I feel that you have to buy insurance for your house because the bank finance agreement requires you to and your vehicles because of JPJ requirements...
Watches though are another matter.. especially when it comes to high value pieces.. and I think if you need to insure them, then you either cannot afford them and/or the pleasure of wearing them is gone.
Also,the premiums can grow really high if there is a collection of expensive pieces and hearing how insurance actually pays out on claims, you eventually get maybe 75% of their idea of the value.