Insurance

[jronet]

Do you have your Rolex(s) insured? Which insurance company do you recommend. I have a rider on my homeowners now but I feel the premium is excessive. Thanks for any replies.

[AbeFroman]

Look up Hodinkee insurance. A good majority on here use them including myself.

Plenty of recent threads if you search.

[ExplorerI]

Using Hodinkee. Premiums roughly 1-1.2% a year.

[LAS45]

I have insured mine through HODINKEE as well.


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[TresCuervos]

I'm using my homeowner's policy. The fees are ~1.4%

[4BostonB]

I use Jewelers Mutual and pay about 1.4% of insured value. Prefer this over a rider because if I have to make a claim then it won't nuke my rates for home/auto/etc.

[214270Explorer]

Jewelers Mutual made it a very difficult effort for us.
We successfully jumped through all their hoops and yet they were somehow unable to open an account and make the billing system function.
Jeesh! Even the service person contacted was unable to make the billing work.
After several frustrating emails I said forget this crap.
We have no insurance, and are done looking.
Our large and well designed safes are good enough.
We are concerned about the questionable ability of an insurance company to handle a claim when they cannot even open an account and accept payments.
I read at TRF about people raving over JM. Well that is fine; it for whatever weird reason did not work out for us.

[dmb359]

Look at Wax.

I have used JM for years, and just switched over to Wax. So much easier to use and make changes than with JM.

Similar to Hodinkee, in that its underwritten by Chubb, and they insure to 150%, don't need appraisals to get coverage, etc. Also will insure other valuable collectibles too if you ever happen to need something else insured.

Was a very easy process, and much better than JM in my opinion.

[Chevelle007]

Another vote for Hodinkee. No appraisals if you're under 100k. Fast and easy plus will pay up to 150% in case your watch goes up in value.

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[DougFNJ]

I’ve been using State Farm Personal Articles policy for years for my watches and wife’s jewelry.

A few years back I had a Seamaster stolen out of a gym locker. They had it replaced with a brand new version within a week. No jumping through hoops to add my watches, and no hassle when I had a claim. Also very inexpensive.

I get them photos of the front and back of the watch, a photo of the serial number on the watch, a photo of the warranty card and receipt and cover them for price paid.


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[RonP]

How do you prove to them a grey market Submariner is worth £14k and not £7k?

[macrowatch]

OP, be careful and read the fine print on the riders.

For example on mine, it turns out that there was a 5k deductible, and well, so if the watch or jewelry item was 5k, then it was as if I had no coverage.

@RonP, usually the itemized policies you just state the worth and if it's about in line and you are paying the % anyways, it's not a big deal without appraisal.

[KathleenL]

Originally Posted by 214270Explorer

Jewelers Mutual made it a very difficult effort for us.
We successfully jumped through all their hoops and yet they were somehow unable to open an account and make the billing system function.
Jeesh! Even the service person contacted was unable to make the billing work.
After several frustrating emails I said forget this crap.
We have no insurance, and are done looking.
Our large and well designed safes are good enough.
We are concerned about the questionable ability of an insurance company to handle a claim when they cannot even open an account and accept payments.
I read at TRF about people raving over JM. Well that is fine; it for whatever weird reason did not work out for us.

Your "large and well designed safes are good enough" if your house gets broken into and robbed, but those safes will do absolutely NOTHING for you if you are out and about and someone decides to mug you and rob you of the Rolex on your wrist. Of course, if you never wear your Rolex (or other luxury watches) and just simply keep them in the safe, you're good to go...

Originally Posted by Chevelle007

Another vote for Hodinkee. No appraisals if you're under 100k. Fast and easy plus will pay up to 150% in case your watch goes up in value.

If only ONE watch is insured, Hodinkee will only pay the policy limit. If more than one watch is insured, they will pay up to 150% of the insured limit of the watch in question, but no more than the total policy limit.

So, let's say you have two watches insured - one watch for $25,000 and another for $10,000, for a total policy limit of $35,000. If the $10,000 watch is lost or stolen, you'd get $15,000. But what if the $25,000 watch gets lost or stolen? One hundred fifty percent of $25,000 is $37,500, but you'd only get the policy limit of $35,000.

[Chevelle007]

Luckily for me I only have one watch on the policy.

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[dmb359]

the 150% option with Wax and Hodinkee is nice too if you have multiple watches insured

[WilsdorfNDavis]

Yet another vote for Hodinkee.

My rate is exactly at 1.1%

[SS Oyster]

If I answer no, should I give my address and where I keep them?

Just kidding, it’s not smart to keep watches anywhere other than a bank vault, and even then to insure them all so the one you are wearing is protected.


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[BradSomrak]

Another vote for Hodinkee/Chubb, here.

[JRell]

Added them along with my homeowners insurance.

[JSol1]

Moved all of our watches to Hodinkee from JM, but kept my wife’s jewelry on JM…

[CoveWatch]

Originally Posted by Chevelle007

Another vote for Hodinkee. No appraisals if you're under 100k. Fast and easy plus will pay up to 150% in case your watch goes up in value.

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Originally Posted by dmb359

the 150% option with Wax and Hodinkee is nice too if you have multiple watches insured

I also use Chubb/Hodinkee and want to add that the 150% potential payout is only in effect if your entire watches policy exceeds the potential payout.

[AbeFroman]

Originally Posted by dmb359

Look at Wax.

I have used JM for years, and just switched over to Wax. So much easier to use and make changes than with JM.

Similar to Hodinkee, in that its underwritten by Chubb, and they insure to 150%, don't need appraisals to get coverage, etc. Also will insure other valuable collectibles too if you ever happen to need something else insured.

Was a very easy process, and much better than JM in my opinion.

I took a look at Wax Insurance. Seems they partner with numerous underwriters as I kept getting quoted a different one each time. Some of the underwriters I’ve never heard of before.

[Oystersteel92]

Originally Posted by DougFNJ

I’ve been using State Farm Personal Articles policy for years for my watches and wife’s jewelry.

A few years back I had a Seamaster stolen out of a gym locker. They had it replaced with a brand new version within a week. No jumping through hoops to add my watches, and no hassle when I had a claim. Also very inexpensive.

I get them photos of the front and back of the watch, a photo of the serial number on the watch, a photo of the warranty card and receipt and cover them for price paid.


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I too have used State Farm for watches and jewelry but have been rethinking it. My wife lost her engagement ring and I filed a claim after turned the house upside down for it. They paid off readily enough and then 6 weeks later my wife found it. As I am an honest person I sent them the money back. The first thing that was annoying was that they took nearly a month to cash my check, despite confirming they had received it. Then when I asked to reinstate the policy for the previous ensured amount they insisted I had to have it appraised before they would put it back on my policy. This of course will cost me time and money.

Then, when the list price on my 116500LN went up recently I asked to increase the coverage to that amount and sent them screenshots of the Rolex website. Previously they said they didn't "do" market price coverage. Anyway, got a letter in the mail insisting on...you guessed it...an appraisal and that they were returning the coverage to a previous amount.

Kinda wish I'd kept that money, even though I know it would have been wrong to do so.

[ltmgeller]

I have a few friends that just moved to sate farm.

[Lamontsanders]

Hodinkee is probably best bet right now

[Phlippe]

Hodinkee!!! Very easy to set-up an account and you don’t need an outside appraisal as long as the watch value is under $100,000. It’s also easy to adjust the value given the crazy market. I’ve had two watches go up 50% since last fall. I have an old Tudor Sub that’s now worth at least 20 times what I paid for it back in the early ‘90’s. I do wish I could put my wife wedding rings on the policy but as far as I can tell it’s just for watches. Hodinkee is great!

[Speedsleev]

Originally Posted by 214270Explorer

Jewelers Mutual made it a very difficult effort for us.
We successfully jumped through all their hoops and yet they were somehow unable to open an account and make the billing system function.
Jeesh! Even the service person contacted was unable to make the billing work.
After several frustrating emails I said forget this crap.
We have no insurance, and are done looking.
Our large and well designed safes are good enough.
We are concerned about the questionable ability of an insurance company to handle a claim when they cannot even open an account and accept payments.
I read at TRF about people raving over JM. Well that is fine; it for whatever weird reason did not work out for us.

We have jewelers mutual as well, they can be a little bitchy but have been solid for many years. We have never made a claim though. When we added my wife’s gold Patek they took a while to get back because of the value but did make it happen. FWIW.

[Hawkeye98]

Can anyone share experiences with filing an actual claim with Hodinkee, or any other company that is underwritten specifically by CHUBB? Leaning towards Hodinkee and would appreciate any stories.

[AbeFroman]

Originally Posted by Hawkeye98

Can anyone share experiences with filing an actual claim with Hodinkee, or any other company that is underwritten specifically by CHUBB? Leaning towards Hodinkee and would appreciate any stories.

https://www.rolexforums.com/showthread.php?t=835396

[Hawkeye98]

Originally Posted by AbeFroman

https://www.rolexforums.com/showthread.php?t=835396

Thanks, very helpful. I was fearful of entering "CHUBB" into the search tool since my wife is sitting within spitting distance of me, holding a knife and fork.