Does my home insurance cover my watch?
Insurance for watches can be a complex issue, because their value can go beyond the standard home contents insurance single article limit. Most home contents policies don’t cover your goods as soon as you step out the door unless you have added personal possessions cover. Other policies will cover you up to a set limit at home but that can be as low as £1,500, unless you notify your insurer and specify an individual item, like your watch, in which case it can be higher.
That limit could be short of the price of a replacement watch so that’s why it’s important to call out any specific high value items. Accidental damage can be another thorny issue as a seriously damaged watch can cost a lot to fix and if jewellery is specifically excluded from accidental damage repairs then you can end up footing the bill. Other policies don’t cover you if you lose your watch abroad. So even if you think you’re covered, it’s best to carefully check the terms and conditions of your home contents insurance cover for:
- Item exclusions & limits
- Accidental damage clauses
- Away from home cover & limits
- New for old cover
- Your excess and no claims
You can get extra peace of mind by naming your watch as a specific high value item as part of your home contents insurance cover and specifying the value so that you’re adequately covered.
If your basic contents cover doesn’t provide the level of cover you would like to be for your precious timepiece you can usually pay a little extra for accidental damage cover which could protect your watch if you dropped it down the toilet, or knocked it and cracked the face for example. There is also an option to add a further layer of cover called personal possessions insurance, which would cover you if your watch was taken out of the home and was stolen or damaged, with certain exceptions – it’s best to check the T&Cs.
Make sure you are aware of how claiming for loss or damage to your watch might affect future claims discount on your home contents insurance premium when you come to renew.