Reply With QuoteThats fairly common place as the contents are private in storage so as with the HG Heist many claimed alot more was there than actually got nicked and vice versa.
Work on the assumption its safe. Not many heists occur!
Morning gents
Quick question - those of uou who store some of your collection in bank safety deposit boxes - do you also take out separate insurance to cover the contents? I'm looking at renting a boxes from Metro Bank however it seems the contents aren't insured and you'd not be covered if the worst happens which I found somewhat surprising.
Thats fairly common place as the contents are private in storage so as with the HG Heist many claimed alot more was there than actually got nicked and vice versa.
Work on the assumption its safe. Not many heists occur!
RIAC
hi looking for sights in derbyshire ‘nottinghamshire any recommendations
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I think you can take out insurance elsewhere. Mine aren’t covered while in there.
A friend has one next to Harrods for about 1k per year which is fully insured but the hours aren’t great.
I don’t see how the insurance would work without some sort of audit or record of the contents after each visit.
I’d be more concerned with rogue staff than a heist.
As wileeeeeey has already stated you can take out insurance yourself and it is quite common for the safety deposit companies not to offer the insurance as an inclusive service.
Mine do however offer me the option at an additional cost, though it's not something I have taken as I feel quite content that a heist at my place is highly unlikely.
Besides my collection is way too small for me to lose sleep over it or pay an insurance premium to protect against any unlikely potential theft.
There are so many cameras in these places that any rogue staff member would have to exceptionally stupid to even try something, though I agree not beyond the realms of possibility.Originally Posted by Montello
Does the cost and inconvenience of storing watches in a safety deposit box vs the relatively cheap cost of adding them as additional items on your home insurance not negate the benefits using safety deposit boxes?
Perhaps, but I only allow one watch out at a time so if the worst happens I still have the rest.
Don’t want to be at the mercy of WF/insurance trying to backfill what I had or have a 100k claim on my house insurance.
An inside job is much harder than you think. Typically there's only one set of keys that grant access to the vault. Then the safety deposit box needs 2 keys, one of which the box holder has.
It's of course not 100% beyond the realm of possibility, but it's very very unlikely.
I looked into this about a year ago and the company that owned the facility also were able to insure the contents of box. Pretty sure it was in the region of approx £300 on top of the cost of storage
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No. To me, that’s just far too belt & braces. Not impossible that a safe deposit facility could be broken into but nuclear WW3 is probably more likely.
No, absolutely not.
My annual safe deposit fee is about 3% of what the annual premium to insure them at home would be.
Thanks for the responses gents, much appreciated
I guess you guys just have very valuable watch collections then!
My home contents insurance covers me specifically for each of my most expensive watches, and I only pay a couple of hundred a year.
Have you ever had to make a claim? That's when you find out the real "value" of insurance.
I have a large proportion of my collection in a secure facility and they are all fully insured (and re-appraised annually) over and above the perfunctory cover that they (the facility themselves) offer.
And what about the cost to insure them when on your wrist and not in the safe deposit box? When I looked into safety deposit boxes this was the prohibitive factor for me and more convenient and cheaper to have them insured at home in a safe.
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For me, it just isn’t worth insuring against events that are extraordinarily unlikely (such as having a watch stolen from my wrist). I pay £333 per year for a safe deposit box. Insurance at home is the wrong side of £10k even with an approved safe.
£4 per £1000 cover with my local safety deposit branch. The £1k pa cost for the insurance alone, plus the hassle of not having my watches to hand, put me off the idea.
On that basis your collection is valued at £250,000.
How much does that cost to insure at home?
I suppose it depends on where you live, and how often you wear your watches, but i perceive the risk of being mugged higher than loosing the watch in a home burglary. Also, if your insurance is £10k then you must have a seriously valuable collection…so likely that you have many watches they aren’t getting worn often. But then again if your collection is very very valuable surely you can afford to have them insured?
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Not all that valuable really but I don’t live in a nice postcode tbh. I have only a dozen watches (+ the missus has a few). I change watches each month so they all get worn during a year. The safe deposit is in a nice town with lots of good restaurants. I always look forward to watch change day; it involves a day out and a great lunch and getting reacquainted with a watch that I haven’t seen for a year. It feels like getting a new watch.
Each to their own but given that you readily admit to your post code not being that nice (indicating high crime) doesn’t that increase the odds of being mugged or broken into when the watch is at home…hence the high insurance premium? For me knowing I’m fully insured should the worse happen I won’t do anything stupid and just hand over anything valuable, and not do something in the heat of the moment which could get me stabbed.
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I don’t think he’s living down the Moss Side
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I was thrown out of the Moss for antisocial behaviour.
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