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I guess it all depends on your homeowners carrier whether Hodinkee/Chubb is a good deal or overpriced. Just make sure you get the nitty gritty details of coverage if you go homeowners (mysterious disappearance, do they pay you or the AD, covered while travelling abroad, need to have a safe, etc). Another big one is if they will cover at current market value (almost always substantially above MSRP for Rolex, AP, Patek) or just AD retail price. For instance, good luck getting a platona sourced by your AD in any reasonable amount of time, if ever, in the event of a loss. Hodinkee pays you directly the chosen value to buy a new one on the grey market. Devil is always in the details.
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