Protecting our Luxury Items
Written by James Matthews
We all have Luxury items that need protected storage. Some of us store them in our homes while other take use bank safety deposit boxes. Let us examine the advantages and disadvantages of these methods of insured storage. We will use the example of Bob the Luxury watch owner
Insured Home Storage
Meet Bob, Bob loves luxury watches he owns quite a few and likes to wear a different one every three days. In order to protect his luxury watches Bob stores them in a safe at home. In addition Bob also places these items under his home owners insurance and Bob hopefully lives happy ever after.
What are the issues?
If Bob’s house is broken into and his Luxury watches are stolen Bob is in a big quagmire. Bob’s home owners insurance will only cover a small amount of his losses. Bob hates his home insurance company and sues them. The outcome will be decided in court.
Insured Safety Deposit Box
Meet Bob, Bob owns a large collection of Luxury Watches. In order to protect his luxury watches Bob stores them in a insured safety deposit box in his bank. Bob loved to wear his luxury watches however he is unable to change them often because he has to drag himself down to the bank in order to change them. Bob lives life Bob hopefully lives happy ever after.
The Issues
Since the bank insures his items Bob is protected however he must deal with the annoyance of having to work around the bank’s time if he wants a certain luxury watch.
Conclusion
Do what ever works out better for you and enjoy wearing your luxury watches!
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This post was written by James Matthews. If you have any questions or comments you may contact him at james@jewelerslounge.com
