Insurance

[woodedareas]

How do you insure your watches and other valuable jewelry? A policy that covers each item requires an apprisal and is very expensive. Only one watch valued at 10,000 is about $100/year and that is fine but numerous items become rather expensive.

[krzspeedstr]

I have all of my watches insured through a separate rider on my homeowners insurance policy with Safeco. I was not required to get an appraisal as I have the original receipts. But you are correct the cost is not cheap as I pay $450 for about 5 watches plus some other jewelry.

[77T]

I’ve done the rider and now do a personal articles policy covering anything that would have a limitation in a homeowners policy.

Your cost will vary based on risk-adjusted basis affected by several underwriting factors.


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[Kliminator]

I use separate insurance for my watches. Previously was insured through Jewelers mutual, I ended up moving over to Chubbs via Hodinkee because their insurance process is way easier to manage and coverage and rate is pretty competitive(it was cheaper for me than Jewelers mutual but YMMV). Also Btw an appraisal is not needed for coverage thru Hodinkee.

https://insurance.hodinkee.com/

https://www.jewelersmutual.com/jewel...nsurance-quote

Expect to pay 1-2% of the insured value regardless of the insurer.

It will be up to you if the peace of mind and convenience of having insurance is worth it (for example - Keeping your watches at home rather than at the bank)

For some other insights - search the forum for related threads. This topic has been discussed many times before

Best of luck

[beshannon]

Originally Posted by woodedareas

How do you insure your watches and other valuable jewelry? A policy that covers each item requires an apprisal and is very expensive. Only one watch valued at 10,000 is about $100/year and that is fine but numerous items become rather expensive.

It costs money to pass the risk to someone else.

[ronsetoe]

Originally Posted by woodedareas

How do you insure your watches and other valuable jewelry? A policy that covers each item requires an apprisal and is very expensive. Only one watch valued at 10,000 is about $100/year and that is fine but numerous items become rather expensive.

On watches that are worth more than I paid for them I always have appraised, which is most of the time.
My jeweler charges me $50 for an appraisal.
I just purchased a 124060 from my AD and I would be really stupid to insure it for $8100, so I had it appraised at market value, because I will never get another at retail.
I also insure most everything including my better half gems. A few years back she lost 1 earring and they sent a 10k check and we sent the remaining earring back to them.
In the grand scheme of things it's really not that expensive and worth it. We also have a separate policy just for such items including art
good luck

[CAWatchLove]

Try State Farm and ask for a personal articles policy. I shopped it and they were the best rate

[pk552502]

For those of you that have insurance on your watches: please discuss some of the conditions or stipulations you have to follow in order for the policy to be valid. I bet there are many conditions listed in the fine print of the policy.

I heard you have to have them locked in a safe or the policy doesn't cover theft.

What instances of loss are and are not covered?

[samson66]

I have a rider on my HO policy. Cost is 1% insured value per year. Was not required to get appraisals. Keep good records and photos. This is key

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[sambb]

does anyone have hodkinee insurance? Also be aware that a claim through homeowners can result in being dropped next year (as some have found out.) Safety deposit works best for me as one of the more safer routes.

[tjantheman]

How many people here roll the dice and “self-insure”? I do. I figure the odds are slim that I would ever need to file a claim. Obviously it’s not the same as not having health insurance or car insurance. Not insuring my watch won’t bankrupt me. Worst case, I just won’t replace them.

[Equity]

We use JM because of the comprehensive travel coverage. YMMV but there’s more to pricing your policy than value of the items.
Credit, zip code, previous claims for ANY non health policy, security alarm, use of a safe, the list goes on and on.
We’re just under $280 a year for ~$60k in watches and jewelry with no deductible.

My watch is $91 of that.


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[Kliminator]

Originally Posted by sambb

does anyone have hodkinee insurance? Also be aware that a claim through homeowners can result in being dropped next year (as some have found out.) Safety deposit works best for me as one of the more safer routes.

Yes I moved my insurance for watches from Jewelers mutual to hodinkee. Reason for changing was:

1. The premium was actually lower with hodinkee
2. Hodinkee insurance is actually underwritten/provided through Chubbs which is very highly regarded. My understanding is that a lot of watch dealers actually insure their business inventory with Chubbs and that they have excellent customer service
3. Ease of transacting. You can add and remove watches seamlessly in the app, no appraisal necessarily. Watches individually are insured up to 150% of the insured value to account for fluctuating market pricing up to the total insured amount of your policy

Obviously the hope is to never have to use the insurance but I find it worth it to have the peace of mind. This so true for any kind of insurance

[Sglass]

Put everything on a Hodinkee policy. My home insurance is with Chubb and it was more expensive to do a bulk ‘jewelry’ policy than it was to just insure it with hodinkee.

[mjm700]

I also have home insurance with chubb and my watches are on their valuable personal property policy. I think it is expensive, but have no comparison. I have it all through USAA as a broker. I have to assume Hodinkee is effectively the same, similar to USAA, acting with Chubb.

I think others have a point on the pros/cons of insurance - i could definitely buy a nice watch for what i have spent on premiums over the past several years. Of course it is easy to say that in hindsight without a loss.


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[mjm700]

Originally Posted by Sglass

Put everything on a Hodinkee policy. My home insurance is with Chubb and it was more expensive to do a bulk ‘jewelry’ policy than it was to just insure it with hodinkee.

Chubb has both a bulk amount for jewelry/watches and the valuable personal property, which is individual item-by-item. No deductible on the later.


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[turkeysub93]

Most HO policies will only insure jewelry up to $2,500.

Have an engagement ring insured through JM...about $200 yearly.

[ronricks]

Originally Posted by woodedareas

How do you insure your watches and other valuable jewelry? A policy that covers each item requires an apprisal and is very expensive. Only one watch valued at 10,000 is about $100/year and that is fine but numerous items become rather expensive.

Jewelers Mutual for me. I upload the sales receipt as the 'appraisal'.

[Kliminator]

Originally Posted by ronricks

Jewelers Mutual for me. I upload the sales receipt as the 'appraisal'.

Yup - I did this in the past as well when I was insured through them (before Hodinkee Insurance). Works fine for watches that you can replace at that value. However - for most Rolex references these days, best to insure at market value to ensure you're covered (if you want the watch back)

In the event of a loss, you'd only be paid out the insured amount. Id imagine it'd be tough for them to source a Daytona or Pepsi, etc.

Same thing with many AP, PP references as well...

[JSol1]

Originally Posted by Kliminator

Yup - I did this in the past as well when I was insured through them (before Hodinkee Insurance). Works fine for watches that you can replace at that value. However - for most Rolex references these days, best to insure at market value to ensure you're covered (if you want the watch back)

In the event of a loss, you'd only be paid out the insured amount. Id imagine it'd be tough for them to source a Daytona or Pepsi, etc.

Same thing with many AP, PP references as well...

I also use JM for jewelry and some watches, however I recently moved my watches that are in the appreciation category (BLNR, SubC) to Hodinkee for their 150% coverage and no deductible.

[raffi]

I did jm for my wife’s Daytona and jewelery a few years ago when hodinkee wasn’t around yet. I insured a chnr and dssd few months ago with hodinkee and it seems like a no brainer. Lower premium no deductible. No appraisal required. Just took a picture and value. It’s covered for appreciation of the watches as well. I don’t expect either of my watches to go over 150% so seemed enough for me. Of course we haven’t heard much in terms of negative experiences of not getting claims covered since it’s so new

[Kliminator]

Originally Posted by JSol1

I also use JM for jewelry and some watches, however I recently moved my watches that are in the appreciation category (BLNR, SubC) to Hodinkee for their 150% coverage and no deductible.

Yeah - I just ended up moving all my watches over to HODINKEE for simplicity. My wife’s jewelry is still insured through jewelers mutual