Insurance for watches

[asphaltcowboychip]

Has anyone had luck with insurance for your watches. Anything more specific to a home owners or renters insurance? I saw Hodinkee was offering insurance as well.

[ronricks]

I moved all my watches from Jeweler's Mutual to Hodinkee. Has been a great experience so far. Adding/Removing watches from the policy is a breeze compared to Jeweler's Mutual.

[CMBX]

Originally Posted by ronricks

I moved all my watches from Jeweler's Mutual to Hodinkee. Has been a great experience so far. Adding/Removing watches from the policy is a breeze compared to Jeweler's Mutual.

Just curious, did you have a bad experience with JM with a claim? Asking out of curiosity, since I'm insured through them

[ronricks]

Originally Posted by CMBX

Just curious, did you have a bad experience with JM with a claim? Asking out of curiosity, since I'm insured through them

The only issues I had with JM was trying to add higher priced watches. Anything that wasn't Stainless Steel like my CHNR was going to take like 7 days to add to my policy which obviously wasn't going to fly. I am able to add new watches to Hodinkee (which is actually Chubb) in minutes and they even told me since I have more than one watch on the policy any new watch I purchase is automatically covered when I leave the store before I even add it. That alone makes Hodinkee the winner for me.

[PBJ1925]

Originally Posted by ronricks

I moved all my watches from Jeweler's Mutual to Hodinkee. Has been a great experience so far. Adding/Removing watches from the policy is a breeze compared to Jeweler's Mutual.

+1

[asphaltcowboychip]

Originally Posted by ronricks

I moved all my watches from Jeweler's Mutual to Hodinkee. Has been a great experience so far. Adding/Removing watches from the policy is a breeze compared to Jeweler's Mutual.

Thanks for the information. I'll reach out to Jeweler's Mutual and weigh my options.

[CMBX]

I insure all of my watches and jewelry with Jewelers Mutual. Haven't had to make a claim-thank god, but chose them because I've heard they were one of the best, if not the best. I feel more comfortable wearing a 40k watch when its insured

[swils8610]

I have a rider on my homeowners policy.


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[chris_1001]

Originally Posted by swils8610

I have a rider on my homeowners policy.


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Same and it was slightly cheaper than Hodinkee

[Chewbacca]

I’ll let you know how mine is. I think I have about 72 b&p Rolexeseses which I’ve misplaced recently.

[69mach351]

I have it on with my home owners policy as well. For comparison sake, it is just under 1% annually, of what is insured/appraised.

[Gab27]

I have a JM policy and a high-security safe, although the safe predated the watch and is mainly for storing other valuables. If you have a lot of nice watches (or a lot of valuables in general, cash, crypto wallets, etc.), I highly recommend a high-security safe, even if the watches are insured.

[asphaltcowboychip]

I obtained a quote from Hodinkee. Hodinkee's annual premium was quoted at less than half the home owners insurance.

My concern using Hodinkee was the process. They responded via email and forwarded me over to their App. The App was an underwriter or maybe an associated company of Hodinkee. If I remember correctly the App had 25 positive reviews.

[stream26]

From my research, there are 2 popular luxury watch insurance companies. One is Jewelers Mutual and the other one is Hodinkee (but we don’t have Hodnikee in Canada).

But JM was a deal breaker for me because they won't give me cash. They will work with my choice of jeweler to get my watch fixed.

Some people might say "I talked to several rep and they all said they will pay me cash". I understand. Odd things can be happened. But it's written on their policy that they will work with jeweler rather than pay you cash so I wouldn't bet for something it also "could" happen to me.

[wesdaniel]

Personal articles policy through State Farm.

$6 per year per $1,000 of insured value.

Inflation coverage included. No deductible.

Filed one claim in 2013 (watch stolen from my car). Had check in hand in 3 weeks (one week for them to try to find me a replacement watch, 2 weeks to finalize paperwork and get me the check). No increase in premiums for my other watches, and no change to my homeowners or other policies.

Filed another claim last year when a watch dropped and the crystal broke, but, in the end, decided that, for $900, it wasn't worth going through the claim and paid it out of pocket.

Policy covers theft, loss, and damage.

The way it works is, when you have a claim for a total loss (theft, loss), they will try to find you a watch for the face value of the policy. If they find you one, the provide details and you approve it. If they don't find you one, then they offer you the option of a cash payment to face value or for you to send them the difference between face value and the watch they find.

[asphaltcowboychip]

Originally Posted by wesdaniel

Personal articles policy through State Farm.

$6 per year per $1,000 of insured value.

Inflation coverage included. No deductible.

Filed one claim in 2013 (watch stolen from my car). Had check in hand in 3 weeks (one week for them to try to find me a replacement watch, 2 weeks to finalize paperwork and get me the check). No increase in premiums for my other watches, and no change to my homeowners or other policies.

Filed another claim last year when a watch dropped and the crystal broke, but, in the end, decided that, for $900, it wasn't worth going through the claim and paid it out of pocket.

Policy covers theft, loss, and damage.

The way it works is, when you have a claim for a total loss (theft, loss), they will try to find you a watch for the face value of the policy. If they find you one, the provide details and you approve it. If they don't find you one, then they offer you the option of a cash payment to face value or for you to send them the difference between face value and the watch they find.

I'm curious if you don't have a home owners policy with them if they'll have the same pricing for just the policy specific for jewelry/watch?

[wesdaniel]

Originally Posted by asphaltcowboychip

I'm curious if you don't have a home owners policy with them if they'll have the same pricing for just the policy specific for jewelry/watch?

Honestly don't know. I have essentially all of my insurance with them. I have a $2K limit for jewelry & watches on my HO policy, so, needed to do the PAP to go along with it for watches & jewelry.

[Urosfan]

Separate rider on homeowners


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[beshannon]

Originally Posted by asphaltcowboychip

Has anyone had luck with insurance for your watches. Anything more specific to a home owners or renters insurance? I saw Hodinkee was offering insurance as well.

What do you mean by "luck"?

[asphaltcowboychip]

Originally Posted by beshannon

What do you mean by "luck"?

More specific I was looking for insight on how everyone has insured their watches. New guy question.

[SilverGhost]

I use Hodinkee myself.
Send in a picture, agreed value, pay premium, done.

[Evan3037]

I have all of all of my wife’s jewelry and my watches through Jewelers mutual. Haven’t had any claims before but found the process to add new items fairly easy.

[morknmindy]

How often do you need to adjust the policy as the market ebbs and flows?