Valuable Articles Insurance

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  1. I would be surprised if any normal personal property/ content insurance would cover Hermes bags. All personal property insurance comes with limits for categories, so even if you have overinsured for "contents" coverage, the limit for any given category, like clothing (handbags) would normally be not enough to to cover the loss of an H bag or two. Additionally, there is often a per item limit on top of those category limits, so your "wardrobe" might come with 25,000 in coverage, but any one item might only come with $1000 in coverage.

    The best thing to do is check with your insurer to see if your valuables are covered under multiple scenarios- fire, flood, theft, etc, because coverage can change based on the occupancy as well as the item.
  2. I have a separate "valuables" insurance policy but that only covers things like fine jewelry, watches, silverware, etc... Bags, scarves, belts, and most other H items in my collection are not covered by this policy ("valuables" coverage is not available for these types of items). They are covered however by my comprehensive home insurance policy, but I seriously doubt that I would get close to replacement value for them (as Monceau noted, there are limits).
  3. I have my bags covered under a collectibles policy, just as you would with antiques or anything in your home that does not leave your house. I have a specified set dollar amount as coverage and would need to show my insurer, CHUBB, receipts in case of a loss. I have this policy which is separate from my homeowners because I have a large collection and to raise my homeowners policy to cover them would be cost prohibitive. If someone should steal a bag I'm using while I'm out I would not put in a claim. This coverage is for a total loss, in case of fire or theft. Technically when you have a collectibles policy the items are not supposed to leave the house. CHUBB would pay full value and likely would pay current value, they've done this for me in the past.

    There aren't many insurers that offer this kind of policy. I do have specific pieces of jewelry covered and of course you pay a high price for that kind of policy. You would need to do a bit of research to find out if your insurer offers this and if not, there may be a separate company that would give you this specific kind of insurance.
  4. Yes, this is true with USAA. Only jewelry, watches, art, will be scheduled under their valuable personal property. I might be missing something, but India is totally right. Make sure you have photos and receipts just in case for verification if you make a claim under your homeowners insurance.
  5. Scheduled insurance means you are insuring each item separately with its own specific value. Just as you would with jewelry. If you have a few items then your insurer may suggest that as a way to go. CHUBB put me under a collectibles policy because I have more than a few handbags and insuring each of my bags would have been cost prohibitive. Your agent will best be able to guide you depending on your specific needs.
    Nerja likes this.
  6. Sorry for bumping this thread up, the moving thread that @ODEDIHAIMS had reminded me of getting separate insurance because my home insurance just bundled up everything with a lump sum.
    @audreylita How much is it typically the premium for a birkin/kelly at CHUBB annually? Thanks!:smile:
    ladyhermes and ODEDIHAIMS like this.
  7. Glad this was bumped and following as well
  8. Me too! This is important info we should all be aware of.
  9. The way my policy works is I have my bags insured as 'collectibles' That's a broad category that can include practically anything. I insure for a specific set dollar amount. I have receipts to show that I own these bags and they do like pictures or videos to back up the receipts. So as collectibles, nothing is really supposed to leave the house although I'm sure if I made a claim for something that happened on the street they'd pay it but for me it wouldn't be worth risking losing the policy. I have it in case of theft or fire where it would be an entire loss. It's a dicey category and most insurance companies won't do it for purses. I know Farmers used to offer it for handbags but I don't deal with them so don't know.

    Also if you were to insure your handbags individually it would be very expensive. That's why I have them insured as I do, it was the least expensive way to get them properly insured on my policy. Good luck and I hope you find something that works for you!
    GinGin, Nerja and klynneann like this.
  10. Has anyone found a company that offers policies specially covering handbags?

    I work in personal lines insurance, I haven’t found any that offer these types of scheduled coverages. But would love to find a company I could offer to clients.
    XChanelAL and Julide like this.
  11. May I ask if you have homeowners insurance with Chubb? I've been looking for an insurance provider that would insure my bag collection as a standalone policy but I was told Chubb would only insure the bags under 'collectibles' if I had a homeowners policy with them.
  12. I did when I was in the NE but do not now because they won't insure a house unless you have at least a $100,000 premium. Which pretty much eliminates most of us.

    But I did have several other separate policies with them and still have all of them. It's my understanding that you must have a specific number of other policies with them before they will consider insuring a bag collection. You should check with your local insurance agent who handles CHUBB.
    Peeps likes this.
  13. So I have a policy with Chubb for valuables but not for the home. They do not insure the home. Recently, when I acquired the two Birkins, I inquired about adding them to the valuables and Chubb said that they would not because they do not insure the home HOWEVER, the agent found me an insurance company that would write a policy that covers handbags up to a total value of $30,000 with a zero deductible. There were about 5 questions that I had to answer like...Are you a reseller...where are the bags kept, have you had any losses in the last 5 years...etc. My premium is $100.00 per year. This separate insurance is for replacement cost due to theft, not for wear and tear.. Here is a direct quote from my agent that further explains what the heck I am trying to say. " here are a few points 1. we do not need an inventory list, however in the event of a loss, the insurance company will request either an appraisal, invoice/receipt or loan agreement documenting the value.
    2. the $30,000 coverage is per occurrence 3. with the policy as is, the max limit they are going to pay out is $30,000. So if all handbags are lost due to the same event, the total that they are going to pay is the $30,000."

    Hope this will help someone, DM me if you have any questions or if I can share any more info.
  14. I am in Australia and also insured for house and contents with Chubb. Under my contents we are covered world wide for my bags and accessories. In comparison to other policies here in Australia, this is a premium product and much more costly, but to ensure full coverage of my collection was very important to me. I keep full documentation and photos of my purchases in numerous secure locations. I hope that this ‘overthought/overkill’ alone will be my insurance policy!