Insurance for your watches

[danielv2000]

I never have more than 2 watches in the house. The rest are kept in 2 separate bank boxes at different locations. My questions are as follows:

1. Do you guys insure your watches? How do you provide proof of value as I have no appraisals?

2. What happens if the bank suffers a loss, flood or fire? Are they liable? I have not checked the fine-print on the agreement as I wanted them secure out of the house?

Thank you

[Nightwatch]

You´ll have to check it out next time You talk to the insurance agent and bank. Question is if they pay the residual value (always low according to them) or replacement value or if up to value x they are generally included in the house inventory policy. In special cases they appraise themselves.

[Marky1012]

For clarity are you talking about Gens or Reps?

[martijnp]

I had 6/7 watches at my place, during a burglary they where all stolen. I told the insurance I had a few replica's and said what they costed, they agreed with that and I got a total refund. 

 

 

Now I didn't learn about this, I got all my watches still at my place but when I'm away from home for a longer time (like a vacation) the watches are going into the safe of the bank (insurance is than € 50.000,-) or I bring them to a friend of mine who loves watches so he can "baby sit" them  

[cosmosblau]

I have a hotel-style safe and pile all my watches of value in there.  No insurance.

[chronoluvvv]

those hotel safes are nice but not heat proof nor flame resistant, i remember a gent on here who lost a lotta important paperwork in a house fire because of the resultant heat

 

 

fWiW i used to leave my collection under the sink when i'd go outta town

but then turns out that the local thieves were ahead of me and had started looking under the sink before they looked in the closet

 

don't ask how i know, just know i do

so now i just bury them in my yard, next to the skulls of the souls i've dispossessed

[danielv2000]

For clarity are you talking about Gens or Reps?

I have a nice collection of gens, hi-end frankens and modded reps.

those hotel safes are nice but not heat proof nor flame resistant,

Agreed

You´ll have to check it out next time You talk to the insurance agent and bank. Question is if they pay the residual value (always low according to them) or replacement value or if up to value x they are generally included in the house inventory policy. In special cases they appraise themselves.

How do they appraise a franken watch?

[sgtguk]

My gens and high end reps are fully insured along with my home insurance, mostly kept in a safe when away for a while   

[icoopernicus]

I was just talking about this with my wife the other day. I think I am going to get a safe but also add insurance for all gens. Right now my watches are all just sitting in the house and anyone could walk in and hit the jackpot!

[panerai153]

I keep mine in watch boxes and some on a winder, but when we leave the house for more than a few hours, I put them all in a safe( fireproof and flame resistant) . It's bolted to the floor directly into the floor joists with 8" lag bolts. It's tucked into a place that it would be impossible to get a long pry bar into to try to pry the safe up. No one around knows about it, nor do I tell anyone what I have at home. It's in and area of the house that would never be visited by repair people or anyone but my wife and I. Nothing is completely fool proof of course, as a professional thief could probably get the safe open if he had time to fool with it. We have a very good neighborhood watch program, we're at the end of the road in a subdivision with houses on acreage from 5-30 acres. Only one road in and out, so it's not the sort of place most thieves would be comfortable in, as one car across the road in a dozen places would completely block them in. We have lived here for over 30 years, and we have had only one theft in the area, and that was some power tools that were taken by a couple of guys working for a tree trimming service and they were caught in 2 days trying to pawn the tools in a nearby town.I'm certainly mindful if the risks involved with owning any valuables, but you just have to do the best that you can and hope that it's enough. oh, did I mention, and outside and inside dog!

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[chronoluvvv]

I keep mine in watch boxes and some on a winder, but when we leave the house for more than a few hours, I put them all in a safe( fireproof and flame resistant) . It's bolted to the floor directly into the floor joists with 8" lag bolts. It's tucked into a place that it would be impossible to get a long pry bar into to try to pry the safe up. No one around knows about it, nor do I tell anyone what I have at home. It's in and area of the house that would never be visited by repair people or anyone but my wife and I. Nothing is completely fool proof of course, as a professional thief could probably get the safe open if he had time to fool with it. We have a very good neighborhood watch program, we're at the end of the road in a subdivision with houses on acreage from 5-30 acres. Only one road in and out, so it's not the sort of place most thieves would be comfortable in, as one car across the road in a dozen places would completely block them in. We have lived here for over 30 years, and we have had only one theft in the area, and that was some power tools that were taken by a couple of guys working for a tree trimming service and they were caught in 2 days trying to pawn the tools in a nearby town.I'm certainly mindful if the risks involved with owning any valuables, but you just have to do the best that you can and hope that it's enough. oh, did I mention, and outside and inside dog!

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you just did

 

no but seriously I believe that if a thief wants yours stuff bad enough he's gonna get it

heck that's his only occupation while you're figuring out what to do with what life throws your way

[spooky driver]

those hotel safes are nice but not heat proof nor flame resistant, i remember a gent on here who lost a lotta important paperwork in a house fire because of the resultant heat

 

 

fWiW i used to leave my collection under the sink when i'd go outta town

but then turns out that the local thieves were ahead of me and had started looking under the sink before they looked in the closet

 

don't ask how i know, just know i do

so now i just bury them in my yard, next to the skulls of the souls i've dispossessed

 

 

your not even joking i can tell...

[droptopman]

I have underwriters policy on my home insurance. Got burnt a few years ago as that policy only covered 10k for jewelry. More of a loss was my golf clubs and Scotty Cameron putter collection. Now when I by jewelry /watches, yes including reps I post a wristie but also contact insurance to update the policy. Same for golf clubs. They were great about paying that claim for electronics and other household stuff but lost a lot on the jewelry, watches and clubs. It's a few hundred a year extra but I think it's worth it. Have a safe also with hole drilled in back so I can run power cord to the winder:)

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