Should I insure my watch?

If you have an expensive timepiece, you could be wondering, “Should I insure my watch?” According to the Insurance Information Institute, it’s a good idea to get insurance to protect a watch, artwork, antique, or any specialty item that’s valued at more than $1,000. That’s because most home insurance policies cover personal items like watches and other jewelry, but they typically won’t pay more than $1,000 or $2,000 on such a loss.

To adequately protect your watch or watch collection, you’ll need to buy additional coverage. One option is an endorsement, which is also referred to as a “floater.” An endorsement specifically insures your watch, or other item, outlined in the policy. You should have your watch professionally appraised to be certain you insure it for its proper value.

Umbrella insurance is another insurance product that can help protect your valuables. Umbrella insurance is extra liability insurance that kicks in once your home insurance liability limits have been reached. Should you be hit with a major lawsuit, umbrella insurance can help protect your financial assets, as well as valuables, like your watch.

Protecting Your Watch From Theft or Loss

When travelling, store your watch in the hotel room safe. At home, your watch collection should be kept in a quality safe that’s bolted to the floor. You should also consider getting a monitored home security system to help protect your watch collection. This can help minimize the chance your watch will be stolen and may reduce your homeowners insurance premium at the same time.

Insuring your watch and other expensive items gives you peace of mind. If you are worried that your valuables are not fully covered, give us a call today. We can help you compare a wide variety of policies to find one that meets your needs and your budget.

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