Dear PurseBop:
I want to insure my Birkins and Kellys. However, most companies such as State Farm only insure fine jewelry and not luxury bags. Please advise on which companies insure luxury bags from Hermes and Chanel. Thank you very much for your assistance!
Dear Need to Insure My Luxury Handbags:
With the increase in crime, robberies, burglaries, and home invasions worldwide, it is wise to consider insuring your luxury handbag collection.
Unfortunately, not many companies offer insurance for luxury handbags but only for jewelry and art. Our best suggestion is to find a reputable Insurance Broker who can advise you and shop the various companies that may offer coverage for luxury items that are not jewelry or art.
We have heard that Chubb Insurance Company offers coverage for luxury handbags. However, it is best to get all the information up front and do current appraisals of all your items before submitting the information for a quote. Luxury handbag insurance can be costly.
In addition, we recommend requesting Replacement Value insurance and not retail value. It will be virtually impossible to replace your collection, should it be stolen, from the boutique. Many handbags are seasonal, in extremely short supply, and limited editions. If you need to replace them, the resale market may be your only source for most of the bags. The replacement price may likely be 2-3 times more than the cost from the boutique.
Be sure to have each item separately appraised and attach photos of the bag, and listings of a similar bag on the resale market showing the market price at the time you obtain the insurance. Keep your list updated frequently, with the insurance company, should you add bags to your collection.
It is a very stressful time now and protecting your collection should be a priority. Good luck and let us know if you obtain additional information on other insurance companies who provide coverage so we may share the information with our community members.
Good luck and happy shopping.
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- Karenzpurses posted 6 months ago
