A stolen Submariner or lost Speedmaster is painful enough without discovering your insurance doesn't cover it. Understanding your options before something happens saves money and heartbreak. This guide covers insurance options for watch collectors.
Insurance Options
Option 1: Homeowner's/Renter's Policy
Your existing policy may cover watches, but typically with limits ($1,000-$2,500 for jewelry) and high deductibles. Coverage usually excludes mysterious disappearance (lost, not stolen). Fine for budget watches; inadequate for luxury pieces.
Option 2: Scheduled Personal Property Rider
Add specific watches to your homeowner's policy by scheduling them individually. Each watch is listed with appraised value. Lower deductibles, broader coverage than base policy. Usually 1-2% of value annually.
Option 3: Dedicated Watch Insurance
Specialized insurers (Hodinkee Insurance, Jewelers Mutual, JIBNA) focus on watches/jewelry. Often best coverage terms, competitive pricing, expertise in watch claims. Usually 1-2% of value annually with low or no deductible.
What's Typically Covered
- Theft: Stolen from home, car, or your person
- Accidental damage: Dropped, scratched, water damage
- Mysterious disappearance: Lost without explanation (check policy)
- Worldwide coverage: Protection while traveling
- Fire/flood/natural disaster: Home-based damage
What's Often NOT Covered
- Wear and tear: Normal aging, mechanical failure
- Intentional damage: You broke it on purpose
- War/terrorism: Standard exclusion
- Unattended vehicle: Some policies exclude
- Pre-existing damage: Damage before policy started
How Much Does It Cost?
Typical rates: 1-2% of insured value annually. A $10,000 Rolex costs roughly $100-200/year to insure. Factors affecting premium:
- Your location (high-crime areas cost more)
- Home security system (discounts available)
- Claims history
- Total collection value
- Storage (safe vs drawer)
Documentation Required
- Appraisal: Current market value from qualified appraiser
- Photos: Multiple angles, serial number visible
- Purchase receipt: Original proof of purchase
- Box and papers: Documentation of authenticity
- Serial number: Critical for identification/recovery
💡 The Annual Update
Watch values change—especially Rolex and Patek. Update your insured values annually. An underinsured Submariner means you get $8,000 when replacement costs $15,000. Overinsured means overpaying premiums.
Recommended Insurers
- Hodinkee Insurance: Built for watch collectors, understands the market
- Jewelers Mutual: Long-established, jewelry/watch specialist
- JIBNA: Good for high-value collections
- Chubb: Premium insurer, excellent for valuable collections
- Your homeowner's insurer: Convenient if adequate coverage available
Filing a Claim
- Report theft to police immediately (get report number)
- Contact insurer within 24-48 hours
- Provide documentation (photos, receipts, appraisals)
- Complete claim forms
- Cooperate with investigation if required
- Receive settlement (cash or replacement)
Our Recommendations
- Watches under $2,000: Check homeowner's limits; may be adequate
- $2,000-$10,000: Schedule on homeowner's or get dedicated policy
- $10,000+: Dedicated watch insurance recommended
- Multiple watches: Collection policy from specialist insurer