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How do you insure your watches?

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  • Homeowner / Tenant policy rider

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  • Cant be bothered

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Discussion Starter · #1 ·
Do you use a specialist like Hodinkee's insurance plan underwritten by Chubb or do you simply have a 'Personal Articles' rider on your homeowners / tenants policy to add in your more expensive jewelry etc ? Do either require you to provide an appraisal / photos or copies of your purchase receipts? Do you even bother with the extra insurance for such things?

I can say that Chubb is a well-respected insurer with very good claims service up here in Canada and I would assume that they're equally as good elsewhere. You pay a little more for their insurance but top notch claims service is what matters. General insurers (such as State Farm / USAA etc) usually have a maximum payable (individual item and total) limit for jewelry/watches etc in the event of a loss and require an appraisal & photos to set up a rider on your home policy.

Doing nothing means that your homeowners / tenants policy may respond to a loss (depending on cause) but it will likely be subject to special limits such as $5000 or$10,000 in total and $500 or $1000 per item.

Opinions? Thoughts? Care about it? And dont forget to vote in the Poll!
 

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I have additional insurance under a section called personal articles coverage on my home owner's insurance. I have coverage for some watches, not all, by a list and value I provide. I also have additional insurance to cover a large collection of vinyl albums for which I have also submitted an inventory. Total yearly cost is about $80 with a current limit of $13,500 for watches and $3,800 for albums. A minor expense for some peace of mind. I really should update the watch schedule.
BTW, I have a file box full of receipts for my watches.
 

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I'm the opposite. I have no use for insurance companies other than for catastrophic loss. Back in the day the insurance companies were great now not so much. The insurance adjusters job is to limit the exposure of the company they work for not recover your loss. I am 69 and other than one auto claim (my truck was stolen) I have never had a claim. Everything not in the rotation goes in the safe. Never been broken into....I'm playing the odds. You're going to have to fight to recover the true value of the items lost, seems wrong to me.

Back in the early 80's I raced my car at Riverside International Raceway. We were young and had no money for such foolishness. A couple of us would drive our cars to the track and switch out the tires for slicks and put on open exhaust for racing then reverse the process for driving home. The car was never driven on the street except for these occasions. I would call my insurance guy and tell him when this was happening and he would wright a contract and leave it on his desk for the weekend instructing me to tell him when I made it home at which time he would tear up the contract. How times have changed. I still have the car. 😊

I have friends with Chubb and they say their claims process is the best.
 

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Discussion Starter · #4 ·
I'm the opposite. I have no use for insurance companies other than for catastrophic loss. Back in the day the insurance companies were great now not so much. The insurance adjusters job is to limit the exposure of the company they work for not recover your loss. I am 69 and other than one auto claim (my truck was stolen) I have never had a claim. Everything not in the rotation goes in the safe. Never been broken into....I'm playing the odds. You're going to have to fight to recover the true value of the items lost, seems wrong to me.

Back in the early 80's I raced my car at Riverside International Raceway. We were young and had no money for such foolishness. A couple of us would drive our cars to the track and switch out the tires for slicks and put on open exhaust for racing then reverse the process for driving home. The car was never driven on the street except for these occasions. I would call my insurance guy and tell him when this was happening and he would wright a contract and leave it on his desk for the weekend instructing me to tell him when I made it home at which time he would tear up the contract. How times have changed. I still have the car. 😊

I have friends with Chubb and they say their claims process is the best.
We're both the same age so I'm going to 'slightly' disagree with you on one point about the insurance adjuster's "job" being to limit their employer's exposure. I spent 30 yrs as a Property loss Adjuster and then as a Claims examiner (where i hired adjusters to go to remote places in Canada) with 3 different companies in Canada. I never once felt it was my job to limit our exposure on a property loss claim but I'll freely admit i worked with a number of adjuster's and managers who did just that and treated customers as if they were adversaries rather than partners. And then they wonder why the public views them as a necessary evil....
 

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We're both the same age so I'm going to 'slightly' disagree with you on one point about the insurance adjuster's "job" being to limit their employer's exposure. I spent 30 yrs as a Property loss Adjuster and then as a Claims examiner (where i hired adjusters to go to remote places in Canada) with 3 different companies in Canada. I never once felt it was my job to limit our exposure on a property loss claim but I'll freely admit i worked with a number of adjuster's and managers who did just that and treated customers as if they were adversaries rather than partners. And then they wonder why the public views them as a necessary evil....
Sorry mikey I didn't mean to cast aspersions on the entire industry. My attitude comes from my experience and that of several friends that just happened to get the wrong person representing their company and handling the claim. Does being in southern California have something to do with it? :unsure:
 

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Discussion Starter · #9 ·
Sorry mikey I didn't mean to cast aspersions on the entire industry. My attitude comes from my experience and that of several friends that just happened to get the wrong person representing their company and handling the claim. Does being in southern California have something to do with it? :unsure:
No worries. I had many days where i would have fully agreed with you and even now that I've been retired from that line of work for 3 yrs, I still think they deserve all of the bad press they get.
 
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