Do you insure your LV bags?

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chloe231

O.G.
Apr 30, 2006
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You just have to make sure that your regular insurance is at a level that will cover ALL of your items, these beautiful bags we all love add
up really quickly! I have a separate "Luxury" rider which covers jewelry,
bags etc.
 

VipStyle

♥ H.M.B. ♥
chloe231 said:
You just have to make sure that your regular insurance is at a level that will cover ALL of your items, these beautiful bags we all love add
up really quickly! I have a separate "Luxury" rider which covers jewelry,
bags etc.
Yes I have that to (Luxury rider)for my wedding/engagement ring and my watches..Yesterday I just got another new watch and called my insurance co so they could add it to that policy and I asked about my bags.....when I told her how much $$$ my bags cost there was silence on the phone..LOL....She thought I was crazy I bet...anyway she did say my homeowners policy would cover it..:biggrin:
 

MissV

O.G.
there was someone who had a forum started about insuring bags...I think they quoted her 500 a year..( i dont remember what kind or how many bags she had)....and i think she didn't like the idea of paying insurance at an amount that in 4+ she would of been able to purchase a new bag.
 

jenna

*flower power*
O.G.
Jan 27, 2006
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Daniellejp said:
If you have a homeowners policy, you should have "contents" coverage, which generally means all your stuff-- your t.v., furniture, pots and pans, clothes, handbags, etc. Most homeowners policies automatically cover your contents for 40%-75% of what your home is insured for (depending on your carrier.) For example, if your policy goes with the 75%, and your home (your dwelling) is insured for $200,000, your contents will be given a blanketed value of $150,000. Most of the time, they will pay out the actual cash value of your contents, which is the replacement cost minus depreciation. Some carriers offer the replacement cost option for extra premium. If there's a fire and your handbags are ruined, they will want you to produce documentation/receipts/invoices to show how much your items cost. If you're looking for better coverage for your handbags, jewelery, or other high valued items, ask your agent for endorsements or floater policies that will pay out the replacement cost of those items-- not their depreciated value. They'll ask you to create a schedule, or an itemized list of your stuff, with serial #s, receipts, and/or appraisals (if you have them.)

Renters policies also offer coverage for your contents, but you can pretty much choose whatever limit you want. It isn't based off a percentage of your home because you aren't insuring the home. It will give you liability coverage (for when a neighbor accidentally slips and falls in your living room which isn't your fault, but the law says it's your fault... LOL) and contents coverage (for your stuff.) They also usually include some medical payments coverage, property of others coverage, and additional living expenses coverage. Renters policies are a very smart thing to have!

I hope that wasn't too confusing. :biggrin:
That was very helpful. THANKS!!
 

Bag Fetish

Iphone Addict!
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Mar 28, 2006
34,517
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the land of cold!
Not long ago i asked the same question. I have some bags that are new and others with no bill for. I explained that LV will not give anything in writing to verify they are authentic.... He suggested they will take pic's of the bags I dont have bills for with me holding them and just put that in my file. This way if there is an issue we have something to prove I owned those bags. Otherwise they are just covered on your content insurance, no need for an extra waiver.
 

Selena

O.G.
Jan 26, 2006
14,045
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LV_addict said:
I think my agent told me once that as long as I have all my bills the bags are covered under my home contents policy.
That is what my agent told me as well. I was suprised I didnt need a rider like my jewelry but apparently not. But he did say have pictures and reciepts. Because the average person does not have numerous expensive purses. They dont?? LOL

Selena
 

hfxshopgirl

window shopping
O.G.
Nov 18, 2005
2,553
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canada
there's no limits for handbags in a home owners policy the way there is for jewellery. that's why you need a rider for jewellery to cover items in excess of the normal coverage provided (which is minimal). so, at this point, as others have stated a home owners policy is adequate. i bet in the future we'll see more limits as luxury goods have become more and more mainstream.
 

Lola24

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Jul 11, 2006
4,818
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Just looking for some tips, I've taken pictures of all my stuff and with me holding the items, right now it's on a memory card in a safe, but I'm going to maybe burn it on a cd too. I don't have every single receipt and tag (well I may b/c I didn't throw them away, I just can't locate all of them from the past 10 years) but I figured if anything happened (god forbid:censor::throwup: ) that I would at least have proof of the items and I could go off of current pricing or worse case have LV pull my records etc. Any other good ideas?:flowers:
 

msbroberts

Member
Aug 11, 2006
475
1
Bay Area, CA
Depending on the size of your collection, you might need a rider(s) on your insurance.

Most homeowners policys really limit the amout of personal property you can claim due to fire, theft, etc.

We added one when I got my first hermes ;)
Can you see turning in the claim..."really, the purse is worth $$$."
 

Faith

He makes me smile!
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Jan 31, 2006
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over the moon
That's funny b/c when I was getting my insurance policy for my engagement ring, they said that both my ring and handbags would be covered under my homeowners insurance. My insurance agent said that I wouldn't need any pics of my bags b/c I am covered up to a certain amount of money.
 

msbroberts

Member
Aug 11, 2006
475
1
Bay Area, CA
My insurance agent said that I wouldn't need any pics of my bags b/c I am covered up to a certain amount of money.
That's true, you just need to make sure you know how much coverage you have. Some policies it's as low as 5 or 10 thousand dollars for personal property.

As we addicts know, it's easy to pass that very quickly.

Oh, and you should check if you have cash value or replacement value.

Cash value is what you paid minus depreciation and I bet the amortization table on handbags in pretty fast.
 

Bag Fetish

Iphone Addict!
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Mar 28, 2006
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Faith said:
That's funny b/c when I was getting my insurance policy for my engagement ring, they said that both my ring and handbags would be covered under my homeowners insurance. My insurance agent said that I wouldn't need any pics of my bags b/c I am covered up to a certain amount of money.
I'd check with your policy/company. It might only be covered if its removed from you house. where as if fall off your finger and gets lost on the garden or stolen while being mugged it might not be covered.
 

Lola24

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Jul 11, 2006
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msbroberts said:
That's true, you just need to make sure you know how much coverage you have. Some policies it's as low as 5 or 10 thousand dollars for personal property.

As we addicts know, it's easy to pass that very quickly.
oh no....I think/should, last time I checked, had like $200,000 ....
 

Smith

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Jul 30, 2006
2,142
5
Indiana
No, I do not do anything special. Most homeowners policies, not renters insurance, come with replacement cost on contents, so there is nothing to do. Your content coverage is usually in the range of 80% of the dwelling coverage. For example, if your home is insured for $100,000, then you would have $80,000 to replace the contents of your home. There are limites on jewelery, furs, computers, and other items.
 
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