Household contents insurance and luxury watches: What does the insurance cover? What should you pay attention to? Answers from financial experts.

Household contents insurance and luxury watches: What does the insurance cover? What should you pay attention to? Answers from financial experts.

According to a report by weltwoche.ch,

A break-in into your own home is not only an emotional shock, but also raises legal questions. In particular, it is important to clarify whether the stolen valuables are covered by household contents insurance and up to what amount the insurance will cover. It is also important to consider whether the current value of the valuables, the original list price or the current market price is relevant. Answers to these and other insurance-related questions in the event of theft or loss of luxury watches have been put together in cooperation with the experts at “Certified Pro Owned” dealer The Watchbox.com.

What does this mean from an economic perspective? First of all, it must be clarified whether the household contents insurance is sufficient to cover the entire watch collection. Valuables are usually insured up to a certain percentage of the total value of the household contents. If the watch collection exceeds the covered amount, additional valuables insurance can be taken out to extend protection - but at increased cost. What is also important is the price at which the watches are insured. Insurance companies usually reimburse the current market value, which is estimated by experts like Watchbox.

The question of coverage outside the home is also relevant. As a rule, outdoor insurance is included in the household contents insurance, but care should be taken to see whether trick theft is covered. The question of the use of force during a break-in and the requirement to report theft also play a role. Finally, it should be clear whether the watches must be stored in a safe in order to receive insurance coverage.

All in all, this report points out that a comprehensive and detailed review of household contents and valuables insurance is essential in the case of a valuable watch collection in order to be adequately protected in an emergency.