Rolex Watch

How to Insure your Rolex Watch

How to Insure your Rolex Watch?

With the value of a Rolex being anywhere from several thousand to tens of thousands of pounds, and it's size making it so easy for it to be lost, stolen, or damaged, it is extremely important to insure these luxury watches.

Even though there are renters insurance plans that can be purchased individually to provide varying levels of cover for a Rolex watch, depending on the value, it is also possible to obtain sufficient cover through the contents insurance section of your homeowner's insurance policy.

If you're already paying a premium for homeowners insurance it would be advisable to utilise your existing cover to insure your Rolex.

Does Your Contents Insurance Provide Cover for Your Rolex?

Although contents insurance is specifically designed to provide cover against virtually any type of damage to your personal belongings, the exact amount of cover and the types of belongings that are covered will vary depending on the insurance provider and policy.

There are two main types of contents insurance provided with homeowner's insurance policies – "new for old" insurance (in which the insurance company replaces lost or stolen items) and indemnity insurance (in which the insurance company pays for the cost of repair for a damaged item).

While both of these types of contents insurance provide cover for Rolexes, indemnity insurance is typically a cheaper option, as insurance companies charge more to insure the cost of replacing a Rolex.

How to Insure your Art

Requesting Additional Cover through Your Existing Policy

In most cases, the contents insurance included with your homeowners insurance policy will not provide enough cover to insure the full value of a Rolex by default, so you may need to request additional coverage or specifically list the Rolex as a valuable on your policy.

This type of specified listing is usually required for any belonging that is worth more than 2000 pounds.

Depending on your current homeowner’s insurance policy, it may sometimes be cheaper to simply purchase a completely separate policy to insure the value of your Rolex. However, adding your Rolex as a listed item to your homeowner’s insurance policy usually requires a nominal monthly payment increase (which is based on the professionally appraised value of the Rolex) in comparison to the benefits of insuring the watch.

Inquiring with several insurance companies to compare rate quotes after finding out the cost of adding the Rolex to your existing policy would be the best way to determine the cheapest option.

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Purchasing a Separate Insurance Policy

If you don't already have a homeowners insurance policy, and you don't have the need for one, it would be advisable to simply purchase a separate insurance policy that will solely cover the value of your Rolex.

It should be noted that bundling contents insurance as part of your homeowners insurance plan would be a better value than purchasing a separate policy, so homeowners that are trying to insure their Rolex and have not yet purchased homeowners insurance would benefit most from finding a policy that provides sufficient contents insurance and allows cover for items with a value greater than 2000 pounds for a monthly fee.

Regardless of whether you choose to purchase a separate watch insurance policy to cover your Rolex or already have contents insurance that will provide sufficient cover, you will need to have your Rolex appraised periodically so that you can submit the required documentation in the event that a claim needs to be filed.

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