Valuable Articles Insurance

  1. Mine are covered under my valuable items policy with Chubb and I had no trouble at all getting an appraisal from Hermes. My
    $2,500 deductible would apply, however...
     
  2. LGA82 - Really? That's encouraging to hear. I also have a Valuable Items rider; how did Chubb itemize your handbags? My local insurance agent doesn't believe Chubb insures such things and if I can point her to a particular "category" (e.g., jewelry versus fine art, etc.) on the schedule, perhaps she can start looking in the right direction?
     
  3. HermesFSH - Good point. So far everything else I have insured with Chubb is for replacement value at the time of loss. I lost a diamond bracelet once and because the price of diamonds and platinum had gone up substantially since the purchase date, Chubb did market research for same color, clarity, carat, etc. diamonds and then issued me a check for the full replacement value (i.e., more than we paid at time of purchase) so I could go out and have another bracelet made. I had the check in hand in less than 10 days from the date I reported the loss. That's also why I am so surprised; Chubb is so good about so many other things..how can they not account for this type of coverage? I mean, how is this different than say, fur coats or jewelry, which Chubb insures, since people conceivably wear these daily as well? (sigh... fingers crossed for luck)
     
  4. lala28 - my scheduled bags are categorized as "Unique Collections," and I had a choice between:
    cost price + 30%; or
    selling price - 20% for item valuation

    I chose cost price + 30%, but I wondered later if the insurance company would have accepted reseller list prices as the selling price . . . (^(oo)^)
     
  5. :hugs::hugs::hugs:lvpiggy - this is very helpful information, thank you for sharing!
     
  6. Ok, re-reading everything I just realized my last 2 posts were ridiculously redundant. Well, at least I was consistent!;)

    Anyway, lala28, I have my policy in front of me. Here is how it is written:

    Section: Valuable Articles:
    JEWELRY - Itemized Coverage $xx,xxx
    OTHER - Itemized Coverage $xx,xxx

    Then under each section it lists each item and the value. For the OTHER category, it looks like this:

    No.........Description ..........................................................................................Value
    x HERMES BIRKIN 35CM BOX LEATHER GOLD HARDWARE CUSTOM GOLD LEATHER LINING $xx,xxx

    Etc.

    2 things I need to make clear:
    1. I mis-spoke when I stated they re-adjust for inflation. They really re-adjust for market value (or what they perceive to be market value). Every year I get a statement asking me if I would like to increase the coverage on any of the items by yy% due to the increase in the price/value of gold/diamonds/etc. Since I've only had this bag on the policy one year, they haven't done it for the bag yet but I think they might...mostly because......

    2. I told them how much I paid for the bag. It was almost 30% less, since it was an SO that was shipped directly from Paris in late '08 and therefore was cheaper than had I purchased it locally. When I discussed this with my agent, she said it really didn't matter how much I paid, she would do the research to find out how much it would cost new, here, at the present time (she actually asked me for the $$ I thought it would be, then verified). THAT's the amoung they listed on the policy, not what I paid....so it is for real replacement value of a new-same item. They did this for all of my bags..both over and under $10K.

    SO......I don't understand why others are not able to insure their bags under this type of coverage. It does cost more...but I feel a LOT safer.
    I would take issue with someone telling me what I could or could not consider valuable and therefore insure. If I'm willing to pay for the extra coverage, it really isn't their determination. Maybe that's the issue others are having?

    Sorry for the long post, but hopefully this will be helpful to others. Maybe I got lucky and got a really good agent who understands. It was VERY easy to set up...all I do is send an email (sometimes with a photo) and keep receipts.
     
  7. You all are soooo incredibly kind and helpful sharing this information here. :heart::heart::heart:

    Well, I just got off the phone with Chubb and they insist that they do not insure Hermes handbags and perhaps they might have, in the past, made a rare "exception" for extremely VIP preferred customers. :confused1: (So, not only will they not insure my bags, but I also just learned that apparently I am not a VIP customer!)

    Anyway, I'm going to keep pursuing this ... :boxing:
     
  8. I'm sorry to hear this. I think my agent needs to :rtr::noggin: your agent.
     
  9. You may be right, wingnut. Alternatively, I may have to call your agent and bump my business elsewhere....
     
  10. Has anyone had any good or bad experiences with USAA? My husband and I are thinking of switching to them as our current insurance won't cover all my jewelry. So we are looking for a homeowners insurance that will let us schedule my wedding rings and do a larger blanket unscheduled jewelry policy. Of course my shoes and handbags will need to be covered as well. That hasn't been as much of an issue as jewelry for some reason.

    So if anyone has some experience with USAA, good or bad, please post for me. Or if anyone has a great homeowners policy that doesn't mind insuring jewelry, please post too. We are trying to get this switched over ASAP.
     
  11. I have CHUBB insurance and had asked them specifically about insuring my Hermes purses. (I have some jewelry and furs individually scheduled and that adds great expense to the policy.) My agent told me in lieu of having receipts for the purses to take videos (not photos) of all my handbags. She also advised I take video of my wardrobe showing designer labels as CHUBB will accept that in lieu of receipts. I have these videos saved on a memory stick that is in my safety deposit box in case my house would burn taking receipts and videos with it. I've only ever had one claim and they were amazing so I have nothing but praise for them and would ever insure with anyone else.
     
  12. I just changed to AXA because they have a separate insurance rider that covers all my bags, scarves and shawls as "collectibles".
     
  13. What is AXA?
     
  14. Hi Audreylita,
    AXA is a French global insurance group that maintains a bunch of investment management and various forms of insurance internationally. The specific coverage I have is under the "AXA Art Insurance Co." division. I have a separate policy that covers my H items under "collectibles" and then other stuff like jewelry, furs, silver, etc. under their respective categories.
     
  15. Thank you!
     
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