Do you insure your LV bags?

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tweetie

O.G.
Jul 23, 2006
2,748
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^^ Same here - bags are like clothes, and my personal property is all part of the home insurance policy.

The only thing I needed to get a separate rider on was jewelry. The base policy only covered $6K, which just covers my watches! We didn't bother getting extra coverage for my jewelry until I got my e-ring and wedding band... I totally recommend the jewelry rider - they're considered high risk since they're so small, you wear them daily and stones could fall out, you leave in a bathroom sink, etc...

Bags aren't like that and should be under your house policy. You might need to increase the amount, that's all.
 

piperlu

O.G.
Jun 28, 2006
10,453
10
At the beach
I keep the receipts for all of my bags and jewelry and it is most definitely included into our insurance plan. I should be updating it very shortly. It's a smart thing to do to ensure you get reimbursed in case something would happen.
 

Lola24

O.G.
Jul 11, 2006
4,821
431
tweetie said:
^^ Same here - bags are like clothes, and my personal property is all part of the home insurance policy.

The only thing I needed to get a separate rider on was jewelry. The base policy only covered $6K, which just covers my watches! We didn't bother getting extra coverage for my jewelry until I got my e-ring and wedding band... I totally recommend the jewelry rider - they're considered high risk since they're so small, you wear them daily and stones could fall out, you leave in a bathroom sink, etc...

Bags aren't like that and should be under your house policy. You might need to increase the amount, that's all.
Ok, yeah, I was thinking they would just qualify under personal property.....I guess if you have a total loss you pretty much get the amount that your covered for....it's not like receipts, pictures and CD's will survive all disasters, even if in a safe so I suppose I shouldn't be overly paranoid about that.......
 

Selena

O.G.
Jan 26, 2006
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Even if say you are covered for say $200,000 that doesnt mean if your house burns down they will give you $200K, you have to prove what you had. My agent said I didnt need a rider but I did need pictures of everything in my home, or he suggested takign a video of the contents of the house.
 

Lola24

O.G.
Jul 11, 2006
4,821
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Selena said:
Even if say you are covered for say $200,000 that doesnt mean if your house burns down they will give you $200K, you have to prove what you had. My agent said I didnt need a rider but I did need pictures of everything in my home, or he suggested takign a video of the contents of the house.
ok, that's what I was looking for, I'm going to talk to my friend a little more (who is my insurance agent but him and wife just had a baby so I don't want to bother him) anyway, but do you leave that proof with your insurance company? I mean if you have a total loss tapes and pictures may not make it, even in a fire safe (they're only good for a certain time frame before the items inside are damaged too). And I would imagine pictures and stuff would be just as good as receipts, plus if I went only off receipts I wouldn't get close to what it would cost to replace everything anyway b/c I've been collecting soooo long and the prices have changed drastically since I started....I just don't have every receipt and a lot of them fade over time.....
 

elle

L
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Jan 25, 2006
4,010
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I think you're supposed to keep the documents/proof in a safety deposit box. As you've said, keeping them at home kind of defeats the purpose!
 

Jazz

All That Jazz
O.G.
May 27, 2006
651
2
Midwest, USA
When I got my Rolex insured it was like insuring my car and I needed an insurance rider. My LV collective is worth more than my 1 Rolex, so I think you should contact your insurance company.
 

Lola24

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Jul 11, 2006
4,821
431
elle said:
I think you're supposed to keep the documents/proof in a safety deposit box. As you've said, keeping them at home kind of defeats the purpose!
hmmm....maybe I'll look into some options, thanks for the input.....
 

Lola24

O.G.
Jul 11, 2006
4,821
431
Jazz said:
When I got my Rolex insured it was like insuring my car and I needed an insurance rider. My LV collective is worth more than my 1 Rolex, so I think you should contact your insurance company.
Well, I know jewelery and watches fall into the category where you need the rider....I think I have the $$ coverage to cover all my personal property including my bags, I just am concerned because I have a larger collection than the norm so I want to have proof of that...
 

babydee03

Member
Jun 24, 2006
544
0
39
New York
Its so weird that u guys are havin this convo becuz I just went to licensing school in june and got PNC license last tues!!I wish I read this lastweek to help me w the homeowner part lol
 

Lvbabydoll

O.G.
Mar 2, 2006
44,836
53
California
I save receipts, tags, etc. and I have a spreadsheet with all the prices listed as well and pictures of each piece and it's date code.
 

ditzeechick

Member
Jul 20, 2006
88
0
Hawaii
the amount of coverage you have for personal property depends on the type of homeowners policy you have. There are multiple versions available, and you should definitely check what you have. There is a limit on the amount you get for theft for cash, jewelry, artwork...usually the things highly susceptible to theft. And Smith is correct about the amount of personal property coverage being a percentage of your dwelling coverage. the best thing to do is read your policy because not all agents know what they're doing.
 

Faith

He makes me smile!
O.G.
Jan 31, 2006
2,381
9
over the moon
Bag Fetish said:
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.
My agent was very conscious of that. He said that some policies don't cover "mysterious dissapearance" which would include falling off my finger or being mugged, and not just stolen from the house. He made sure that mine is covered if I lose it no matter where/how it happens!
He also said that most agents don't explain that "mysterious dissapearance" loophole.
 

Smith

O.G.
Jul 30, 2006
2,142
5
Indiana
Faith said:
My agent was very conscious of that. He said that some policies don't cover "mysterious dissapearance" which would include falling off my finger or being mugged, and not just stolen from the house. He made sure that mine is covered if I lose it no matter where/how it happens!
He also said that most agents don't explain that "mysterious dissapearance" loophole.
Most companies cover you for fire, theft, wind, and other "insured" losses. If you want complete coverage, then your will need a rider on your policy or a seperate policy listing each item at a stated, insured value. My diamond rings and etc. are on a personal article policy. This summer, I noticed a diamond tennis bracelet was missing. I called my company, and within three days, I had a check for the insured amount. In the past, I have lost stones from my rings, and the company has paid for replacement stones. However, remember, insurance companies are in the business to make money. You must be very careful not to make too many claims. Sometimes, it is better to take a loss, than to claim it.
 

Lola24

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Jul 11, 2006
4,821
431
Lvbabydoll said:
I save receipts, tags, etc. and I have a spreadsheet with all the prices listed as well and pictures of each piece and it's date code.
OK, I made a spread sheet today with items, date codes, and cost to replace the items...I've found close to all my receipts and/or credit card statements with the purchase on it which I figured would be better than nothing and I'll probably find more.... I have pretty good pictures of everything which I will eventually put on some cd's and make copies...I think I should be set, I at least feel a little better.....Some of my receipts are so old that if I went only off receipts it wouldn't cover the cost to replace the item anyway.....still need to talk to my friend/insurance agent, he was out today....thanks for the input!
 
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