Insuring an expensive watch as named item on home insurance

[bungle]

Long story (fairly) short...

- My wife is bought an expensive watch by her father 6 months ago.
- Her father pays on his credit card.
- We want to insure that watch as a named item on our home insurance. (we should have done this before, but only thought about it on renewal).
- So we forward our insurer all receipts, and a photo of the watch alongside my wife's ID to prove it is hers/ in our ownership.

Insurer says not good enough, and we have to provide an original receipt with my wife's name and address on (we can't do that), or a valuation (which we could do, if we pay out £x and take an unnecessary trip to a jewellers to value a 6-month old watch), but I'm not sure how a valuation (where I could just take my mate's watch with me) proves ownership any more than what I've already provided them.

I've never added a high-value item to home insurance before, so not sure what the norm is?

[GT03ROB]

bungle said:

Long story (fairly) short...

- My wife is bought an expensive watch by her father 6 months ago.
- Her father pays on his credit card.
- We want to insure that watch as a named item on our home insurance. (we should have done this before, but only thought about it on renewal).
- So we forward our insurer all receipts, and a photo of the watch alongside my wife's ID to prove it is hers/ in our ownership.

Insurer says not good enough, and we have to provide an original receipt with my wife's name and address on (we can't do that), or a valuation (which we could do, if we pay out £x and take an unnecessary trip to a jewellers to value a 6-month old watch), but I'm not sure how a valuation (where I could just take my mate's watch with me) proves ownership any more than what I've already provided them.

I've never added a high-value item to home insurance before, so not sure what the norm is?

I’ve got a couple of expensive watches named items on house insurance, no proof required. But I would expect it in the event of a claim. Probably best to resolve this before a claim than try to do after.

[Simpo Two]

Try the 'Watches' forum: https://www.pistonheads.com/gassing/forum.asp?h=0&...

[Petrus1983]

I insure a lot of very valuable things and have never asked for such things - I’ve even paid out without such proof. Get a different insurer.

[CharlesElliott]

Sounds like car insurance where you have to tell them that you ordered 18" wheels instead of 17" vs those that insure the car at face value.

Unfortunately it is very likely a factor of the insurance you have and that they are not setup to take on additional risks with a lot of due diliigence.

[red_slr]

My wife’s engagement ring is insured as a single item. It had to be valued to be put on cover. It’s re valued every few years too. You just have to jump through the hoops sometimes with these things. Expect cover to be 0.5 to 1% of Value.

[Meeten-5dulx]

Home insurance renews tomo.
Went through this very process - am with Direct Line.
The replacement value of watch is different to what I paid for it.

Was unable to update details online, and called them instead.
Hike up the premium, but all they did was ask me the model of the watch.
All included (with hefty premium increase) as a named item and I would like to think covered if anything went Pete Tong.....

As you are up for renewal, gotto be worth ringing a few places (wasn't able to get a good answer on comparison sites).

I contacted NFU and another broker and they provided a policy underwritten by AXA, but ended up talking to DL and they came good with cover (and a lower premium)

[Du1point8]

Only ever told them the watches and its £70 - 140 per item hike and only need to tell them as a point.

Same with some electronics, paintings, etc.

[forest172]

Is it above £15,000 and do your total valuable items go over £50,000?

If fit into the above marks and Spencer’s insurance happy without proof

[bungle]

Thanks all.

Didn't even know there was a watch forum!

Does look like I just chose the wrong insurer... all the other cover looked good, and they covered the watch as a separate item, so all looked good, I guess I didn't realise the hoops I would have to jump through though

Was taken out 2 weeks ago (it took them 10 days to send the paperwork), so I don't really want to have to cancel and go elsewhere, both for the hassle and potentially a cancellation fee. So maybe I have to suck it up and go and get a meaningless valuation (costing me £££ and time) for a watch I have a 6-month old receipt for... utterly pointless! And remember to move insurers next year as a point of principle!!!!

forest172 said:

Is it above £15,000 and do your total valuable items go over £50,000?

No, and no. Less than £10k watch. It's the only specified item.

[Simpo Two]

bungle said:

Was taken out 2 weeks ago (it took them 10 days to send the paperwork), so I don't really want to have to cancel and go elsewhere, both for the hassle and potentially a cancellation fee. So maybe I have to suck it up and go and get a meaningless valuation (costing me £££ and time) for a watch I have a 6-month old receipt for... utterly pointless!

So they took the premium but you're not actually covered as there's no valuation?

[bungle]

Simpo Two said:

So they took the premium but you're not actually covered as there's no valuation?

They give you 30 days to provide it, but yes after that unless I provide something that they accept then no cover outside the house.

[red_slr]

anonymous said:

[redacted]

It’s because they put the value up by roughly 10% a year. After a few years that means the premium is a lot higher. So we get a new value done every few years by a friendly jeweller who does not charge and they adjust the value it’s usually gone up a bit but not as much as they say iyswim.

[CharlesElliott]

I'm with Hiscox too. But it isn't cheap so you pay in one way or the other! But I don't have to provide paperwork or valuations!

[Macneil]

Who is the insurer? I am insured with Admiral, several named watches, never needed a receipt.

[bungle]

Macneil said:

Who is the insurer?

MoreThan.

[Petrus1983]

anonymous said:

[redacted]

A company I have an interest in represents Chubb who are very similar, their claims handling is amazing - I had one ‘at fault’ break in - but the funds were still with the client within a few days, would have been quicker if the client replied to our requests of what was missing.

[Simpo Two]

bungle said:

Simpo Two said:

So they took the premium but you're not actually covered as there's no valuation?

They give you 30 days to provide it, but yes after that unless I provide something that they accept then no cover outside the house.

Furry nuff.

[bungle]

mmmm..... just read my policy docs (paper ones I was sent), and the policy booklet, and no mention whatsover of needing a receipt with our name and address on it. Just that I need original receipts (which I have), which are less than 3 years old (which they are).

So looks like the name and address bit is something they have recently made up, haven't put into policy wording, but want to "enforce" even though it's not part of my agreement with them

[The Leaper]

bungle said:

mmmm..... just read my policy docs (paper ones I was sent), and the policy booklet, and no mention whatsover of needing a receipt with our name and address on it. Just that I need original receipts (which I have), which are less than 3 years old (which they are).

So looks like the name and address bit is something they have recently made up, haven't put into policy wording, but want to "enforce" even though it's not part of my agreement with them

Your policy presumably renews each year so both parties can change the terms at that time. Looks like the insurer changed the terms but failed to notify you or you did not look carefully at the renewal notice.

R.