Contents Insurance for Watches

You take that watch out for a spin on a night out and then: the unimaginable happens. Maybe the strap got loose somehow and it fell off without you noticing. Or someone broke into your house while you were out and snatched it. 

Either way, your prized possession is gone, and your wrist is lonely. And it’s not the kind of watch where you can just pop back into the shop and buy another one. So, what do you do? 

Time to make a claim on your insurance. 

How can I insure my watch? 

You might think that your watch getting lost or stolen is unlikely. But when it comes to luxury watches, that’s still a risk that some people would rather not take. If you’re keen to protect your watch, here are some ways to cover it. 

Contents Insurance 

Contents Insurance typically covers your items in your home for damage, theft or loss. Think electronics, furniture, and whitegoods. It can also extend to more valuable things, like laptops, jewellery, and luxury watches.  

When you take out a Contents Insurance policy, you can choose a level of cover that is enough to replace or repair everything you want covered. Some policies will have limits for certain items though, which might not always cut it for something as special as your watch. Contents Insurance also normally only covers items inside your house, so for something like a watch that you take with you out of the house, you might like to look at getting a Personal Effects or Portable Contents policy. 

Specified Personal Effects 

Specified personal effects cover allows you to list a specific item on your certificate and insure it for its full amount. It will be covered both at home and away from your home. 

Unspecified Personal Effects 

Unspecified personal effects cover is great for items you take with you when you leave the house. These policies usually have an overall limit with a lower limit per item so it can be more suited for items that aren’t as valuable. 

Speciality Insurance 

If you prefer to keep your watch cover separate from your Contents Insurance, there are also a number of specialty insurance companies that offer insurance specifically for items like luxury watches and engagement rings. 

What will Personal Effects Insurance cover? 

In a nutshell, Personal Effects Insurance covers items you take with you away from your home. Many Personal Effects Insurance policies cover your items for loss, damage or theft anywhere in Australia, and they may or may not also cover your watch or jewellery when travelling overseas. 

Of course, each individual policy will have different specifications, so make sure you read your Product Disclosure Statement (PDS) carefully. 

What doesn’t Personal Effects Insurance cover? 

As mentioned, different policies will have different specifications. Here are some of the main inclusions or exclusions to check for: 

• Overseas travel. Some policies will cover items like watches and jewellery while you’re overseas and for a limited amount of time, while others won’t cover your items overseas at all 
• Accidents or water damage 
• Devices stolen from an unlocked car or left unattended in public 
• General wear and tear 

What else do I need to consider when insuring my watch? 

Decided to insure your watch? We love to hear it. Before you start hunting around for policies, here are a few things to consider. 

• Specified or unspecified cover? 
  The value of your watch should help you answer this question. Check the details of the policies you’re considering, but if your watch is worth over $1000, you might prefer a specified policy.
• Item limits 
  Whatever type of policy you decide to go with, check the item limits. Both Contents Insurance and Unspecified Personal Effects policies will usually have a limit per-item as well as an overall limit.
• Warranty 
  Does your watch come with a warranty? What does it cover, and for how long? That information might impact the type or level of insurance you want to take out on your watch. It’s important to note that most watch warranties only cover manufacturing defects. 

What’s myth and what’s fact in Watch Insurance? 

There are so many myths out there about watch insurance, it sometimes feels like somebody’s making things up on purpose! Let’s debunk some of the most common ones. 

“Home Contents Insurance covers me for everything!” 

False. It covers your items for specific events, up to a specified amount, and only when the items are inside your home. 

“It’s just not worth it!” 

There’s no simple true or false answer to this. Whether or not watch insurance will be worth it to you personally can depend on: 

• How much your premiums are 
• The value of the watch 
• Any sentimental value to that watch 
• Your financial circumstances 
• Your lifestyle 

 At the end of the day, it’s the expense of insuring the watch weighed up against how it would impact you if the watch was lost or damaged. Only you can answer that question for yourself. 

“My claim will just get rejected anyways!” 

This one’s false. Insurance companies get very specific with their policies, but if your watch was lost or damaged under an insured event and you’re able to provide the necessary information or documentation, there’s no reason your claim would be rejected without reason. 

Where can I find and compare Home and Contents insurance? 

You can start comparing Home and Contents insurance policies right here! And yes, that includes policies with Personal Effects options too. Compare policies from a wide range of providers online, or give our friendly team a call on 13 19 20.