Insuring your timepieces

[Matty]

Probably not for me & my wife, but we can always leave them in the safe deposit box?

[iwearwatch]

Safe deposit box not necessary safe actually. I read papers recently and someone lost a big chunk of items from the safe deposit box in SG. Police reports are made and inform the press too.

[leonmike]

Whoa, safety deposit box also not safe any more ah !!!!!

[vellefire]

I bought a safe recently. Big and heavy enough to put all my collection with the box inside.
Just a piece of mind when I am away from home. Ha Ha

[iwearwatch]

I think this way is safer. It's so heavy that thieves unable to carry and anti fire.

[leonmike]

Who say cannot carry away? Even ATM also get carried away (in Malaysia), not to say the least.....

[Jubilee]

Insuring your timepieces

I'm asking not only in regard to watches but also for other pieces of jewelry you may have - Is there an insurance product which covers specifically theft and/or damage to jewelry (including your precious timepieces)? Or do any of you have your timepieces covered by insurance?

I have family overseas who insure jewelry under the "home contents" category against theft and damage (not necessarily by events of nature). Did a quick search here but did not discover anything similar… was thinking that maybe I should look at getting my timepieces covered under the same policy. However wanted to find out if anyone here has their collection insured by a local policy they could point me in the direction of first.

Any advice much appreciated, thanks in advance.

[triton]

usually for jewelry and time pieces, it must be bought together with home content insurance.

this means that you need to secure a basic home insurance plan and then inform the insurance company that you have valuable contents you like to insure. usually need to fill in an amount.

in an event of theft, the receipt must be produced to make a claim. as for full value of watch or depreciated value of watch, it will be between policy owner and insurance company. if you need further information, pm me.

for overseas, there is insurance against jewelry, time pieces and other valuables that if you want to be covered a different category under home contents.

to safe guard your valuable, you can either choose to put them @ banks(limited to operation hours) or certis cisco (open beyond working hours but may not be near your home) or buy a safe that is more than 50 kgs which makes it harder for theft.

if you need lobang for safe, there is a thread on it or if you want my contact, pm me. recommended to several members here already. so far no issues. if you want to buy a safe, get one with the dial rotation, not digital as it is easier to 'hack'

I'm asking not only in regard to watches but also for other pieces of jewelry you may have - Is there an insurance product which covers specifically theft and/or damage to jewelry (including your precious timepieces)? Or do any of you have your timepieces covered by insurance?

I have family overseas who insure jewelry under the "home contents" category against theft and damage (not necessarily by events of nature). Did a quick search here but did not discover anything similar… was thinking that maybe I should look at getting my timepieces covered under the same policy. However wanted to find out if anyone here has their collection insured by a local policy they could point me in the direction of first.

Any advice much appreciated, thanks in advance.

[Jubilee]

I was looking for insurance to cover everyday wearing of the watch e.g. getting robbed, smashing/dropping your timepiece against a hard surface resulting in a total loss. I acknowledge that the chances of these happening are one in a million... but the idea of insurance is to buy when you don't need it, because when you need it, you can't get it - right? Simple everyday risks such as maybe falling down the stairs - medical insurance will cover your medical expenses but they won't cover the cost of your broken watch.

With regard to the pre-requisite of first having home content insurance - I am currently renting so I don't have home/home contents insurance. For claim requirement of a purchase receipt/sales invoice - I don't own any first hand pieces, so what would I go by to determine price e.g. photo documentation, email correspondence? Or maybe a valuation report of sorts?

Generally I don't believe timepieces should be kept locked away unless they are purchased for investment purposes. I'm looking to get some extra comfort in putting $15k on my left wrist as opposed to leaving it in the bank.

Thanks for the responses guys, appreciate it. Will check out the recommended insurance products for reference and will share results if I do end up getting it.

[triton]

if you are robbed, it can be covered with additional clause. however for 'smashed' and dropping watch i doubt there is any coverage, even if there is, it would be very high? why? because you are constantly moving. it is not like a precious ming vase that is displayed @ home or something.

if you are renting and there are more several other tenants, you will still have to buy content insurance plus add on valuables. if you can't provide receipts, then you can check with the insurer if you can place a particular market value to the watch. valuation is hard because there is no agencies that does that currently.

putting it in a safe does not equate to lock away. you can put it inside as your rotate your watches unless you have one watch. it is just more troublesome if you feel insecure as there are other people in the house whom you dont trust.

I was looking for insurance to cover everyday wearing of the watch e.g. getting robbed, smashing/dropping your timepiece against a hard surface resulting in a total loss. I acknowledge that the chances of these happening are one in a million... but the idea of insurance is to buy when you don't need it, because when you need it, you can't get it - right? Simple everyday risks such as maybe falling down the stairs - medical insurance will cover your medical expenses but they won't cover the cost of your broken watch.

With regard to the pre-requisite of first having home content insurance - I am currently renting so I don't have home/home contents insurance. For claim requirement of a purchase receipt/sales invoice - I don't own any first hand pieces, so what would I go by to determine price e.g. photo documentation, email correspondence? Or maybe a valuation report of sorts?

Generally I don't believe timepieces should be kept locked away unless they are purchased for investment purposes. I'm looking to get some extra comfort in putting $15k on my left wrist as opposed to leaving it in the bank.

Thanks for the responses guys, appreciate it. Will check out the recommended insurance products for reference and will share results if I do end up getting it.

[Jubilee]

if you are robbed, it can be covered with additional clause. however for 'smashed' and dropping watch i doubt there is any coverage, even if there is, it would be very high? why? because you are constantly moving. it is not like a precious ming vase that is displayed @ home or something.

if you are renting and there are more several other tenants, you will still have to buy content insurance plus add on valuables. if you can't provide receipts, then you can check with the insurer if you can place a particular market value to the watch. valuation is hard because there is no agencies that does that currently.

putting it in a safe does not equate to lock away. you can put it inside as your rotate your watches unless you have one watch. it is just more troublesome if you feel insecure as there are other people in the house whom you dont trust.

Good points. I think I'm just used to having extremely comprehensive insurance. Where I was before, our home contents insurance covered damage to our property by our own accidental fault i.e. if we had guests over and they spilt wine on our $10,000 rug, the insurer would pay us $10,000 less excess or an equivalent rug. If you drop your iPhone in the swimming pool, they would pay you out a new iPhone (less excess). Of course, insurance like this is more expensive than what you'd pay here and your premiums go up as you make more claims. Make too many claims and you won't be able to get insurance after a while. I was looking to get something like this to cover myself here.

IIRC the policy we have back home covers damage to our items incurred overseas as well, so I was checking if there was anything similar here that might possibly be cheaper.

[schai]

Insuring your Rolex

Hi guys,

Pretty new to this forum, been snooping around. Excellent work and happy to be a part of this community.


Wanted to ask a question, do any of you guys insure your watches and also is it covered when you're travelling overseas?

I always get travel insurance, but I think that's mostly only for medical.


Any advice would be great as to who and where you guys insure.

thanks in advance

[Oceanklassik]

Hi and welcome to the forum

See if these may help you understand a bit more:

http://www.sgrolexclub.com/threads/1...ight=insurance
http://www.sgrolexclub.com/threads/9...ight=insurance
http://www.sgrolexclub.com/threads/1...ight=insurance

Cheers!

[schai]

Ahhhh thanks for the link

Hi and welcome to the forum

See if these may help you understand a bit more:

http://www.sgrolexclub.com/threads/1...ight=insurance
http://www.sgrolexclub.com/threads/9...ight=insurance
http://www.sgrolexclub.com/threads/1...ight=insurance

Cheers!

[charleslin]

Not so sure about SG or Asia in general.

But it seems very popular in the USA where people insure their watches or jewelry.