Whether it’s a family heirloom or a newly purchased contemporary piece, insurance is pertinent step to take in safeguarding the future of a watch. Insuring specific items of jewellery is not uncommon, however even the most cautious of folks sometimes forget the very thing that dictates their day so precisely – their watch.
Home owner or renters insurance may seem the best option in the never-ending hunt for frugal living, but in the case of the worst happening to that heirloom Rolex, brand new Thomas Sabo or loved collection of Hugo Boss watches, the right insurance policy can mean the world of difference.
Many folks like to keep life simple. If a homeowner’s policy is held with company A, the best option is perhaps to take out a bespoke policy with them to cover superfluous items of significance e.g. a valuable watch. However a little shopping around could end up sourcing a better deal so never stick to the one company without doing a little research.
The three common types of jewellery insurance are Valued At, Market Value Replacement and Actual Value.
Valued At policies are more common in the field of family heirlooms that are perhaps quite low in contemporary monetary value, but incredibly high in emotional worth. For example, a Victorian pocket watch valued at £800 today’s value could be insured at perhaps £1500 to cover a little of the emotional trauma involved in loss, damage or theft.
Market Value Replacement policies and Actual Value policies are cost-effective and very similar. Both result in the replacement of a piece at the current market value regardless of its original purchasing price. The difference between the two being that Actual Value policies compensate in cash, whilst Market Value Replacement  recompenses in the form of a replacement piece of similar value.
When looking to invest in an antique or buy Hugo Boss watches, Armani classics or Thomas Sabo creations, the right insurance policy is crucial.