{"id":298,"date":"2022-07-11T11:41:01","date_gmt":"2022-07-11T11:41:01","guid":{"rendered":"http:\/\/dishustad.com\/?p=298"},"modified":"2023-03-17T20:54:53","modified_gmt":"2023-03-17T20:54:53","slug":"is-insurance-for-handbags-a-real-thing","status":"publish","type":"post","link":"http:\/\/dishustad.com\/index.php\/2022\/07\/11\/is-insurance-for-handbags-a-real-thing\/","title":{"rendered":"Is Insurance For Handbags A Real Thing?"},"content":{"rendered":"<div class=\"fl-builder-content fl-builder-content-30543 fl-builder-content-primary fl-builder-global-templates-locked\" data-post-id=\"30543\">\n<div class=\"fl-row fl-row-fixed-width fl-row-bg-none fl-node-jd8fvamb23zy\" data-node=\"jd8fvamb23zy\">\n<div class=\"fl-row-content-wrap\">\n<div class=\"uabb-row-separator uabb-top-row-separator\">\n<\/div>\n<div class=\"fl-row-content fl-row-full-width fl-node-content\">\n<div class=\"fl-col-group fl-node-ie2vwyk4pgb7\" data-node=\"ie2vwyk4pgb7\">\n<div class=\"fl-col fl-node-jtwg64s3r98d\" data-node=\"jtwg64s3r98d\">\n<div class=\"fl-col-content fl-node-content\">\n<div class=\"fl-module fl-module-rich-text fl-node-8bp9gyu03msr\" data-node=\"8bp9gyu03msr\">\n<div class=\"fl-module-content fl-node-content\">\n<div class=\"fl-rich-text\">\n<p><figure id=\"attachment_30912\" aria-describedby=\"caption-attachment-30912\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-30912 size-full lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Insurance for handbags\" width=\"800\" height=\"534\" data-src=\"http:\/\/dishustad.com\/wp-content\/uploads\/2022\/07\/Insurance-for-handbags.jpg\"><figcaption id=\"caption-attachment-30912\" class=\"wp-caption-text\"><em>Image source: garpinina &#8211; stock.adobe.com<\/em><\/figcaption><\/figure>\n<\/p>\n<p>Do you find yourself drooling over the latest <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/lady-dior-bag-sizes\/\" target=\"_blank\" rel=\"noopener\">Dior<\/a>\u00a0or <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/louis-vuitton-speedy-sizes\/\" target=\"_blank\" rel=\"noopener\">Louis Vuitton<\/a> bags? Are you working on building a <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/designer-collection-of-handbags\/\" target=\"_blank\" rel=\"noreferrer noopener\">collection of luxury purses<\/a>? And did you know you can get insurance for handbags?<\/p>\n<p>If you have one hundred or just one luxury handbag, you probably want to protect it. Bag insurance helps protect your bags by covering costs if you lose or damage them.<\/p>\n<p>In this article, we&#8217;ll see how insurance for handbags works and whether or not you should get it.<\/p>\n<h2 id=\"h-what-kinds-of-bags-might-need-handbag-insurance\">What kinds of bags might need handbag insurance?<\/h2>\n<p>Insurance can <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/how-to-afford-luxury-items\/\" target=\"_blank\" rel=\"noreferrer noopener\">protect designer bags<\/a> and vintage bags. Let&#8217;s go over the details.<\/p>\n<h3>Why would someone want to insure a handbag?<\/h3>\n<p>Put simply, designer bags cost a lot of money. Even a small clutch might retail for several thousand dollars. More expensive ones \u2014 such as <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/why-are-birkin-bags-so-expensive\/\" target=\"_blank\" rel=\"noreferrer noopener\">Herm\u00e8s Birkin bags<\/a> \u2014 could cost you over $10,000.<\/p>\n<p>Replacing a bag could wipe out your savings. So insurance helps reduce your out-of-pocket expenses for lost or stolen bags. This means your insurance company will help pay to replace or repair the bag.<\/p>\n<h3>Designer bags<\/h3>\n<p><a href=\"https:\/\/www.clevergirlfinance.com\/blog\/buy-pre-owned-designer-handbags\/\" target=\"_blank\" rel=\"noreferrer noopener\">Designer handbags<\/a> are the most common types of bags to insure. For example, you might want to insure these popular bags:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\"><a href=\"https:\/\/www.clevergirlfinance.com\/blog\/hermes-birkin-sizes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Herm\u00e8s Birkin bag<\/a><\/li>\n<li style=\"padding-bottom: 16px\"><a href=\"https:\/\/www.clevergirlfinance.com\/blog\/hermes-kelly-bag-sizes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Herm\u00e8s Kelly bag<\/a><\/li>\n<li style=\"padding-bottom: 16px\">Chanel Classic Flap Handbag<\/li>\n<li style=\"padding-bottom: 16px\">Fendi Baguette<\/li>\n<li style=\"padding-bottom: 16px\">Louis Vuitton Neverfull<\/li>\n<\/ul>\n<h3>Vintage bags<\/h3>\n<p>Your brand-new designer bag isn\u2019t the only one worth insuring. <a href=\"https:\/\/antiques.lovetoknow.com\/vintage-collectibles\/which-vintage-purses-are-worth-serious-money\" target=\"_blank\" rel=\"noreferrer noopener\">Vintage bags<\/a> might be worth enough to insure.<\/p>\n<p>Consider the condition and materials of your bag to see if it needs insurance. For example, a mesh purse made of real gold could be worth thousands.<\/p>\n<h2>Where can you get insurance for handbags?<\/h2>\n<p>Generally, you can get handbag insurance from two sources:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">Homeowners&#8217; or <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/renting-vs-owning-a-home\/\" target=\"_blank\" rel=\"noreferrer noopener\">renters&#8217; insurance<\/a><\/li>\n<li style=\"padding-bottom: 16px\">Standalone property insurance<\/li>\n<\/ul>\n<p>The type of coverage or policy you need will depend on several factors. For example, how many bags you have and their value.<\/p>\n<h3>Homeowners or renters insurance<\/h3>\n<p>Do you have a homeowners or a <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/is-renters-insurance-worth-it\/\" target=\"_blank\" rel=\"noreferrer noopener\">renters insurance policy<\/a>? Your bags are likely already covered!<\/p>\n<p><a href=\"https:\/\/www.tdi.texas.gov\/pubs\/consumer\/cb025.html\" target=\"_blank\" rel=\"noreferrer noopener\">Standard homeowners<\/a> and renters policies cover your personal belongings. In most cases, that includes your handbag collection.<\/p>\n<p>However, the standard coverage has limits for luxury items. Most policies set a per-item dollar limit. That means your insurance company won\u2019t pay more than that to replace your bag.<\/p>\n<p>For example, you have a Gucci handbag worth around $3,000. Your insurance covers up to $1,500 for luxury goods.<\/p>\n<p>When your bag is damaged in a fire, they pay $1,500. Unfortunately, you&#8217;ll have to cover the remaining $1,500 out of pocket.<\/p>\n<h4>How to deal with bag insurance coverage limits<\/h4>\n<p>While your homeowner&#8217;s policy may have limits, there is a solution for insurance for handbags. Most policies let you add on coverage. This is through insurance riders or floaters.<\/p>\n<p>An <a href=\"https:\/\/www.ldi.la.gov\/docs\/default-source\/documents\/publicaffairs\/january-insurance-101-endorsement-or-rider.pdf?sfvrsn=65e04d52_6\" target=\"_blank\" rel=\"noreferrer noopener\">insurance rider<\/a> or endorsement changes your policy\u2019s coverage. Generally, riders increase the overall coverage of your policy. For example, your policy limit is $1,500 per item. Therefore, you add a rider to increase coverage to $3,000 per item.<\/p>\n<p>An insurance floater is almost the same thing as a rider. The difference is that a floater is used to cover individual items. These may also be called scheduled personal property riders.<\/p>\n<p><a href=\"http:\/\/iii.org\/article\/floaters-and-endorsements-special-coverage-valuables\" target=\"_blank\" rel=\"noreferrer noopener\">Insurance floaters<\/a> require an appraisal of each insured item to accurately determine coverage.<\/p>\n<p>Let\u2019s say you have a <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/goyard-tote-sizes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Goyard bag<\/a> and want to ensure it\u2019s covered by a floater policy. Your insurance company needs you to get a third-party appraisal. The appraisal comes back at $3,500, so your insurance company covers this amount.<\/p>\n<h4>Who should get a scheduled personal property rider?<\/h4>\n<p>Handbag owners can use riders and floater policies to protect their bags. However, when does it make sense to simply increase your overall coverage limit? Versus scheduling individual items?<\/p>\n<p>The big difference is how many handbags you have and their value. Raising your policy\u2019s personal property limit might make sense if:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">You have <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/is-renting-a-designer-bag-a-good-idea\/\" target=\"_blank\" rel=\"noreferrer noopener\">multiple handbags<\/a>.<\/li>\n<li style=\"padding-bottom: 16px\">The value of each bag falls under the increased limit. For example, you increase your limit to $2,500 per item, and all your bags are worth around $2,200.<\/li>\n<\/ul>\n<p>On the other hand, consider a floater policy if you:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">Only have one bag to insure.<\/li>\n<li style=\"padding-bottom: 16px\">Have an extremely valuable bag, such as a Birkin bag.<\/li>\n<\/ul>\n<h3>Standalone insurance for handbags policies<\/h3>\n<p>Piggybacking bag insurance off of an existing policy isn\u2019t the only way to <a href=\"https:\/\/cnaluxury.channelnewsasia.com\/obsessions\/luxury-handbags-passion-investment-wealth-report-178481\" target=\"_blank\" rel=\"noreferrer noopener\">protect your investment<\/a>. Some insurance carriers offer standalone bag policies.<\/p>\n<p>A standalone policy is a type of property insurance that specifically covers your handbags.<\/p>\n<p>However, policies will vary between insurance companies. So definitely shop around until you find the one that fits your needs.<\/p>\n<p>For example, some insurance companies may cover both your bag and its contents. Or, they might offer a high coverage limit to cover multiple bags on one policy.<\/p>\n<p>Like riders, most standalone policies require an appraisal of your bags.<\/p>\n<h4>Who should get a bag insurance policy?<\/h4>\n<p>A standalone handbag policy might be a good fit if your homeowner&#8217;s policy doesn\u2019t offer enough coverage for your bags.<\/p>\n<p>Likewise, a standalone policy could be a good idea if you find an insurance carrier with a policy that works for you.<\/p>\n<p>For instance, you find a policy that includes coverage for <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/luxury-items-every-woman-should-own\/\" target=\"_blank\" rel=\"noreferrer noopener\">multiple, expensive bags<\/a>. This could help you save money on insurance costs.<\/p>\n<h2>How does a bag insurance claim work?<\/h2>\n<p>When it comes to insurance for handbags, claims work like other property insurance claims. So this means you\u2019ll need to file a claim with your insurance company.<\/p>\n<p>Be aware that you may <a href=\"https:\/\/www.allstate.com\/resources\/what-is-a-deductible\" target=\"_blank\" rel=\"noreferrer noopener\">have a deductible<\/a>. Your deductible is the amount of repair or replacement costs you have to pay before insurance coverage kicks in.<\/p>\n<p>Many homeowner insurance policies have deductibles of around $500 or $1,000. On the other hand, there may be standalone policies without deductibles.<\/p>\n<h3>The claims process<\/h3>\n<p>The procedure of filing an insurance claim is similar across most policies. Follow these steps to file a handbag insurance claim:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">First, file a police report for thefts or vandalism.<\/li>\n<li style=\"padding-bottom: 16px\"><a href=\"https:\/\/www.clevergirlfinance.com\/blog\/financial-records\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gather your documentation<\/a>, including appraisals and policy documents.<\/li>\n<li style=\"padding-bottom: 16px\">Communicate with your insurance company to open the claim file.<\/li>\n<li style=\"padding-bottom: 16px\">Provide any requested documents, such as the police report, photos of the damage, or appraisal information.<\/li>\n<li style=\"padding-bottom: 16px\">Pay your deductible, if any. This means covering the initial cost of repairs up to your deductible amount.<\/li>\n<\/ul>\n<h2>Is insurance for handbags worth it?<\/h2>\n<p>Insurance for handbags is often <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/investment-bags\/\" target=\"_blank\" rel=\"noreferrer noopener\">worth the investment<\/a> if you own <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/expensive-handbags-brands\/\" target=\"_blank\" rel=\"noopener\">expensive designer bags<\/a>. Your insurance policy can help cover the replacement cost. So even if you can&#8217;t replace the bag, you&#8217;ll get compensation.<\/p>\n<p>On the other hand, your bags may not have enough value to need extra <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/types-of-insurance-you-need\/\" target=\"_blank\" rel=\"noreferrer noopener\">insurance coverage<\/a>. Your standard homeowners or renters policy should cover many affordable designer bags within the standard coverage limit. In this case, extra coverage could cost you more.<\/p>\n<h3>Pros and cons of handbag insurance<\/h3>\n<p>Are you trying to decide about insuring your bags? Let\u2019s get into the pros and cons of insuring handbags to see if it\u2019s a good fit.<\/p>\n<h4>Pros<\/h4>\n<p>An insurance policy for your designer handbags could protect your investment. For example, some advantages of insurance include:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">You can file a claim if you lost or damage your bag.<\/li>\n<li style=\"padding-bottom: 16px\">You\u2019ll get <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/things-money-cant-buy\/\" target=\"_blank\" rel=\"noreferrer noopener\">peace of mind<\/a> when using your bag.<\/li>\n<li>Premiums for insurance for handbags are often affordable.<\/li>\n<\/ul>\n<h4>Cons<\/h4>\n<p>Are there any downsides to insuring a handbag? Some reasons you might want to skip insurance include:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">You have to keep paying premiums.<\/li>\n<li style=\"padding-bottom: 16px\">Your insurance payout might not cover the full cost to replace a bag.<\/li>\n<li style=\"padding-bottom: 16px\">Insurance generally doesn&#8217;t cover every accident.<\/li>\n<\/ul>\n<h2>Should you insure your handbags?<\/h2>\n<p>In the end, it&#8217;s up to you to decide to insure your bags. But, there are some questions you can use to help you decide if it\u2019s a good investment:<\/p>\n<ul>\n<li style=\"padding-bottom: 16px\">How <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/how-to-sell-pre-owned-designer-handbags\/\" target=\"_blank\" rel=\"noreferrer noopener\">many designer bags<\/a> do you own?<\/li>\n<li style=\"padding-bottom: 16px\">Are your bags worth more than the limit on your existing insurance policy?<\/li>\n<li style=\"padding-bottom: 16px\">Do you have a high-dollar or irreplaceable handbag?<\/li>\n<li style=\"padding-bottom: 16px\">Can you afford to replace or repair a bag on your own?<\/li>\n<\/ul>\n<p>So remember to shop around to find the right policy. Look for policies that cover replacement costs. It\u2019s also a smart idea to <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/cost-per-wear\/\" target=\"_blank\" rel=\"noreferrer noopener\">compare the cost<\/a> and coverage of a rider versus a standalone policy.<\/p>\n<p>Now that you&#8217;ve read about insurance for handbags, check out our articles about luxury purses, like the <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/lady-dior-bag-sizes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lady Dior<\/a> and <a href=\"https:\/\/www.clevergirlfinance.com\/blog\/how-to-save-for-a-chanel-handbag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Chanel handbags<\/a>!<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"uabb-js-breakpoint\"><\/div>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.clevergirlfinance.com\/blog\/insurance-for-handbags\/\">Is Insurance For Handbags A Real Thing?<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.clevergirlfinance.com\">Clever Girl Finance<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image source: garpinina &#8211; stock.adobe.com Do you find yourself drooling [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/posts\/298"}],"collection":[{"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/comments?post=298"}],"version-history":[{"count":2,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/posts\/298\/revisions"}],"predecessor-version":[{"id":301,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/posts\/298\/revisions\/301"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/media\/300"}],"wp:attachment":[{"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/media?parent=298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/categories?post=298"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/dishustad.com\/index.php\/wp-json\/wp\/v2\/tags?post=298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}