Insurance appraisals

Thread: Insurance appraisals

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  1. #1
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    Insurance appraisals

    I think it's time to schedule some of my watches on an insurance policy. My homeowners company requires an appraisal, something I don't have and I have not been able to find anyone locally to do it. They won't accept a receipt.Has anyone used an online appraisal service they can recommend?

  2. #2
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    Re: Insurance appraisals

    skip the homeowners policy, get a separate jewelry policy

  3. #3
    Member woodsworth's Avatar
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    Re: Insurance appraisals

    Quote Originally Posted by Memphis1 View Post
    skip the homeowners policy, get a separate jewelry policy
    Do this.

    Watches on your homeowners policy is not a good idea (jmho)

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  5. #4
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    Re: Insurance appraisals

    Okay, why not homeowners and what jewelry insurers do you recommend. I will still need an appraisal either way
    Last edited by AFG08; October 29th, 2013 at 18:21.

  6. #5
    Member little big feather's Avatar
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    Re: Insurance appraisals

    Lloyds of London, perhaps?
    Any watches posted may be seen as gifts,borrowed or found property and not as personal property of Little Big Feather.

  7. #6
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    Insurance appraisals

    Sometimes your home ins only pays if it was stolen from your home; many times it raises your rates... Too much hassle. Go with jeweler mutual, show bill of sale or appraisal and be sure to keep any price increases uptodate so that if the worst case happens they'll reimburse you for what a new one will cost. Eg, if you paid 8k and next year the same watch jumps to 10k be sure to have your policy updated.
    Last edited by Memphis1; October 29th, 2013 at 19:09.

  8. #7
    Member Nokie's Avatar
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    Re: Insurance appraisals

    You might check into a personal articles floater within your in current insurance. It allows you to insure special items like jewelry and watches separately where you can set the value as well as some terms and conditions. Most homeowners insurance only covers for two basic areas, break-ins/stolen from home, and fire and they usually cap the value of the item in terms of reimbursement.

    Some well-known insurance companies offer this option, some don't, but it is worth a look, as your the other realistic choices are to use a specialty jewelry insurer, (can or cannot be $$$ depending on policy and deductible), or get a safety deposit box at your bank/whatever and store them off site. Can be a PITA when you want to wear something quickly, but much more secure than most residential homes.

    With a personal articles floater you are not usually limited on the amount per item as with typical homeowners policies (those that allow this), and it gives you a great amount of flexibility in the contents of what you want to insure as well as the deductible.

    My wife collects/restores antique jewelry and we use this to cover her stash, and I have since added some of my higher end watches to the policy as well. Not really that expensive compared to having to replace them at market value.

    Have not made any claim filings yet, but nice to know if something did happen, I can at least get most of the value back for the item instead of a fixed amount.
    Last edited by Nokie; October 29th, 2013 at 19:59.
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  9. #8
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    Re: Insurance appraisals

    With my homeowners insurance I can insure for all risk coverage to a stated value. This will provide coverage for about any type of loss, even in transit coverage if the watch is lost by the carrier, cost is less than through a specialty company by about $30 a year. If the item isn't scheduled on your homeowners, I'm limited to $1500 in blanket coverage no matter what the value. Appraisals are required by both homeowners and specialty companies. I found an online appraisal service and will probably just go with them and schedule it on my homeowners, where I have the support of a local agent.

  10. #9
    Member robertl's Avatar
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    Re: Insurance appraisals

    I'm an insurance agent, and I would strongly recommend getting an inland marine policy to specifically schedule each piece you want covered. You should be able to use proof of purchase for the values, but some insurance carriers might ask for an actual appraisal, which you might be able to get from an independent watch retailer.

    Homeowner's policies can cover watches, but in the fine print it will probably state only for theft, and only up to a certain amount ($10,000 is common) on a blanket basis, meaning if more than one watch is stolen at the same time, you only get one claim for a total of $10,000. With an inland marine policy, each item can be scheduled and covered for replacement cost of the individual item. If your agent can't get that coverage for you, my recommendation is to change agents/carriers.

    Not sure of any online appraisals available unfortunately.
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  11. #10
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    Re: Insurance appraisals

    State Farm personal articles policy. I have one with zero deductible for my high end pieces. Premium is about $10 for every $1,000.

    Sent from my mobile. Please excuse any typos.

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