dumb question: do you guys insure your bags?

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  1. hey, this is a silly question :smile: i was wondering if you guys insure your bags at all? just wondering, i tried to add it to my homeowner's insurance but they said they'd only cover the first 1500 and that ain't going to fly! any opinions please :smile:

    Thanks in advance.
  2. Ask your insurance company if they will allow you to purchase a "rider" (like you would purchase to cover fine jewelry) to cover your bags. Most US insurance companies will either cover your bags (as long as you have proof of purchase) either as part of your "contents" limit (so make sure your contents limit is high enough) or they will only cover up to a certain amount per bag (like your insurance company said) and then they will let you purchase additional coverage on a rider or floater. Are you in the US?
  3. Chubb and Fireman's Fund insurance are the easiest to work with on art, jewelry, bags.
  4. This is sorta part of what I do on a daily basis. Dealing with antique collectors, insurance questions pop up all the time.

    I started collecting with a group of 19th and early 20th century handbags. I insured those puppies, no hesitation at all. I had them appraised and put on a rider to my regular insurance policy. If I had multiple new bags, a new, harder to find Birkin, or an Hermes with exotic skins, or a vintage Sac a Mallette (did I butcher that spelling?) I would probably insure a bag like that.

    From my past experiences, I would think that the problem with insuring a bag like a single new Birkin as a rider would be that the insurance companies frequently charge a high enough fee that you could easily buy another handbag relatively quickly if you put that money in a savings account and didn't touch it.

    Insuring vs. Not Insuring. It's a gamble.

    I don't know if this helped. Hope I didn't ramble too much.
  5. What a great thread Pigleto! I won't bother to insure a bag unless I have ...like...20 croc birkins with diamonds-galore sitting in a temperature-controlled room. Otherwise they are still just bags to be used and enjoyed <gotta keep a level head here OK or I start losing perspective>...
  6. Which brings my thoughts back to that old thread about which bag/s you would save first if your house is on fire <knock on wood and God forbid>.
  7. I struggle with this question. Without having done the math, I figured it would cost more to insure these things than it was worth but I am by no means an expert. If I had something very fancy I would. I'm still working on having photos of them (being part of tPF has helped).
  8. Thanks for your expertise gga. Do you think it would be worth it to insure clothing? I have easily $200k+ in designer clothing (rough calculation). Most of the pieces will not be replacable b/c once the season ends, the style changes. But how does the insurance industry "depreciate" or discount the value of clothing? For example, if I have a beautiful favoriate Chanel suit from 1995 which had costed me $5k, would an insurance company pay me $5k or substantially less, even though it is a hard to replace item?
  9. A_V, from what you're describing, you have reason to be concerned with reimbursement after a possible loss. It sounds like you have a fantastic collection of designer clothing.

    At long last, couture and designer clothing and bags, even of recent vintage, are getting the respect they deserve. Dealers and auction houses are understanding what collectors like you have known all along--that design and craftsmanship can be magnificent in these items, they can transcend their stylistic period, and this has some financial worth.

    Insurance is for replacement value. From what I have always understood, you insure items so that in case of loss, you can be made "whole" again, not better and not worse off than before. In the case of a Chanel suit from 1995, you can replace the item, given enough money and time. Chanel would probably remake the suit from photos, but can this be done for $5K? Probably not.

    Collections of items are frequently more valuable than a smaller group of single items. One or two Chanel suits from a recent collection might be depreciated in case of a loss. The same Chanel suits as part of a collection can be arguably not depreciable.

    Your collection of clothing probably needs to be professionally appraised and added as a rider to your policy. Once this is done, it's significantly easier to work out arrangements with an insurance company in case of a loss. I can't tell you how many clients I've worked with, arguing with insurance companies, explaining how a brand new tea set from Reed and Barton can't possibly replace the loss of a 19th century tea set made by one of the best English silversmiths ever known. The company wanted to replace a 6 figure tea set with one costing around $4K. Not cool.

    Bottom line, from your description, I would think you have a collection worth appraising and insuring. I'll be happy to let you know how to go about finding a qualified appraiser if you PM me.
  10. YES!!!!!!!!!!!!!

    I insured it through an art & jewlery company that also insures couture. ​
  11. hey guys, thanks as always for your thoughtful replies!

    don't get me wrong, i LOVE LOVE LOVE my new bag. i like just to sit it on my shelf and drool over it (when i'm not using it). i just want to see if there's anyway to insure if it's stolen or lost. it's just a LOT of money! i live in the US and go through state farm, and i think they weren't too helpful when i told them i needed to insure my bag. if i can't get a rider from them that covers most of it, i might have to use an alternative vendor.

    can those of you who have mentioned other insurance policies send me the names or post it here? i'd super duper appreciate it too!

    thanks for the good discussion, as always. :biggrin:
  12. Yes - I don't have a big collection, but it's coverd as part of our homeowner's insurance. We didn't have to buy a separate rider for bags, just for jewelry and furs.
    It's worth the peace of mind - the insurance on my jewelry will pay to by new rings over time, but not having to worry about being robbed/stones falling out when I travel, work, etc... is worth the cost to me.
  13. Firemans Fund is wonderful to work with for losses.
    If you don't mind, I would like to know how the tea service loss worked out. I won't even ask the name of the company, can guess its one of 2 who are know to put the screws to their clients.
    gga - is it common for my agent to ask for an independent appraisal of that item when I add it to my rider? They have always sent someone out for the appraisal but I was wondering if this was a Fireman's issue.
  14. Hi VLL,

    It's very common for an insurance company to ask for an independent appraisal, in my experience.

    As far as the tea service went: I told my clients not to discuss money AT ALL with the insurance company, to continue to assert that they just wanted their tea set replaced with as close a period replica as possible, and to let me argue with the insurance agent. I explained minutely, both verbally and in writing why a modern tea set can't replace a tea set made by one of the best 19th century English silversmiths. I calmly explained over the course of 20 pages that a modern American tea set would not make my clients "whole," which was why they paid premiums in the first place. To put this into an H perspective, this would be like trying to replace a crocodile and diamond Birkin with a printed vinyl and rhinestone lookalike from Harry's House of Fakes.

    It took a bit of back and forth, but the company eventually paid the horrifying cost to replace the set, and not what they would have paid Reed and Barton for a new set.

    I've found that most times, insurance adjusters aren't trying to be difficult or unpleasant; they just don't fully understand what the claim really represents. They see a claim for an $8,500 handbag and think it would be fine to replace it with something from the House of Fakes, because it still would look sorta like what the insured had. The whole reason for insuring our beautiful leather children is that to collectors or those who appreciate art or craftsmanship, only the legit item can approximate a legit item.
  15. My insurance agent (my company is Firemans Fund) assured me that my Hermes bags or any bag is covered under my contents. She just asked that I have a photograph of the bag and keep the receipt. In addition she mentioned that the deductible will apply if there is a loss, so this should be kept in mind in case of any losses. It does afford piece of mind to know that if the bag was lost or stolen while in use it is still covered, at least with my homeowners policy it is. YAY!
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