I think that mine are covered by the "contents" part of my HO insurance, but you may be able to get something called a "fine arts" policy or something like that. It's not just for paintings and I know people that have gotten expensive rugs covered by that.
Handbag insurance ?
- Thread starter girliegirl
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It also might be helpful to update the photos of your bags periodically, as use can give a basis to a challenge by the insurance company to the value of a bag at the time of a loss. Not only will you better establish the condition of a bag at the time of a loss, you will also establish a pattern for valuation purposes to counter an argument that the photo did not accurately reflect the condition (and thus value) of the bag at the time of its loss.
Handbags/purses are covered under your homeowner's policy, just as your furniture, clothing, or other items would be covered in a fire, theft, or robbery, up to your policy limits (usually around 75% of the value of your home). Hopefully, you have made sure you have replacement cost coverage and not "actual cash value," which depreciates the value of your bags over time. The problem is that under the homeowner's (or renter's policy if you don't own) is subject to a deductible (usually $500-$2000) and does not cover losing the bag or if someone accidentally damages it. That would have to be covered with a "rider" or separate policy, which is not typically offered for bags (but has no deductible, yay!). It is offered for jewelry or fine art, so perhaps you can show receipts and photos and get your insurance company to issue you a "rider" or "floater" policy since bags are like art. -signed, former insurance agent
I have all my designer handbags insured on my home insurance policy - they are listed under the "specified items" section. I add them on when I purchase them and the following year, the insurer increases the value by about 6% or so to cover inflation.
I must look into this, I have been thinking about it. If I had to claim they wouldnt believe me...
It really depends on where you live. It's extremely unlikely that you can get this kind of coverage on a standard homeowners policy in the USA. Instead, you'll be advised to increase your contents limits and to keep pictures and receipts for your bags in a safe place in the event that you need to place a claim. As someone mentioned upthread, the only place you can get specific coverage for it would be through an excess and surplus lines broker, who will probably try to place it with a speciality overseas consortium like Lloyd's. In Europe, however, you can get special coverage for handbags.
Who has her/his collection insured with an extra rider? Do you know if your insurance reimburses what you paid, what the bag is worth, or what it would cost to replace?
When I first got my higher end instruments (flute and piccolo, Matt), my parents got a special replacement rider. Then I got the same on my renter's and home owners insurance. Now the poor instruments are in disrepair in the closet (need overhaul and all new pads) and lacking a rider.
I know I should get replacement cost on my soon to arrive Ignes bags. My Ormala, with the price changes and modifications, would cost me in the neighborhood of $600 to replace. It's time to call the insurance company.
What have you done?
When I first got my higher end instruments (flute and piccolo, Matt), my parents got a special replacement rider. Then I got the same on my renter's and home owners insurance. Now the poor instruments are in disrepair in the closet (need overhaul and all new pads) and lacking a rider.
I know I should get replacement cost on my soon to arrive Ignes bags. My Ormala, with the price changes and modifications, would cost me in the neighborhood of $600 to replace. It's time to call the insurance company.
What have you done?
Well, with homeowners policies and riders, generally you get a choice of actual cash value or replacement value. The replacement value coverage can be requested for contents coverage, but I have no idea about w/ riders for jewelry, purses, etc. It is usually an upcharge though. ACV will take depreciation in to account though, so the additional upcharge may be worth it to you.
I don't have anything other than my contents coverage. I think my contents coverage is about 90/100k right now. I should look at my policy... not really for the purpose of bags b/c I keep the number small, usually under 7, but for all the other things in the house.
Personally, I'll never make a claim on a policy unless my home is destroyed by fire, flood or hurricane. I live in Florida and have a private insurer that is reasonable. It's hell to get coverage here at a reasonable rate, even though our hurricane seasons have been pretty quiet lately.
I don't have anything other than my contents coverage. I think my contents coverage is about 90/100k right now. I should look at my policy... not really for the purpose of bags b/c I keep the number small, usually under 7, but for all the other things in the house.
Personally, I'll never make a claim on a policy unless my home is destroyed by fire, flood or hurricane. I live in Florida and have a private insurer that is reasonable. It's hell to get coverage here at a reasonable rate, even though our hurricane seasons have been pretty quiet lately.
Fire coverage was my concern, too. The neighbor has had two house fires, and we've been hit by lightnight once, so....I am paranoid a bit. Why this number of fires? Older neighborhood, poor wiring that can't always be reached, in the woods and mice can get in the walls, and on a hill near a small pond that seems to scream for lightning hits.
I am sure my bags are covered, but I want to be certain since dh has a ton of electronics...I am NOT doing without my tribute Ignes for a stereo
. I know instruments were not standard coverage. Are designer bags standard coverage for your policy? I need to make sure they are for mine. I know purses would be standard coverage, but when I say my bookbag was $600...and since I buy at sales, I know I need replacement costs to restore my tiny collection.
I am sure my bags are covered, but I want to be certain since dh has a ton of electronics...I am NOT doing without my tribute Ignes for a stereo
. I know instruments were not standard coverage. Are designer bags standard coverage for your policy? I need to make sure they are for mine. I know purses would be standard coverage, but when I say my bookbag was $600...and since I buy at sales, I know I need replacement costs to restore my tiny collection.
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^ I want to say that my policy does not have category limits if that makes sense, in that it is just straight coverage for contents w/ the exception of limits on the amount of jewelry, silver, etc. I really should check and be sure. I know I contemplated getting additional coverage for jewelry and did not, but probably should. I know most ppl only do that when they have engagement rings and even though I'm single still, I have a ton of jewelry that could not be replaced for a couple thousand dollars, which I think is the limit I've got in place for that category.
My policy is similar to yours, the jewelry and collectibles is a fixed aggregate amount coverage. Meaning if you have no riders and all your jewelry is lost you only get $1500 (my policy).
Purses should be considered under personal possessions which includes all the "stuff in your house". It is a good idea to adjust this amount every few years as you acquire more "stuff" and especially the more expensive "stuff".
Make sure you have replacement value coverage. It is a good idea to take photos or a video of your home, including inside the cabinets, closets and drawers. Keep receipts of $$$$$ items.
