New Insurance Question

[BLM2]

I have/had four watches insured with Hodinkee/Chubb since 2022. No claims submitted. This past March 2024, I receive a letter from Chubb stating my policy is not being renewed because, "Insured failed to: provide face-to-face appraisal with a certified jeweler of the following scheduled jewelry items...."

I called Hodinkee last Friday, one week ago, and left a voice mail requesting a return call to discuss the situation. I have not received a call.

Two days ago I emailed Hodinkee and asked if I had a policy and several other questions. My policy was on auto renewal. They replied yesterday that my premium had been refunded.

I emailed the underwriter at Chubb asking what the situation was. I never received a request to get an appraisal either from Hodinkee or Chubb. So far, there has not been a reply.

I am not mad, just frustrated.

My questions to the forum are,

1. Is Hodinkee still in the insurance business?

2. Who else are the other major watch insurers?

3. Do any not require apprasials (a big selling point with Hodinkee)?

Lee

[ryanbush]

Mine auto-renewal just took place with Hodinkee this week, I have also never been asked for an appraisal.

Jewelers Mutual

[Airforce08]

Never been asked either


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[BLM2]

Thank you for your replies. I am clueless what happened. I will keep everyone updated. Hoping to hear from the underwriter. Part of the problem is I am unable to find out which of the two companies I need to deal with. I will try Chubb again. maybe a different department.
Lee

[Steve Stifler]

Are any of your pieces scheduled individually at $100k or greater?

I suggest you do some updated research on Hodinkee. Their insurance team was affected by the two rounds of layoffs they did last year. I’d suggest to move away and go to either Wax Insurance (underwritten by Chubb), or simply find a local Chubb agent near you who can write the same masterpiece policy.

Hodinkee offers nothing unique, the features they advertise are standard to any Chubb policy that any Chubb agent can write for you.

[WatchMySix]

I haven't used it, nor do I know much about it. But by coincidence I was just watching a video explaining Mr Wonderful's new watch insurance.

https://wondercare.com/


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[Phil8352]

Hodinkee is a ripoff. Add the watches to your homeowners policy on a rider that covers theft, loss, and/or damage. It will be a fraction of what you’re paying Hodinkee. My carrier is Farmers and there is no appraisal required for a modern watch not trading stupidly above its retail. If you own hype watches, you can always get an appraisal and then you’re covered.

[WhiskeyKoffee]

I've used Chubb for years for my wife's diamond engagement/wedding ring. Chubb is easy to deal with but very expensive. I insure both my Rolex with USAA. No appraisal. Just upload a photo of the watch and the receipt. Easy peasy.

[BLM2]

WK,
Do you have to have homeowners with USAA to be able to cover jewelry?
Thanks,
Lee

[1William]

Originally Posted by Phil8352

Hodinkee is a ripoff. Add the watches to your homeowners policy on a rider that covers theft, loss, and/or damage. It will be a fraction of what you’re paying Hodinkee. My carrier is Farmers and there is no appraisal required for a modern watch not trading stupidly above its retail. If you own hype watches, you can always get an appraisal and then you’re covered.

I have had insurance through several carriers over the years and have been with Hodinkee/Chubb since they brough the insurance product out. I have never filed a claim so I can not speak to claims service but several here have reported no issues when filing a claim. I have immediate family members that are in the insurance business for more than thirty years and they will tell you not to have jewelry/watches, etc. on your homeowners policy. They advise to break it out with a stand alone policy from another company. The reason is that any claims on a policy open the policy up for greater review at renewal time and you would not want to get your homeowners cancelled based on a claim for a watch or jewelry. As far as cost goes, I have found Hodinkee to be reasonable in comparison to others. So many factors go into determining rates, where you live, home security and many other factors. I can only speak to my experience and that of others shared here on TRF. I am satisfied with Hodinkee and I called this week and got an email back making the change I needed.

[ltmgeller]

I had an even worse interaction with JM. I switched to State Farm and have never been happier.

[WhiskeyKoffee]

Originally Posted by BLM2

WK,
Do you have to have homeowners with USAA to be able to cover jewelry?
Thanks,
Lee

I wouldn't think so, but don't know for sure. They insure my vehicles and my house. I also have an umbrella policy with them, and then the "valuable personal property" policies. The VPP policies are totally separate from my homeowners. Oddly, USAA wouldn't ensure my Harley and instead sent me to Progressive for that.