Handbag insurance ?
- Thread starter girliegirl
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I have just been through major, major trauma with the insurance company as our house was unliveable for 3 months and we have just returned ... I would check with your insurance
Product disclosure statement as we had mid- cent. furniture that was all destroyed in the storm and they wanted to give us vouchers to Ikea etc as they didn't have any transactions with the stores we purchased our items from...so it has been a battle to try and infom them that an Eames Dining table can't be purchased at Ikea.
Good job the side of house where my Lv's were placed was the only room where the ceiling did not collapse from the hail.
Here you need to add a rider to your policy for your bags and if you don't have the receipts doesn't matter as LV can print you a statement of purchases.
I would check your policy to what they will cover ... if unhappy shop around ... I know as soon as our claim is completed we will be moving to another company.
Product disclosure statement as we had mid- cent. furniture that was all destroyed in the storm and they wanted to give us vouchers to Ikea etc as they didn't have any transactions with the stores we purchased our items from...so it has been a battle to try and infom them that an Eames Dining table can't be purchased at Ikea.
Good job the side of house where my Lv's were placed was the only room where the ceiling did not collapse from the hail.
Here you need to add a rider to your policy for your bags and if you don't have the receipts doesn't matter as LV can print you a statement of purchases.
I would check your policy to what they will cover ... if unhappy shop around ... I know as soon as our claim is completed we will be moving to another company.
I just recently got a new quote from insurance company. For the most part your bags are covered under your homeowners policy. However, they said each item was at a cap of $1500 USD for each item replacement, unless jewelry and furs. Well most of my bags are well over $1500 so that was not sufficient. And that's before they calculate depreciation. So of course I explained how the replacement of these bags increase every year. So then he suggested to add the rider.
The crazy thing about insurance is even if you have more than enough coverage for your home and personal items; they never intend to pay out that amount. My BF's parents and a co worker of mine lost their homes to a fire. Each Scenario was different but the payout method was the same because they make sure that you account for depreciation even with receipts.
The crazy thing about insurance is even if you have more than enough coverage for your home and personal items; they never intend to pay out that amount. My BF's parents and a co worker of mine lost their homes to a fire. Each Scenario was different but the payout method was the same because they make sure that you account for depreciation even with receipts.
Having house and contents insurance is fine, although woefully inadequate to replace bags over XX $$s, but when your out and about it does not cover for loss, stolen or damaged bags. Unless you take additional insurance. Some call it 'personal effects' insurance but I have found this to be inadequate also. So I insure through a handbag specific insurance policy with the Commonwealth bank to cover my most expensive bags to replace. It is about $700 pa which is worth it for me if I am the target of bag snatching or it is stolen from my work place etc
With our insurance you need to itemise any item over 2.5k GBP so there may be bags that fall into that category. You also need to make sure you have enough coverage in terms of the entire contents of your house. Contents insurance over here offers a "standard" amount based on the number of rooms in your house but when we actually went through a tonne of receipts several years ago we needed to more than triple that amount to replace everything in the house. We don't have anything hugely extravagant but adding up the cost of all the furniture, crockery, glass ware, clothes etc soon starts adding up. We should probably look at it again now that we have children as they have a tonne of books and toys!
ok I have a question. My husband lost his wedding ring and of course it was added to our insurance (as are my 2 LV's) when they sent us a check it was for the amount we paid and I had to ask the jeweler to honor that price even though that same ring went up in price since I bought it. So if I have a rider on my Artsy (purchased 2 price increases ago..lol) and something happens to it does the insurance company only give me what I paid or what the price is now?
This must vary by state and of course, by country. In Texas, depending on your policy, most insurance companies will give you the replacement cost. I had a claim for a stolen bag last year. Farmers gave me the depreciated amount in the first check and sent the balance of the replacement value after I provided a receipt showing I bought a new bag and how much it cost.
Unfortunately this is not true, most policies in the US (TX included) provide actual cash value so depreciation applied. You usually have to elect on your policy beforehand for replacement cost or have it insured separately.
I would recommend adding up the value of all of the items in your home, and buying a renters/home insurance policy equal to or greater than the sum total. If someone were to burglarize your home and steal all of your handbags, jewelry, etc., then the settlement you would receive from your P&C insurance carrier would most likely cover these items.
If you choose to insure individual items, then the items will be covered against loss or theft (outside of the home). For instance, if you were mugged, and someone stole your handbag and some of your jewelry, if these items had been separately insured, you would be able to get the value back from your insurance company.
Personally, I think it only makes sense to insure an individual item if it is very expensive and you think there is a reasonable chance that the item could be lost or stolen outside the home. If you have any jewelry item worth 10,000+, insuring the individual item would be a good idea. Keep in mind, you will need to have the item appraised, which usually costs around $100. Insurance companies typically do not accept appraisals that are older than 3-5 years.
Hope that helps!
If you choose to insure individual items, then the items will be covered against loss or theft (outside of the home). For instance, if you were mugged, and someone stole your handbag and some of your jewelry, if these items had been separately insured, you would be able to get the value back from your insurance company.
Personally, I think it only makes sense to insure an individual item if it is very expensive and you think there is a reasonable chance that the item could be lost or stolen outside the home. If you have any jewelry item worth 10,000+, insuring the individual item would be a good idea. Keep in mind, you will need to have the item appraised, which usually costs around $100. Insurance companies typically do not accept appraisals that are older than 3-5 years.
Hope that helps!
For those in the US with renters insurance, are your pre-owned designer bags covered by renters insurance?
Most insurance companies do not cover designer bags as itemized insurable pieces (like you would insure jewelry).
A select few are starting to offer luxury packages which cover handbags but I would caution that the cost of the insurance over 12 months would replace the bag itself so unless you are robbed and they took everything (multiple bags), even that coverage won’t do much
A select few are starting to offer luxury packages which cover handbags but I would caution that the cost of the insurance over 12 months would replace the bag itself so unless you are robbed and they took everything (multiple bags), even that coverage won’t do much
IME, for general home/renters insurance, furs, jewelry, antiques, paintings, etc. tend to be excluded, but purses and clothing are included. The question is whether used bags are also included.
I have home owners insurance (not renters) but when I had a robbery in 2016 my pre owned bags were covered. I had to provide a receipt and in my case that was easy since I paid via credit card. It good to have pictures too. That’s my experience but you can call your insurance company to double check. I also have a separate policy for jewelry but bags fall under my general home owners insurance