Watches have been associated not only with utility but with status. They today represent expensive piece of jewelry commemorating the personal status and style of a person. With craftsmanship and use of expensive material (diamonds, gold, etc.), today, there is no limit of how expensive the watches can be. Some watches such as Patek Philippe are passed on from generation to generation! The high cost and intangible value of these watches also creates a risk for the watch owners.
No matter how much watch owners tend to save their watches from the damage and risk but things can still go wrong. Therefore, it is advisable to have watch insurance policy in order to protect a valuable asset in the form of a watch. This insurance protects watch owners if their watches get damaged, lost or stolen. They replace or repair them as per the condition and requirement depending upon its value.
The basic essence behind taking a watch insurance is to cover the precious watch in a proper manner. Most of the watch owners think that their watches get insured under the policy of home insurance. However, there will be contents coverage under home insurance but this coverage would not be sufficient for the expensive watches. There is a valid reason from insurance companies’ behalf where normally, coverage amount is less than the cost of the watch.