NFT: Jewelry Insurance - Watch

?

Due to the value I couldn't add to my home owners. I got my insurance through State Farm, who I have my home owners with. I pay $50/yr for $100 deductible.

some of my wife's jewelry with a personal article's policy through USAA, it was around $200 or $250 per year with $0 deductible. Loss, damage, etc.

same coverage carried over to liberty mutual when I consolidated coverage was around $300.

Not worth it in my opinion I mean 100 per year is not a lot of money but it's a 5000 dollar watch, I have two rolex and a breitling and I've never insured them because none of them are over the value of 10,000 close but I don't think it's worth it where would you lose a watch? It's on your wrist. My wife's engagement ring is insured. But not my rolex or breitling

Anyway do what you gotta do but I just feel insuring a watch is money down the drain

Curious I'm assuming a tag at that price range

This is an older Rolex Explorer II I bought.

I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.

Did you get it appraised? Doesn't matter what you paid it's the cost to replace it you could buy a 15000 dollar watch and find a used one for 7500 and that's what the insurance company will go off.. The market value to replace and to be honest a lot of the time they will find a jeweler for the cheapest amount to replace it.. And I actually am a rolex guy so I know prices.. I've seen rolex exp 2 polar and black for 3500 used and 5100-5500 new so you def don't want to insure it for 5k when u can get a used for 3500

in that range (twice). Each loss was replaced with a new timepiece of the same model by the insurer. Homeowner's and/or renter's insurance are your best bets, but you can often have jewelry insured by 3rd party providers offered through your jeweler or even online. Obviously exercise due dilligence when shopping for insurers to understand their coverege policies and ensure that they are a reputable organization.

How do you lose a watch? By being a 23 year old living in Manhattan, of course.

Frankly I travel pretty frequently, so I'm worried about something going wrong at the security line / hotel / tourist spots/etc.

Who knows. I've never really consistently worn a watch, so maybe I'm over thinking it!

Usually bring two watches with me a dressy rolex and a diver breitling and have never come close to losing one.. Getting it stolen is a different story but I usually have them on my wrist and at 6'4 235 I doubt someone is taking it off my wrist.. But if you wanna insure it 90 a year is not horrible, best of luck

Am I reading this right? 27, lives at home with parents and buys a $5000 watch?

In comment 12040097 Anando said:

Quote:

This is an older Rolex Explorer II I bought. I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.

Sell the stupid fucking watch and go get a place for yourself.

You can act like a man!!! (slaps Anando!!)

In comment 12040193 CruzShip52 said:

Quote:

Usually bring two watches with me a dressy rolex and a diver breitling and have never come close to losing one.. Getting it stolen is a different story but I usually have them on my wrist and at 6'4 235 I doubt someone is taking it off my wrist.. But if you wanna insure it 90 a year is not horrible, best of luck

One on each or both on one?

It must suck to be poor.

In comment 12040939 Jay in Saratoga said:

Quote:

Am I reading this right? 27, lives at home with parents and buys a $5000 watch? In comment 12040097 Anando said: Quote: This is an older Rolex Explorer II I bought. I'm 27 so not a homeowner (so no insurance), but will talk to my parents about adding it on to theirs.

haha no sir...

live in Manhattan (so I rent, don't have a few million laying around to buy an apartment)

worked in private equity since i graduated college in 2010...

quit work last week before starting business school so this was a gift to myself...don't really ever buy anything for myself...

In comment 12041041 Randy in CT said:

Quote:

Sell the stupid fucking watch and go get a place for yourself. You can act like a man!!! (slaps Anando!!)

i live in manhattan...don't think the extra money would help me buy a place ;)

i've saved a lot over the years and this is one of the few things I've ever splurged on!

...you don't think extra money will help you buy a place? It may not be the major portion but an extra $5k is an extra $5k and will help get $5k closer to buying a place. But wtf do I know, I own a house and a timex.

I doubt that $5k will be holding Anando back from purchasing the home/condo of his choice in the future.

Maybe it's just me. Don't people normally buy a present for getting a job?

really makes it difficult to spot his dupes.

5000 dollars is not going to make or break your life, you're 27 a nice watch goes a long way in my opinion. Girls buy 4000 dollar handbags for themselves and 1000 dollar shoes, that is stupid but you live once you'll always have the rolex and most of the time the value won't depreciate much so you could always sell as long as you have box and papers

Some people don't understand that owning a home simply isn't for everyone (maybe that's why there are so many foreclosures out there). Good for you, Anando. I wouldn't spend that much on a watch myself (maybe it's because I am a homeowner ha!) ... but if that's how you want to reward yourself over home ownership or anything else, nobody's business but yours. Ignore the curmudgeons.

For the question at hand - I insure my wife's rings with Jewelers Mutual over rolling it into my homeowner's. I should probably change that up, but haven't done it yet (I'd have to increase my homeowner's coverage). The only annoying part about Jewelers Mutual is the annual bill, but the coverage seems very good and there has been no surprises in 4 years of coverage so far.

my lawn!!! (and take that watch)

ring. They are inexpensive, and seem legitimate . . . but I had real concerns about how reputable they are. I ended up dropping them after 3 years.

My experience was that when they last asked me to renew my policy, they had detailed that they were under a new name and ownership and needed me to resubmit all this information by mail. It bothered me that they didn't seem to already have a record of my personal information and the insured item.

Additionally, their website was very bland and non-functional (you can't pull up any of your account information from it other than just your name). It all just didn't feel right so I moved on from it. I'd recommend rolling the coverage for your watch into your renter's insurance if you rent. If you don't rent, just wait till you do. Until then, keep the watch on your wrist or in a lockbox.

In comment 12041209 GP said:

Quote:

Some people don't understand that owning a home simply isn't for everyone (maybe that's why there are so many foreclosures out there). Good for you, Anando. I wouldn't spend that much on a watch myself (maybe it's because I am a homeowner ha!) ... but if that's how you want to reward yourself over home ownership or anything else, nobody's business but yours. Ignore the curmudgeons.

If he chooses to spend that money on a watch, that is fine buy me, it's his money and I won't tell him what to do with it. But saying that $5k won't help him buy a place is just mathematically false. $5k is $5k and if it is not spent on a watch it can be added to other money and used to buy a home.

It was recommended by my jeweler and I'm happy with them. They did switch names to Perfect Circle last year but they didnt ask any information from me; only advised that they switched names.

A friend of mine added a tennis bracelet to his homeowner's insurance. He filed a claim a few years later and his insurance was cancelled shortly thereafter.

I think its better to go with this company because they pay much quicker than homeowner's insurance and, if they wanted to cancel you, it doesnt affect your home or auto policy.

To address the comments on both sides:

From ages of 22-27 I've saved about $150k in securities, cash, and my 401K (see! I'm responsible!)

I work a tough, high pressure job, and recently was accepted to a top 5-7 MBA program.

Spending $5k on a watch (that will last for a few decades) accounts to about 3.3% of my savings.

And yes, I absolutely agree that putting thst $5k in the bank could certainly help towards buying an apartment - every dollar counts, right?

But again, let's say I wanted to buy a 1 bedroom in the future, which in the building I rent in, currently goes for about $850k.

Assuming paying 20% down, 5k represents less than 3% of the cash Id need.

Oh, and I have a job already officially lined up after my MBA, so I'm also weighing this against future earnings.

Anyways, thanks for those who offered advice / guidance!

Spoke(texted actually) to my sister who is in insurance. She recommends getting a separate insurance policy from any homeowners or rental insurance you may have for specific big ticket jewelry like a Rolex. But don't go with the one offered from the jewelry store, shop around, you will almost certainly get a better deal. The first people to contact would be an insurance company you already have insurance through (like auto insurance) as they may offer discounts for years with them and/or adding new policies. Her company offers a discounted rate or reduced deductible on original insurance if you add another policy.

Just don't take the Rolex when you hike the A.T.

And haha took me a moment to get the A.T. joke