Watch Insurance vs. Home Insurance in Singapore: 5 Differences You Should Know
FAQ
Does home insurance cover expensive watches?
Home insurance provides limited coverage for watches, typically capped at S$2,000-5,000 per item. A S$20,000 Rolex would only receive partial payout under most home policies. Check your policy's single article limit and valuables sub-limit.
Is specialist watch insurance worth it?
For watches valued over S$5,000, specialist insurance typically makes sense. The premium (usually 1-2% of value annually) is small compared to the risk of total loss. Worldwide coverage and accidental damage protection justify the cost for regularly worn watches.
Can I add my watch to my home insurance?
Yes, most insurers offer scheduled personal property endorsements. However, premiums may be higher than specialist watch insurance, coverage terms less favourable, and claims handling less specialist. Compare both options before deciding.
What happens if my watch is stolen overseas?
Home insurance rarely covers items lost or stolen outside the home. Specialist watch insurance provides worldwide coverage, protecting your watch whether at home, travelling, or commuting. This is one of the most significant coverage differences.
Do I need watch insurance if I rarely wear my collection?
Even stored watches face risks: fire, flooding, burglary. Home insurance limitations still apply. Specialist insurance ensures full replacement value regardless of where the loss occurs. Consider coverage for any watch you'd be devastated to lose.
How do claims work with watch insurance vs home insurance?
Specialist watch insurers understand watches and often process claims faster with less documentation required. Home insurers may undervalue watches, require extensive proof, and apply depreciation. Claims experience is typically better with specialist providers.
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- Watch Insurance Singapore – Complete coverage guide
- How to Insure Your Rolex – Step-by-step guide
- Dealer Insurance – For watch businesses
Coverage Comparison: Home vs Specialist Watch Insurance
| Coverage Aspect | Home Insurance | Specialist Watch Insurance |
|---|---|---|
| Single item limit | S$2,000-5,000 typical | Full declared value |
| Worldwide coverage | Often home only | Yes, anywhere |
| Accidental damage | Often excluded | Included |
| Mysterious disappearance | Excluded | Often included |
| Wearing outside home | Limited/excluded | Fully covered |
| Valuation basis | Depreciated value | Agreed/replacement value |
| Deductible | S$500-2,000 | Often lower |
| Premium (S$30,000 watch) | Included in home | S$300-600/year |
| Claim process | General insurer | Watch specialist |
| Proof requirements | Police report + receipts | Less stringent |
Real-World Scenarios: What's Actually Covered?
| Scenario | Home Insurance | Watch Insurance |
|---|---|---|
| Watch stolen from home safe | Covered up to limit | Fully covered |
| Watch stolen while travelling overseas | Usually not covered | Covered |
| Watch dropped and cracked crystal | Usually not covered | Covered |
| Watch lost (unknown how) | Not covered | Often covered |
| Watch damaged during service | Not covered | Covered |
| Watch stolen from car | Usually not covered | Covered |
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