House insurance to cover a watch collection - recommendation

[paul13]

Looking for recommendations for house insurance (building and contents) which will cover a small watch collection: Rolex Sea Dweller (1987), Heuer Carrera (1960s), Omega Speedmaster, Omega Planet Ocean, Omega 1942 Military, Bremont Martin Baker, Bremont Supermarine Ocean, Bremont Arrow, Bremont Brompton, (I have a few other watches but these would be under the usual defined limit of £2,000, and therefore covered under the general contents cover) + wife's wedding ring and engagement ring + other higher value household items (gaming PC, etc). I have exceed the current policy limit with the two recent watch purchases, therefore need to find a new policy before the policy needs renewing in a couple of months.

Any assistance much appreciated, currently with Halifax home insurance, previously with LV.

Thank you.

[Deep]

Try NFU

[BoRED S2upid]

Do you wear them often? Could you store them somewhere? Watch shop safe? There’s a business idea right there.

[MOMACC]

NFU
SANTANDER

A good personal lines broker.

[Coxey]

I’m with nationwide they cover all our watches

[paul13]

BoRED S2upid said:

Do you wear them often? Could you store them somewhere? Watch shop safe? There’s a business idea right there.

I do try to alternate wearing them every few days.

[Geffg]

Won’t your existing insurer cover them? I spoke to my insurer and got mine covered for a few quid more on the premium.

[paul13]

Geffg said:

Won’t your existing insurer cover them? I spoke to my insurer and got mine covered for a few quid more on the premium.

£50k limit for defined items.

[RSTurboPaul]

Hiscox seem to cater for higher value stuff, but they are not super-cheap.


Maybe make sure none of your forum posts identify where you live or your car reg if you are detailing expensive possessions in this thread!

[The Big G]

Direct line select can be good too.

[wilksy61]

Had to install a safe for my watch collection which is link to the house insurance, bought one that was rated for £30K key operated, I asked where do I put the key and the reply was "somewhere safe"

[Deep]

RSTurboPaul said:

Hiscox seem to cater for higher value stuff, but they are not super-cheap.


Maybe make sure none of your forum posts identify where you live or your car reg if you are detailing expensive possessions in this thread!

Hiscox quoted me crazy money. NFU were far more reasonable and there's a real person who knows what they are talking about at the end of a phone.

[paul13]

RSTurboPaul said:

Hiscox seem to cater for higher value stuff, but they are not super-cheap.

Maybe make sure none of your forum posts identify where you live or your car reg if you are detailing expensive possessions in this thread!

I wouldn't say the watches I have are very high end, just have a few of them, noting that there are other threads on this forum were members are collecting a Patek Philippe (lucky them).

[The Goat]

Coxey said:

I’m with nationwide they cover all our watches

Same as.
I only had to email them copies of all the receipts.

[Basil Brush]

I found it cheaper to get the higher limit Direct Line policy to cover most stuff and then my wife's rings that are over the limit are on a separate jewellery policy with TH March.

[HocusPocus]

Try an established broker who has access to insurers who cover the more affluent market (Gallagher, Marsh etc). These big corporate risk brokers have private lines departments. Expect a collection to sit in an alarmed (sufficiently jewelry value (ie 10x cash value)) rated safe, get agreed written valuations and read the policy conditions for professional clasp checks.

[paul13]

HocusPocus said:

Try an established broker who has access to insurers who cover the more affluent market (Gallagher, Marsh etc). These big corporate risk brokers have private lines departments. Expect a collection to sit in an alarmed (sufficiently jewelry value (ie 10x cash value)) rated safe, get agreed written valuations and read the policy conditions for professional clasp checks.

I do have valuations and/or receipts, however, I did look at a specialist policy a few years ago for the Rolex Sea Dweller and they wanted £30/month just for that!

[HocusPocus]

paul13 said:

HocusPocus said:

Try an established broker who has access to insurers who cover the more affluent market (Gallagher, Marsh etc). These big corporate risk brokers have private lines departments. Expect a collection to sit in an alarmed (sufficiently jewelry value (ie 10x cash value)) rated safe, get agreed written valuations and read the policy conditions for professional clasp checks.

I do have valuations and/or receipts, however, I did look at a specialist policy a few years ago for the Rolex Sea Dweller and they wanted £30/month just for that!

I am not posting about specialist policies for single items (standard admin so high relative cost). Rather general household policies with higher limits which are aimed at the more affluent than standard retail fodder distributed online.

Private lines brokers are best placed to advise, present your risks to underwriters and test market appetite/pricing.

[Steve-B]

Most household cover policies will have them covered if they're less than £2.5K in value, each. Ours was very reasonable to add more valuable watches on a multi-line addendum at appraised value for each.

Surprised the OP is having difficulty in doing this, perhaps time to change household cover company!

[paul13]

Steve-B said:

Most household cover policies will have them covered if they're less than £2.5K in value, each. Ours was very reasonable to add more valuable watches on a multi-line addendum at appraised value for each.

Surprised the OP is having difficulty in doing this, perhaps time to change household cover company!

My current policy requires items over £2500 to be a defined item on the schedule, however the issue is that there is a maximum limit, which I don't feel is that high considering that this is insurance provider's premium policy. Especially when you take into account item like, watches, engagement ring, high end gaming,etc PC, etc.