If you just scored a significant designer wardrobe from The RealReal, you may be wondering if your homeowner’s insurance will cover the items from damage or theft. This article will explore whether or not homeowners insurance policies typically cover designer clothing purchases.
Why Would You Need Clothing Insurance?
There are a few reasons you might need to insure your designer clothing. If you have expensive taste and like to keep up with the latest fashion trends, you may find that your wardrobe is constantly growing and changing.
Having a large number of similar items can make it challenging to keep track of everything, and if something were to happen to your clothing, it would be difficult (and costly) to replace all of the pieces.
Another reason you might need clothing insurance is if you frequently travel for work or pleasure. Whenever you travel, there is always a risk that your luggage could be lost or stolen. And if you’re carrying around designer clothes, the last thing you want is for them to go missing en route.
Also, if you are buying and selling clothing on a smartphone app like The RealReal or Poshmark as a side hustle, you want to make sure your closet is covered.
Lastly, even if you take good care of your clothes and never travel with them, there’s always the possibility of damage occurring in your home. A pipe could burst and ruin everything in your closet, or a fire could break out and destroy all of your belongings. In these cases, it’s essential to have home or renters insurance so that you can replace your lost items.
How are couture wardrobes defined?
The definition of couture can be a little murky, but generally speaking, it refers to high-end fashion made to order. Couture means that the clothes are not available in stores, and they are typically only sold to select VIP clients.
Does homeowners insurance cover clothing?
Now that we’ve talked about some of the reasons you might need clothing insurance, let’s explore whether or not homeowners insurance typically covers these types of purchases.
Unfortunately, most standard homeowners insurance policies will not cover damage or loss to clothing. Clothing is not usually covered because it is considered a wearable item, and wearable items are typically excluded from coverage.
So what does this mean for you? If you have a wardrobe full of designer clothes from a smartphone app like The RealReal, you may want to consider getting a separate insurance policy to protect your investment. There are a few different ways to do this. You can purchase an inland marine policy specifically designed to cover high-value items transported from place to place.
Or, you can add an endorsement (also known as a rider) to your existing homeowner’s insurance policy.
Adding an endorsement will typically cost you an extra premium, but knowing that your belongings are protected is worth it.
Who has special coverage for designer wardrobes?
AIG Private Client Group is one company that offers special coverage for your couture collection.
If you have an extensive wardrobe of designer clothes, this could be a good option for you. They provide personal property insurance, which can come in handy if your clothing is damaged or stolen.
Another company that offers protection for designer wardrobes is Chubb Personal Insurance.
They have a Celebrity Wardrobe Insurance program, explicitly designed for anyone with an extensive and valuable clothing collection. This policy will cover you in the event of damage or theft, up to a certain limit, and make you feel like a celebrity.
What is covered through special coverage?
When you purchase special coverage for your designer wardrobe, this will typically include a few things. Most policies will cover the cost of repairing or replacing clothing that has been damaged or lost. They may also provide reimbursement for cleaning and restoration costs, as well as the cost of shipping items back to you if they’re located elsewhere.
Some policies will also offer protection against natural disasters like fires and floods. This protection can be helpful if you live in an area prone to these types of events.
It’s important to read over any policy details before purchasing it so that you know precisely what is and isn’t covered. Contact your insurance agent directly to answer your questions.
How much does clothing insurance cost?
The cost of special coverage for your designer wardrobe will vary depending on the company you choose. Typically, it will be a small fraction of what you spend on your clothes each year. For example, AIG Private Client Group charges a minimum annual premium of $250 for their personal property insurance policy.
Chubb Personal Insurance’s Celebrity Wardrobe Insurance starts at $500 per year and provides up to a maximum of $100,000 in coverage.
As you can see, it is worth it to have special coverage for your designer wardrobe. Not only does this provide peace of mind in case something happens to your clothes, but it can also save you a lot of money if they are damaged or stolen.
Be sure to shop around and compare rates before choosing a policy. And remember, always read the fine print to know precisely what is and isn’t covered.
Handbag Insurance
If you’re like many fashionistas, your handbag is one of your most prized possessions. After all, it’s not just a fashion accessory—it’s also a functional item that you use every day.
So what happens if your handbag is lost, stolen, or damaged?
Unfortunately, most standard homeowners insurance policies will not cover damage or loss to handbags. Handbags are not typically insured because they are considered to be wearable items and are excluded from coverage.
So what does this mean for you? You can purchase an add-on to your homeowner’s policy, or you can get a standalone policy from a company that specializes in insuring handbags.
The cost of handbag insurance will vary depending on the value of your bags and the type of coverage you choose. However, it is typically very affordable, especially when considering how much money you would have to spend to replace your handbags if they were lost, stolen, or damaged.
So if you’re looking for peace of mind when it comes to your designer handbags, be sure to look into getting them insured. It’s a small price to pay for protection against loss or damage.
Talk to Your Agent Before Making Any Insurance Decisions
Before making any decisions about insurance, it’s always a good idea to consult your insurance agent.
They can help you determine what coverage is best for your needs and budget.
Homeowners Insurance For Designer Items
Having special coverage for your designer wardrobe is a wise investment. Not only does it provide peace of mind in case something happens to your clothes, but it can also save you a lot of money if they are damaged or stolen.
Be sure to shop around and compare rates before choosing a policy. And remember, always read the fine print to know exactly what is and isn’t covered.
