Insurance company wants appraisals

[hutch300]

Go with Hodinkee (Chubb) instead. I don't like the idea of losing a watch and having your homeowners insurance drop you because you made a claim. Not a guarantee but could happen. Why complicate life. Plus I think Hodinkee is better and it's been well liked on this forum.

[996marty]

As others have mentioned it’s straightforward getting an appraisal. It all comes down to the value which is understandable from the insurer’s point of view

[peptide45]

If you bought grey, I would ask the seller for an invoice. Try to use that to get it insured at the price you paid. If not, agree with above posts. We have a local jeweler that will appraise luxury watches for 100 bucks. You need an appointment because the guy who does this only does it a couple times per month. I would provide the appraiser with all documentation including price paid and current market value from watchcharts.com.


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[1William]

Hodinkee is the answer and you do not need an appraisal. Just go on the site and fill in the information, pick the value of your watch and upload a picture. Prices vary depending on where you live and the risk the Insurance Company assumes. Whatever you do do not put it on your Homeowners Insurance. Suffer a loss and you put your insurance at risk upon policy renewal. No one needs that and it does occur.

[AJMarcus]

Originally Posted by RolieKid

I wanted to add my watches to my home owners policy, but the insurance company wants appraisals. I only have one from Rolex on my Dad's President, but my other one, the one I just bought, the Submariner, I do not have one. What do I do?

Either get the appraisals or Try Hodinkee. Appraisals not required.

[saywhat44]

Originally Posted by 1William

Hodinkee is the answer and you do not need an appraisal. Just go on the site and fill in the information, pick the value of your watch and upload a picture. Prices vary depending on where you live and the risk the Insurance Company assumes. Whatever you do do not put it on your Homeowners Insurance. Suffer a loss and you put your insurance at risk upon policy renewal. No one needs that and it does occur.

I second this regarding the homeowners policy.

I thought I read somewhere Hodinkee was having some issues with their insurance. I don't know that for sure though. I have used Jewlers Mutual since I bought my wife's engagement ring many years ago.

[Tphamnd02]

I’ve added several pieces to my home owners including wife’s jewelry. My agent is one of my best buds and he basically said if you ever file a claim, I will be screwed as my premiums would go up significantly. Will look at Hodinkee and hopefully they cover jewelry and watches.

[t65tampa]

Originally Posted by Maxy

Go to any AD or Jewelry store or used watch store.. they'll do an appraisal for a cost (less than $100).

This above. I have my watches insured through State Farm. They required either purchase receipt from when obtained by the AD or a detailed appraisal with MSRP and replacement value. My local ADs were able to help. I just paid them fairly for the work.

[mrlube1151001]

I am with Chubb. My cars and house are all insured with them.For my watches they didn’t want any appraisals but included in my home insurance policy. But there is an extra cost.

[BigPapiDoesItAgain]

I use Hodinkee because I wanted to keep this separate from my homeowner's, as others have said, they don't require an appraisal, although my AD hands an appraisal over with the receipt (it is a separate document with a picture of the watch on it) when you buy a watch from them.

[worldofoyster]

get an appraisal from any jeweler.

[thatswhatshesaid]

USAA has a great valuable personal property policy. You can itemize your watches and jewelry, Upload photos and receipts on your own and add and delete items anytime in minutes and your premium is immediately updated.

I actually filed my first claim today. My wife lost one of her Tiffany & Co earrings. I simply started a claim online, an agent called me a couple hours later and settled the claim in 15 minutes. The money was in my account an hour later.

Surprisingly simple procedure.

[Colorado1492]

Not true. I have USAA and had to go to a certified gemologist and would not accept pictures, receipts or the AD that I purchased from. The gemologist refused to insure it for the replacement price and only for the AD price .The AD did not have a certified gemologist on staff. A friend of mine in Florida stated Jewlers Mutual will no longer cover rolex in florida by the way. To many getting stolen.

[Quaress]

Is it even possible to insure a watch if you lose it or someone steals it outside of your home?

[thatswhatshesaid]

Originally Posted by Colorado1492

Not true. I have USAA and had to go to a certified gemologist and would not accept pictures, receipts or the AD that I purchased from.

I don't know if you're referring to my post as being untrue, if you were I don't appreciate being called a liar.

I have all my watches, my wife's diamond ring and other jewelry on our USAA valuable personal property policy. I've never had to go to a gemologist. I simply upload receipts, photos and they are accepted.

My wife's engagement ring included an appraisal from the dealer, which they accepted.

They do not require appraisals for watches. Just receipts from the dealer photos of the watch, serial number and warranty cards.