Handbag insurance ?

[Love Of My Life]

I've just now gotten around to getting my jewelry and a Chanel handbag appraised, and requested that my insurance agent add these items to my scheduled property coverage in addition to my other policies. I emailed over the appraisals as requested.

Then, suddenly what could be done over a phone call in a few minutes turned into we need to increase coverage liability to USD 150k followed by "I don't understand these values, please come into my office with the appraisals in hand." The replacement value of everything is about USD 32k.

Question: Am I right in thinking something about this sounds off? I expect he'll try to upsell me on something else completely unrelated, but what else do you think I should expect?

Yes, it does appear that something is off. You need clarity & ask all the questions you feel are appropriate
& don't make a decision until you fully understand what this agent is intending, JMO

 

[pursekitten]

@Love Of My Life

Update:

Thankfully, he didn't upsell me on a single thing! We sat together as he added all my jewelry line items to the policy so we could agree on truncated descriptions (due to limited space).

The only thing was that we couldn't add my vintage 3-series Chanel CF with GHW because there was no category for handbags in the system. He'll get back to me on how to itemize the Chanel CF, but if anything it will probably have to be included in just general personal affects due to the high amount of coverage. Thankfully, I have the Chanel CF appraisal, authenticity card, Entropy certification of authenticity and receipts so I don't think claiming a loss would be difficult if it ever comes to that. (Knock of wood!)

I also keep photos and spreadsheets of all handbags, electronics, movies, books, etc. just in case.

 

[starsandhearts]

I have nothing but contemporary handbags but I do buy a lot of jewelry. My bank sent me an email if I wanted to get insurance for my jewelry and handbags. I guess they see I shop a lot. My bags are not that expensive to get insurance. Plus, I am not that attached to my bags anyway.

 

[pursekitten]

I have nothing but contemporary handbags but I do buy a lot of jewelry. My bank sent me an email if I wanted to get insurance for my jewelry and handbags. I guess they see I shop a lot. My bags are not that expensive to get insurance. Plus, I am not that attached to my bags anyway.

That's actually a proactive email I wouldn't mind receiving from my bank or insurance company.

Question: How do you feel about getting your jewerly covered?

I absolutely had to get my inherited family pieces insured--the replacement value is too much not to get them covered.

Most jewelry and personal property are usually covered under the general policy, so I didn't itemize every handbag even my Loewe, since the Loewe secondary market has been pretty stable. Otherwise, I have a small collection contemporary bags too like Longchamp, Kate Spade, MCM, and See by Chloé.

That Chanel just keeps going up tho, which is why I had it insured. Gone are the days of finding a USD 1600 pre-loved Chanel Classic Flap.

 

[starsandhearts]

That's actually a proactive email I wouldn't mind receiving from my bank or insurance company.

Question: How do you feel about getting your jewerly covered?

I absolutely had to get my inherited family pieces insured--the replacement value is too much not to get them covered.

Most jewelry and personal property are usually covered under the general policy, so I didn't itemize every handbag even my Loewe, since the Loewe secondary market has been pretty stable. Otherwise, I have a small collection contemporary bags too like Longchamp, Kate Spade, MCM, and See by Chloé.

That Chanel just keeps going up tho, which is why I had it insured. Gone are the days of finding a USD 1600 pre-loved Chanel Classic Flap.

I don't have costume jewelry but I have a lot of gemstone jewelry with sterling silver. If I had gold I probably would consider getting them insured.