Hodinkee Insurance?

[77T]

Most HO insurance has a coverage cap for certain categories of property. Watches on most policies fall into the Jewelry category. For most people the property is unlisted.

So a separate “personal articles policy” is a good idea - and even the less expensive watches ought to be listed along with expensive ones + jewelry on the PAP.

My logic is based on the most probable type of loss, namely home burglary, and to a lesser extent fire. If one is hit, the jewelry cap for unlisted property would likely be reached swiftly.


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[samson66]

Originally Posted by JSol1

Correct. You insure each watch individually. I looked into my HO/Umbrella for coverage but decided to go with specialty coverage for my watches and wife’s jewelry…

Originally Posted by ArtNouveau

I have over a dozen watches but only insured the two most expensive/hard to replace pieces. I certainly hope not to lose any of the others but the financial burden would be much less than the insured pair.

Originally Posted by chiscott_29

You might want to look into a Blanket Personal Collections policy for your less expensive pieces. With this, you set a limit per piece and per policy. So, for example, you could get a blanket policy that has a $10,000 limit per piece, and $50,000 limit for the policy. You don’t need to provide any specifics for any watches covered by your blanket.

I do not believe HODINKEE currently offers any type of blanket policy and hope they soon do.

I have a smaller blanket policy to cover things I don’t insure with HODINKEE. That’s with Nationwide Private Client.


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Great information. Thanks for the replies.

Considering moving my two or thee most valuable pieces over the Hodinkee and then continuing to insure the rest along with various jewelry under our current HO rider.

[Mgf8462]

I use them. Came in under anything else I could find (I live in LA) with $0 deductible. Got $22,000 to cover my BLRO (so I could buy grey vs waiting indefinitely if something ever happened) for $350 a year.

I'll gladly pay that again next year for peace of mind, especially given the insane amount of robberies (namely Rolex targeted robberies) happening around here lately.

[beshannon]

Originally Posted by samson66

Great information. Thanks for the replies.

Considering moving my two or thee most valuable pieces over the Hodinkee and then continuing to insure the rest along with various jewelry under our current HO rider.

Exactly what I recently did

[Rafeeq]

Originally Posted by chiscott_29

I DO have experience…read above please as I said I have HODINKEE for my coverage.

After I submitted a quote, they asked me to ensure all watches had updated photos and they advised me to enter serial numbers as those would be required if there are any claims made.

Interesting! I am 99% sure I didn't have to give a serial number, and my docs don't list any either, only the model number. I only have a single watch, though, which may be different from insuring a whole collection (?).

[Shazbot302]

Anyone file a claim with Hodinkee insurance? How did it go?

[JodyHighroller]

I signed up for my policy two weeks ago with Hodinkee/Chubb and there was no requirement of serial number. I’m sure if you made a claim though they’ll ask at that time, but not required at policy creation.

[Santiago32]

Not sure if Hodinkee offers this but I know Jewelers Mutual is a lot less expensive if watches are kept in bank vaults. Just have to notify them each time you take one out.

[vinny84]

Alright, quick question. Everyone that has Hodinkee insurance. Did you put down the actual secondary market value of your watches or a little bit less?

If they pay up to 150% of the value you put down for agreed value, that means I shouldn’t put down the secondary value of my watches on the high side? Or maybe my thinking is wrong?

My quote was $671/year for $50,700 worth of coverage. Which is not bad at all I feel considering this will be way better than my current State Farm policy

[chiscott_29]

Originally Posted by vinny84

Alright, quick question. Everyone that has Hodinkee insurance. Did you put down the actual secondary market value of your watches or a little bit less?

If they pay up to 150% of the value you put down for agreed value, that means I shouldn’t put down the secondary value of my watches on the high side? Or maybe my thinking is wrong?

My quote was $671/year for $50,700 worth of coverage. Which is not bad at all I feel considering this will be way better than my current State Farm policy

I take the average price I see on trusted secondary dealer websites and set the watch value to that. I review every 6 months and am comfortable the 150% provision will handle any market price changes.


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[JSol1]

Originally Posted by chiscott_29

I take the average price I see on trusted secondary dealer websites and set the watch value to that. I review every 6 months and am comfortable the 150% provision will handle any market price changes.


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I do the same. Just keep in mind, you need multiple watches covered to take advantage of the 150% coverage because it’s capped at your total coverage amount.

[Esquiredude]

Not sure what was previously required but Hodinkee insurance seems to require pictures now. Just went to website and need watch details and a picture to get a quote.

[bestwatch1]

The price of losing a timepiece is greater than the insurance premium and piece of mind.

[hutch300]

I have been moving more and more to Hodinkee from JM. I like the app and ease of use.

[samson66]

Just went on there. To insure two watches at $21,600 value would cost $302/yr

1.4% per year

My HO policy charges 1.0% per year by comparison. I may have to consider doing this. I like that they will insure up to 150% of value. So if I lose one I can still get what it costs to buy a new one (grey) without having to insure it at that value. This is of course if the grey price does not exceed 150% of MSRP which in my case it does not.

[beshannon]

Originally Posted by hutch300

I have been moving more and more to Hodinkee from JM. I like the app and ease of use.

Agreed. As prices climb, personally I have been removing some from insurance and I am considering reducing the number of pieces I have

[chiscott_29]

Originally Posted by samson66

Just went on there. To insure two watches at $21,600 value would cost $302/yr

1.4% per year

My HO policy charges 1.0% per year by comparison. I may have to consider doing this. I like that they will insure up to 150% of value. So if I lose one I can still get what it costs to buy a new one (grey) without having to insure it at that value. This is of course if the grey price does not exceed 150% of MSRP which in my case it does not.

I also think there is value in reducing/avoiding Homeowners claims. Your watches may or may not be subject to a deductible, but on most standard HO policies a jewelry loss would count as a claim and will do you no favors come renewal time. As a separate Personal Collections policy with the like of HODINKEE, you could avoid this.

Everybody’s mileage will of course vary, but it’s an important consideration I often note when others ask about what is the best coverage option.


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[samson66]

Originally Posted by chiscott_29

I also think there is value in reducing/avoiding Homeowners claims. Your watches may or may not be subject to a deductible, but on most standard HO policies a jewelry loss would count as a claim and will do you no favors come renewal time. As a separate Personal Collections policy with the like of HODINKEE, you could avoid this.

Everybody’s mileage will of course vary, but it’s an important consideration I often note when others ask about what is the best coverage option.


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Mine is set up as a jewelry rider on my home owner's policy so no deductible. However I agree with you that a claim is a claim and it could effect the cost of renewing for sure. One nice thing about the jewelry rider is that it covers all jewelry. So watches, rings, etc. all covered to a agreed upon amount. Strongly considering moving my 2 or 3 most valuable pieces over to Hodinkee. The pieces I could least afford to lose or replace.

[JSol1]

Originally Posted by samson66

Mine is set up as a jewelry rider on my home owner's policy so no deductible. However I agree with you that a claim is a claim and it could effect the cost of renewing for sure. One nice thing about the jewelry rider is that it covers all jewelry. So watches, rings, etc. all covered to a agreed upon amount. Strongly considering moving my 2 or 3 most valuable pieces over to Hodinkee. The pieces I could least afford to lose or replace.

This is exactly what I did. Daytona, BLNR, SubC moved to Hodinkee and my wife’s jewelry and a few Rolexes that are not in hyper mode are with JM.
Never felt comfortable with a rider on my HO.
No deductible and peace of mind at 150% is worth it to me…