not cover mysterious disappearance. For that, you need a floater specifically insuring the specific item at a specified coverage limit.
You are completely correct that over insurance does not mean you will be compsentated that amount. If can be replaced new for less, it will be.

[gtdoeslife]

I just verified with my insurer and with the 50k blanket coverage that I got, there's no limitation per item. Good thing.

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[dmac001]

Originally Posted by Heynow1

This is true, but if you have anyone in your family that has served at any time now or in the past, you should be able to get in. They are a great American company. I can not say enough about them. I have our jewelry with them as well. Do know how much our policy is LOL, ill check, better late than never.......

100% agree - been with USAA for 40+ years.

As far as valuable property insurance -- it covers loss, theft, damage,.... with no deductible. You homeowners policy will have deductible and only covers theft.

[V25V]

Originally Posted by jucarbon

I want to insure separate from home insurance.

What is the particular logic behind this? I have always had them itemized on my homeowners policy.

[gtdoeslife]

Originally Posted by dmac001

100% agree - been with USAA for 40+ years.

As far as valuable property insurance -- it covers loss, theft, damage,.... with no deductible. You homeowners policy will have deductible and only covers theft.

My homeowners insurance with 50k blanket coverage doesn't only cover theft, it also covers mysterious disappearance, robbery, fire, etc...

I just got confirmation from my broker.

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[envuks]

Seems high. My watch insurance is $10 per $1000 of value per year

[gtdoeslife]

Originally Posted by npalacio

What is the particular logic behind this? I have always had them itemized on my homeowners policy.

You get a couple advantages by insuring specific items instead of including them in the homeowners policy / blanket coverage.

By insuring specific items, it may be covered for things that the homeowners coverage/blanket coverage wouldn't cover (mysterious disappearance, for example). Also, by insuring it specifically, you may get 0 deductible, which is generally isn't possible with homeowners coverage/blanket coverage. Last but not least, if you make a claim for a specifically insured item, it won't count as a claim on your homeowners policy, which is important.

[mml4]

State Farm Personal Valuables Policy-stand alone policy not an add on to a Home Owners or Renters Policy-no deductible full coverage-$10.99/$1000 value/year.

[Jim Smyth]

Its very foolish to not insure your watch IMO. Cant tell you how many threads I have read here over the last 5 years here where guys had there watch either lost or stolen and didnt have Insurance. Its hard to feel sorry for them if they decide to not get Insurance. My new watches dont leave the house till coverage is in place. I know some cant (overseas) or its very difficult to get Insurance but if you can and dont due to cost or being cheap then its on you. If you can afford a Rolex you should be able to afford to Insure it or suffer the consequences if it goes MIA.

[SpeedyTuomas]

Insurance is good to have, but seems expensive? My home insurance including two Patek's is cheaper than that but then again it is not in the USA.

[Colin G]

I can put a $100 deductible policy on my Mercedes for less than that.

I'd shop around for a better rate.

[sunnygps]

Originally Posted by gtdoeslife

Thank you everyone for your input. I insured it. For 13 bucks a month, I got a blanket coverage that covers up to 50k$ in jewels, bicycles, collections, paintings and stuff like that. 500$ deductible. I didn't have to provide an appraisal but will have to prove my loss in the event that I do a claim with them, in which case I will use the appraisal.

So I'm now covered for loss, mysterious disappearance, theft, fire, etc...

Definitely buys me peace of mind !

Is it through Jewelers Mutual?

[gtdoeslife]

Originally Posted by sunnygps

Is it through Jewelers Mutual?

No, it is with Intact Assurance.

[BNA/LION]

When in Doubt, Always Insure.

[Big Tone]

Originally Posted by kaien

I guess this depends on the type of coverage/policy. Typically, when an item is added to a Personal Articles Policy, it should be added to the schedule where each item has its own value. The per item cost of protection shouldn't go down. Even if it were a blanket-type coverage, it shouldn't mean that 10 items covered under a $100 blanket affords you $10 per piece, but 20 items covered under a $100 blanket only affords you $5 per piece. Sorry if I'm misunderstanding what you wrote.



Just be sure to check the terms of your policy.







+1



And, if you do have it on your homeowner's policy, it may be subject to your deductible. Also, it would most definitely count against your claims history on your homeowner's policy unless otherwise specified on your policy terms, which may influence your policy eligibility and renewal premium.







Some homeowner's policies actually have a low coverage amount for jewelry that's baked into the policy. However, this baked-in coverage would most definitely not cover the replacement of a Rolex.







Make sure you check with your insurance provider that it's not just mysterious disappearance on your home premises. I guess it wouldn't be that hard just to say you can't find it in your house though, now that I think about it, lol. I'm not endorsing insurance fraud, though!



But again, it would count as a homeowner's insurance claim, which may influence your policy eligibility and renewal premium.







With State Farm, it's actually either an appraisal less than 2 years old OR a copy of the receipt. The appraisal is almost always more than the what you paid, but remember:



1. More coverage doesn't mean more payout. The coverage amount is the MOST they'll cover you for, not what they'll give you for your watch. This is your ceiling. Since the purpose of insurance is indemnity, if they can find your watch for less than you paid for it, they'll either offer to set you up with a jeweler to get a new item, or they'll give you a check for the price they could replace the item for.



2. More coverage also means higher premium (but it's usually not outrageously higher)



And, for the OP...yes, insure it!

I response to your response to me, what you are saying is accurate. However, the point I was making regarding a personal articles policy, is there are endorsements that are standard with every policy that affect the premium. By adding another item to that policy, even for the same coverage amount, won’t double the premium. There will be an increase, but it won’t double.


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[rainier]

Get it insured.
I pay $199/yr on my policy for coverage on a Sub and a DateJust.