Am I Being Paranoid?

  1. Sign up to become a TPF member, and most of the ads you see will disappear. It's free and quick to sign up, so join the discussion right now!
    Dismiss Notice
Our PurseForum community is made possible by displaying online advertisements to our visitors.
Please consider supporting us by disabling your ad blocker. Thank you!
  1. I recently calaculated how much I’ve invested in my bags and I was a little shocked lol! Lately, I’ve been a little paranoid about my bags being stolen or potentially being lost to fire or water damage. I contacted my insurance company and they can’t write a policy for them. I’ve thought about getting a locked water/fire proof safe but not sure about this (and if it would even protect them from theft).

    Just wondering what you all do? Or maybe I’m just being paranoid!

    Thanks!
     
  2. For our homeowners insurance, we have a personal property amount (which includes all personal property). Over the years, we’ve increased the value as my handbag collection grows. It’s a good idea to keep inventory and pictures of your bags and scan and save receipts in the event of a loss. I keep all of my Chanel authenticity cards in a fireproof safe.
     
  3. Did they say why they can’t right a policy for them?

    Anyways as stated above they should be covered under personal property in the event of a covered loss.
     
    ccbaggirl89 likes this.
  4. I don't think your being paranoid..And now that I've accumulated a few items, I'm wondering the same!
     
  5. The most important thing to do besides ensuring you have adequate personal property coverage is to take pictures and scan and save receipts. A friend of mine is a claims adjuster for SF and says that the pictures and receipts are useful in ensuring you receive full value for your items.
     
  6. Can I just give them my TPF logon and they can look at all my REVEAL POSTS? :biggrin::nuts:
     
    showgratitude, Sylly, labb8 and 9 others like this.
  7. What they probably mean as that they cannot create an individual policy or a “scheduled” policy for your bags to cover them for all possible types of losses with no deductible. If you have homeowner’s insurance, your bags are covered as “personal property” for the named perils such as fire and theft, subject to your deductible, which may be anywhere from $250-$10,000, depending on what you selected when the policy was issued.

    A “scheduled” policy or “floater” allows you to cover your bags for more situations, such as losing the bag, getting it run over by a car, left in a toilet (as someone here just had happen), melted crayon poured on it, etc, and there is no deductible. This is the type of policy that I am pretty sure your insurance company is saying they do not cover. However, if you have renter’s insurance versus homeowner’s, you are typically covered for many more types of losses than on a homeowner’s policy, believe it or not. And renter’s insurance usually has a much lower deductible. Get out your contract and read it.

     
  8. The easiest way is to get it under your home contents insurance :smile:
     
    ccbaggirl89 likes this.
  9. As a few others have mentioned, you just include it as part of home insurance. You just have to revise the value of the contents in your home. Make sure you have photographs/receipts of the items.
     
  10. No, you are not being paranoid. My home insurance premium is super high because I added my bags to it too. Read your policy and call them again to add extra personal belongings.
    I felt the same way as you one day when I walked into my closet and added the $$$..freaked me out lol. I have skimmed down to the absolute favorites, if it doesn't fit my lifestyle..off it goes. I have 6 bags in total and couldn't be happier.
     
  11. Nope, definitely not being paranoid. When my apartment was burglarized a couple years ago, the vast majority of what they took were my handbags, but thanks to my renter's insurance policy, I got most of the money back. (The only reason I didn't get the full money back was because I forgot to keep increasing my coverage amount with the additional handbags I bought, but I was still able to recover about 90% of what I paid.)
     
  12. When you guys are calculating the value of your bags for insurance value purposes, do you calculate based on:

    1. The original retail price?
    2. The price you paid?
    3. The current estimated resale price?

    ?

    Am curious because I've procrastinated for years on doing that inventory but it's time to up my tenancy insurance coverage!
     
  13. Certain companies like Pure and Chubb will insure collections (like bags) and schedule them as you would your jewelry. It is very expensive but worth it if your bag collection is very expensive.
     
    Venessa84 and fitofrage like this.
  14. I'm pretty sure this is going to depend on the type of policy you have; whether it covers "replacement value" or not. You should call your company and ask.
     
    ChanelCanuck likes this.
  15. That’s responsible and logical question, not paranoid at all.

    One more thing - I’ve moved house/country a few times and always make sure there’s also extra travel insurance for my handbags in case they get damaged or lost in the move (if you move for work, your company should usually cover it).