Contents Insurance for a Watch

A luxury watch is often a fantastic go-to gift for a loved one that’s been working hard, or perhaps for yourself after a particularly long stint of saving.

But the last thing you want to happen is for your designer watch to disappear into thin air thanks to a rather devious thief that’s managed to break into your home and rummage through your highly-coveted belongings.

Unlikely as it may be, it’s still a risk that some people choose not to take. And this is where Contents Insurance may come in handy.

In this article, we explain what Contents Insurance typically covers, how it could apply specifically to luxury watches. While this article provides helpful information, it is important to view any policy’s Product Disclosure Statement (PDS) which provides details about policy inclusions, limitations and exclusions before taking out a policy.

What is Contents Insurance?

Contents Insurance typically helps provide cover for the belongings in your home, such as electronics, furniture, and whitegoods, but can also extend to high-ticket specified items such as, laptops, jewellery, and luxury watches subject to specified items limits depending on your chosen cover.

It can help cover for damage, theft, or loss on belongings in your home up to the limits of your policy.

But if you need additional cover, you could add more by tweaking your policy through your provider. You may be able to add these high- ticket specified items as personal or portable contents for an additional cost in your premium, usually subject to specified item limits.

What does Contents Insurance cover?

Generally, you can expect your Contents Insurance policy to help cover personal belongings such as furniture, technology, and other expensive household items such as a professional espresso machine (with a group head and everything, ooh la la) or perhaps a highly coveted Dyson, subject to the limits stated in your policy.

How are luxury watches covered under Contents Insurance?

Generally, watches can be listed as an item under your Contents Insurance policy, as long as your watch is inside your home at the time of potential damage or theft and up to the limits listed on your policy.

But many providers offer cover for watches under optional personal effects cover or portable insurance cover. So, if you’re out and about, and you lose your watch, or it’s damaged or stolen, then this sort of cover may help cover the replacement costs.

The cover can be available wherever you are in Australia, however some insurance providers may not cover for portable personal effects during international travel.

As always, read your policy’s PDS or check with your provider for these details.

How does portable Contents Insurance cover work?

Generally, it means that when you’re out and about, you can help protect the value of your personal items such as your phone, wallet, watch, and jewellery in case they are lost, stolen, or damaged, depending on the insurer and policy.

What’s the difference between Contents Insurance and portable contents cover for a luxury watch?

While Contents Insurance can help provide cover against potential loss, damage, or theft of your belongings inside your home, portable contents cover is an extra that you may be able to choose through your Contents Insurance provider.

When taking out Contents Insurance including your watch, what are some features which can be considered?

Here are some key features:

• Premium: This is the overall cost of the policy, which may very between providers.
• Excess: This is how much you’d need to pay if you ever need to make a claim. You may have the option of lowering your premium by choosing to pay a higher excess.
• Cover limits: You maybe able to list different belongings under your insurance policy. These items may be limited to certain values.
• Item value: This is the term for the value of your belonging, and in the case the exact belonging cannot be replaced, then a similar item of the same monetary value may take its place.
• Settlement: you may be able to choose how your item is repaired or replaced. In some cases, your insurer could repair them, replace them, or give you money to the value of your item so you can buy a new one.

To learn more about Contents Insurance, check out the Moneysmart website.

How can I apply for Contents Insurance that will also cover watches??

You can start comparing Contents Insurance cover right here with us at iSelect. We’ve got a range of providers who can help you provide cover for your nearest and dearest possessions, potentially including your favourite watch. Compare a range of policies online, or call our friendly team on 13 19 20.

Last updated: 8/12/2021