With the value of luxury watches and rising theft rates, choosing the proper insurance for your timepiece is more important than ever. Watches are more than just their monetary value; they’re prized possessions and symbolize the wearer’s style. Whether you’re looking to sell a watch or keep it safe for years to come, this step-by-step guide will help you compare the best ways to insure your watch and protect it from unforeseen events.

Steps To Insure Your Watch

Asses Your Watches Value: Accurate assessment of your watch’s market value is essential before securing insurance coverage. This involves evaluating the make, model, overall condition, and special characteristics. Understanding the timepiece’s value can help you select an insurance policy with the most appropriate coverage limit.
Get A Professional Appraisal: For insurance purposes, seeking a professional opinion is vital. Plan for an evaluation with a certified jeweller or appraiser with expertise in luxury watches. They will provide a thorough analysis that serves as the foundation for your insurance coverage, which can be crucial in the case of a claim.
Choosing Your Insurance Provider: Consider companies that offer specialized coverage for high-end jewelry and watches. Look for insurers with a proven track record in handling valuables and a positive customer service reputation. Review the policy offerings, coverage limits, and exclusions to understand what coverage fits you.
Calculate The Cost: This is typically paid yearly as a premium of about 1% of your watch’s market value. For example, if your watch is appraised at $10,000, your insurance premium would be $100 annually. This offers extensive protection from potential risks such as theft and damage. Factoring in this annual fee allows you to budget appropriately and decide what type of insurance is right for your watch.
Keep Insurance Updated: As your watch value can fluctuate due to market trends, it is important to re-evaluate the value of your timepiece and adjust your coverage as needed. This keeps your coverage current and reflective of your watch’s true market value.

Home Insurance or Scheduled Jewelry Insurance?

Home Insurance

While home insurance does cover personal property, including watches, it has limits. These policies are usually capped at a certain limit and often won’t reflect the true market value. Say your home insurance covers valuables up to $5,000 and your watch is worth $15,000; you would only receive a small fraction of the original cost. So while home insurance offers basic security, it’s not usually enough to protect higher-value timepieces.

Scheduled Jewelry Insurance

Unlike general home insurance policies, scheduled jewelry insurance provides coverage based on the item’s appraised market value. So if your watch is valued at $15,000, the policy will cover that amount in the event of damage, loss, or theft. This insurance generally includes protection against accidental damage and travelling risks, which aren’t always covered by basic home insurance. Scheduled jewelry insurance costs around 1% of the watch’s value annually, giving comprehensive coverage against various risks.

Why Insure Your Watch?

Having the right insurance is crucial in an era where the chance of damage or theft is greater than ever. High-end watches are a significant investment, and proper insurance can offer peace of mind that you’ll be covered for the true value of your watch in cases of theft and damage. Choosing between home insurance and scheduled jewelry insurance plays a vital protective role. Each type offers different levels of protection, and learning their differences is key to picking the coverage best for you.