I sat down with two browser tabs open: one for Jewelers Mutual (JM) and one for Hodinkee Insurance (Chubb), trying to insure a $45,000 collection. The JM quote asked for appraisals for every piece over $5k and wanted to know my alarm system details; Hodinkee asked for a photo and my credit card. I ran a real-world test to see if the convenience of Hodinkee is worth the 15-20% premium markup in 2026.
Key Takeaways
- Hodinkee is Faster (No Appraisals): If you hate going to a jeweler for paperwork, Hodinkee (Chubb) wins. They rarely require appraisals for watches under $100k.
- Jewelers Mutual is Cheaper: If you are willing to jump through the appraisal hoops, JM is almost always 10-20% cheaper annually.
- Claims Handling: JM is a specialist jewelry insurer; they work with your jeweler. Hodinkee cuts a check (Cash Settlement) faster, often without forcing a repair.
- Inflation Protection: Hodinkee offers “up to 150%” of insured value protection automatically. JM offers “Replacement Cost,” but getting the extra value can be a fight with the adjuster.
The “Why” (The Trap)
The trap is “Friction vs. Cost.”
Insurers know that modern collectors buy watches on Instagram and Chrono24, not just at local jewelers. Getting a physical appraisal for a watch you bought online is a hassle.
Hodinkee exploits this by offering “frictionless” onboarding. The trap is that you pay for this convenience forever. Over 10 years, the premium difference between JM and Hodinkee could buy you another Omega. However, if you are underinsured because you were too lazy to get an appraisal for JM, the “cheap” policy is useless.
The Investigation (My Analysis of the Giants)
I obtained quotes for a Rolex Submariner (approximately $14,000) and an Omega Speedmaster (approximately $8,000) in a major metropolitan area.
Jewelers Mutual
- The Quote: ~$240/year.
- The Process: Required me to upload a receipt or appraisal for the Rolex.
- The Claim Style: They prefer to pay the jeweler directly to replace the item. This is great if you have a relationship with an AD, harder if you buy grey market.
Hodinkee (Chubb)
- The Quote: ~$310/year.
- The Process: I uploaded a photo of the watch on my wrist. Done in 3 minutes.
- The Claim Style: “Agreed Value” cash settlement. If it’s stolen, they send a check for the limit. You decide where to buy the replacement.
Wax Insurance
- The Wildcard: A newer player (also Chubb-backed usually). Their app is slick and tracks market value, but their premiums were similar to Hodinkee.
[IMAGE: Split screen screenshot of the quoting interface: JM asking for documents vs Hodinkee asking for a photo]
Comparison Table
| Feature | Jewelers Mutual | Hodinkee (Chubb) |
| Annual Cost (Est) | 1.0% – 1.2% of value | 1.4% – 1.8% of value |
| Appraisal Needed? | Yes (for high value) | Rarely |
| Deductible | Selectable ( 0−0− 1k) | Usually $0 |
| Payout Method | Repair/Replace (Vendor) | Cash Settlement (Check) |
| Inflation Guard | Standard | 150% Appreciation |
Step-by-Step Action Plan
- Do the Math: If your collection is <$20k, Hodinkee is worth the extra
50fortheease.If>50fortheease.If>100k, use JM and save the $1,000/year. - Check Your Appraisals: Are they older than 2 years? If yes, JM will require new ones. Factor the cost of appraisals ($100 each) into your decision.
- Read the “Travel” Clause: Both cover worldwide, but check if JM has a “safe warranty” for high-value collections while traveling.
- Agreed Value: Ensure the policy says “Agreed Value.” JM sometimes leans toward “Replacement Cost” (we find you a watch), whereas Hodinkee is strictly Agreed Value (here is the money).
FAQ
Does Hodinkee cover vintage?
Yes, and they are better at it because they understand “patina” value better than a traditional mall jeweler insurer.
Can I switch?
Yes. You get a pro-rated refund. If you start with Hodinkee for speed, you can switch to JM later once you get appraisals.
Who pays faster?
In my analysis, Hodinkee/Chubb settles simple theft claims faster (often days). JM investigates more thoroughly.