Having a watch insurance can help take the stress off your shoulders, this is really easy to loose its watch or to be stolen. Of course, this won’t take away the sentimental pain, but that’s something.
In this guide, we will explain all you have to know about watch insurance, what it includes and excludes, and how much you might need to pay.
Let’s dive in!
Table of Contents
What is watch cover?
Your watch is a really valuable item.
But before you take out a watch insurance, make sure to get your jewellery valued and to insure it at its proper value. If you’re relying on your home insurance, remember to declare your watch as a valuable personal possession to your insurance company.
What does watch cover can help you with?
Watch insurance under your home insurance policy covers theft or loss of, and damage to, your watch, but most policies will only cover it while you’re at home.
You can decide to add personal possession cover to cover things outside your home. Jewellery thefts often happen outside the home, so this is a sensible thing to do.
You can also decide to take out a specialist insurance for your precious items. A few providers propose special jewellery insurance that has much wider cover than Home insurance and can include:
- Loss of diamond, or stones for example, if it falls out of the setting of your watch
- Accidental damage
- Loss of value if the watch has to be repaired
Does home insurance cover watch?
Watch insurance can be covered by your Home insurance.Pay close attention to the Single Article Limit in your contract, as it shows whether your watch will be covered for its full value.
While any policy will cover your watch while it’s in your home, you can also decide to add personal possessions cover to your policy so that it’s covered outside your home. When you’re adding this,be sure to check the claim limit you could ask for in case your watch is lost or stolen.
If you want full and complete protection, you should look for a specialist jewellery insurance, but check how much your home insurance includes (or can offer as extra) first.
How does watch insurance work?
Usually your home insurance will cover you loss, theft and damage that happens to your watch. Your home insurance for your watch works like any other insurance; you will have to pay an excess if you are claiming on your home insurance.
Do I need watch cover?
Jeweller is valuable, but very easy to steal. So taking out jewellery insurance is really useful.
In addition, it’ll take some stress off your shoulders knowing you are insured for your watch.
What are the best insurers to cover watch?
You will find in this table the best watch cover, we also indicated cover limits.
What are the worst insurers to cover watch?
You will find in this table the worst watch cover, we also indicated cover limits.
What should I pay attention to while purchasing watch cover?
When taking out an watch insurance, you must pay attention to:
- The many exclusions that can apply
- The limit proposed by the provider – sometimes it’s just not worth it as the watch is much more valuable than the limit fixed.
- The need to declare the value of your watch in any list of valuable possessions that your insurer asks you to fill in,
- The impact of any claim on your home insurance on next year’s premium, which is certain to be increased.
How much does watch cover usually cost?
Contents home insurance usually cover your watch. The average cost of combined buildings and contents insurance in 2018 was £163, with contents insurance usually counting for a third of the premium (around £60) and building insurance for the rest (around £110).
Adding “personal possessions cover”will cost you around £50 per year and will allow you to be covered if your watch is stolen or lost outside your home. Lots of home insurance companies include personal possession in their content policies as standard.
What are the watch policy exclusions?
Jewellery insurance won’t cover a few things:
- You won’t be covered if you did not take reasonable care of your watch, for instance if you left it on the side of a swimming pool,
- You won’t be covered if damage is caused by a lack of attention on your part
- You won’t be covered if you just forgot your watch somewhere or mislaid it at home.