I was offered the option to have a special deductible for my personal items. So instead of the standard 1% deductible my deductible in the case of a stolen bag is a flat $500. This saved me the last time my purse was stolen otherwise I wouldn’t get anything.Ladies, my husband is a State Farm agent. I have specifically asked him whether my handbag would be covered and he has assured me that yes, it's covered. The loss is subject to your deductible, however. Anywhere in the world, as it is your personal property, it's covered under your homeowners policy. Although, if the bag, plus contents was 12,000.00 to replace and your deductible is 10,000.00, you would only receive 2,000.