Insuring valuables such as watches
Discussion
hopefully soon i will fortunate enough to be buying myself a nice watch, which is looking like it will exceed the single item limit on my house insurance. When thinking of insuring, I could do the same as I recently did with Mrs 2CV's engagement ring, which is to list it as an individual named item on the house insurance. There are, however, a number of drawbacks to this approach (I've found):
how do you lot do it? some of you have watch collections that are worth more than my house!
- Not insured for damage or loss
- Not insured when outside the house AND not on her finger - you might think this is a daft thing to be bothered about, but it could happen
- not insured if it ever needs to be posted anywhere e.g. the jewellers it came from, in london (I'm in the north west)
- it alone has really made the house insurance premium shoot up
how do you lot do it? some of you have watch collections that are worth more than my house!
The Hiscox policy is proper High Net Worth cover. There are others as well.
o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.
Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.
Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.
o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.
Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.
Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.
Paul Drawmer said:
The Hiscox policy is proper High Net Worth cover. There are others as well.
o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.
Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.
Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.
^^^^^^^^^^^^^^^^o/p - your normal household policy sounds a bit lacking, change insurers to one that doesn't go weak at the knees just because you have a watch.
Usually in the UK, it's better to cover watches and jewellery under a good home policy, rather than 'specialist insurance' unless your collection is v high value, and the only thing you have worth insuring.
Make sure that you have cover whilst it is outside the home - ie on your wrist. Some home contents policies only cover stuff whilst in the home.
This. I have several specifically listed items on my contents insurance and they are all covered away from the home and for accidental loss/damage. I am about to add another watch to the policy and will almost certainly have to invest in a decent safe now but am happy to do so to protect the jewellery items and get a decent level of cover.
ok thanks. Current policy is with More Than. I've been with them for years to i suspect they've categorised me into the "will never move however much we take the piss" group. I may review the cover as it probably makes more sense to put the items under a greater 'single item limit' and up the personal possessions limit than to list items as individual specifics.
I was with Hiscox for a few years, mostly to avoid having to list expensive hi-fi stuff explicitly - but it was handy that it also covered my watch when I bought it.
However, last year the premium shot up. They were not the cheapest anyway, which I knew and could live with - but when it jumped up to around £700 for my 2-bed semi I thought enough is enough.
I shopped around and went with A-plan. I have valuables cover which includes away from home to a value of £15k I think with no specific items needing to be listed.
However, last year the premium shot up. They were not the cheapest anyway, which I knew and could live with - but when it jumped up to around £700 for my 2-bed semi I thought enough is enough.
I shopped around and went with A-plan. I have valuables cover which includes away from home to a value of £15k I think with no specific items needing to be listed.
Blown2CV said:
hopefully soon i will fortunate enough to be buying myself a nice watch, which is looking like it will exceed the single item limit on my house insurance. When thinking of insuring, I could do the same as I recently did with Mrs 2CV's engagement ring, which is to list it as an individual named item on the house insurance. There are, however, a number of drawbacks to this approach (I've found):
how do you lot do it? some of you have watch collections that are worth more than my house!
I have my watches covered individually on the house contents policy for theft/loss/damage including away from the home. About 20k in total cost me approx £50 extra/yr. Only conditions are they must be in the safe when not being worn & had to provide serial numbers to be listed on the policy schedule. Policy is with Aviva - Not insured for damage or loss
- Not insured when outside the house AND not on her finger - you might think this is a daft thing to be bothered about, but it could happen
- not insured if it ever needs to be posted anywhere e.g. the jewellers it came from, in london (I'm in the north west)
- it alone has really made the house insurance premium shoot up
how do you lot do it? some of you have watch collections that are worth more than my house!
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