Luxury Insurance
Written by James Matthews
Tuesday, 4th November 2008
We have written about the Bentley Luxury Watch safe, however what about luxury watch insurance? We have health insurance , auto insurance and home owners insurance (to name a few) so why don’t the insurance companies make a luxury watch insurance.
Now i put my Luxury Watches under my Home owners insurance but i would like to be able to separate them….
This post was written by James Matthews. If you have any questions or comments you may contact him at james@jewelerslounge.com
Those who own luxury watches should be aware that protection from loss is very limited under their homeowners insurance policies. Such policies limit the amount of coverage for “jewelry”, and include watches in this limit. Most policies limit coverage to a meager $1,000. As a result, consumers should consider adding coverage for watches as a “scheduled valuable article.” Because insurance carriers vary how they pay claims for items that are scheduled as valuable articles, consider approaching the few carriers who are truly comfortable with underwriting and paying claims for luxury items. Expect to pay a premium roughly equivalent to 1 – 2% of the value of the item, and be certain that the coverage pays claims against all forms of loss, including breakage and mysterious disappearance (lost or misplaced). Storing high valued items that are not worn very often in a bank safe deposit box can reduce the cost of coverage by 75% or more. Of course, conditions apply to all forms of insurance, so check them carefully.