Wardrobe Insurance: How to Insure Your Designer Clothes in the U.S. in 2022
If you know about celebrity insurance, you should as well know a thing or two about wardrobe insurance. You don’t have to be a model to have collected a few haute couture clothes throughout the years. A couture gown, a Hermes handbag, or a pair of Manolo Blahnik shoes, perhaps?
High fashion can be a significant investment, and you might be startled to hear that it isn’t always covered by your house insurance. True, most insurance policies cover clothing, but only in a broad, everyday sense. You may feel irritated if you learn that your complete wardrobe is only insured for a few thousand dollars.
So, how do you protect your prized designer items? A rider to your insurance coverage may be the best choice if it’s only one or two articles. The outfit will need to be evaluated, and you’ll need to consult with your wardrobe insurance provider to figure out how much coverage you’ll need.
Although wearing actual fur has recently fallen out of fashion, this is still a typical practice for fur jackets.
What Does Designer Clothes Insurance Cover?
For high-net-worth clients, the American International Group has introduced a wearable collections coverage insurance product.
According to the article How to Safeguard Couture Collections in AIG’s Knowledge and Insights, the AIG Private Client Group had identified weaknesses among its high-net-worth clients whose designer clothing was worth hundreds of thousands of dollars.
In the event of property damage, these clients would be severely harmed.
“Just as a collection of historic automobiles requires different coverage than a regular car in the garage,” explains Ron Fiamma, vice president and global head of AIG Private Client Group.
So, what exactly is covered?
AIG’s insurance covers anything from ready-to-wear to historic apparel, work-in-progress couture, and shoes, among other things.
Unlike standard homes plans, which exclude damage from floods, moths, vermin, theft, and accidents, AIG’s policy covers practically everything.
Garde Robe will even pay up to $25,000 in dry cleaning charges to move your expensive outfit to assist prevent loss from an impending threat, thanks to a collaboration.
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What Does It Cost to Insure Designer Clothes in the United States?
The cost of designer wardrobe insurance is determined by a number of things. A key consideration is a risk to your wardrobe. For example, if your $1 million wardrobes are in a non-flood zone or a frequently occupied vacation property, you should expect to pay roughly $3,000 per year in maintenance. Wardrobes who live in high-risk regions will have to pay a higher wardrobe insurance premium.
The policy also offers decreased value coverage, which means that in addition to reimbursing the loss of value, the policy will pay to have an item repaired.
Customers enjoy all of the benefits from their private collections policy, according to AIG, which sells its couture line under the private collection policy. If a moth nibbles your clothing, you’ll still be covered for expense restoration and certain reweave services; however, you’ll be subject to a $500 deductible and a $5,000 per-item maximum.
Furthermore, if you need to transport your designer wardrobe to a high-end garment cleaner, many of which require cleaning before clothing can be stored, the damage must be at least $5,000, and your wardrobe may be lost.
High-net-worth wardrobes are seen as an asset by many wealth advisers. If you don’t, and your house is flooded, earthquake, or burned down, at least you’ll be dressed in your vintage Chanel outfit.
Is It Possible to Insure My Designer Handbags in the UK?
What’s a fancy ensemble without a matching handbag? Some credit cards provide coverage for your purse and its contents, but these are typically reserved for the wealthy of France, Monaco, and Andorra.
Assetsure, based in the United Kingdom, does offer handbag coverage, which can be useful for frequent travelers. Lloyd’s of London underwrites the company’s policies, which include no limit for handbag coverage on international trips, new for old replacement, and insurance per bag or per collection.
“This is something to think about if you have a lot of expensive handbags,” says James Farley, an Assetsure insurance specialist.
Handbags are normally covered by your homeowners’ insurance in the United States. If you only have one or two bags, you can take the rider path once more. It’s vital to keep in mind, though, that coverage varies greatly depending on how your purse went missing. You’re covered if your belongings are stolen or destroyed in a house fire. It’s not about spilling wine or misplacing it.
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If you want more coverage, ask a wardrobe insurance agent near you about adding a personal articles policy to your existing policy. These policies typically provide worldwide coverage for objects that aren’t covered by your regular insurance policies, such as collectibles and fine arts. These plans frequently cover the cost of replacing an item with no deductions or depreciation, and they apply to losses all around the world.
When searching for the best home insurance company in the United States or the UK, it pays to ask questions and compare homeowners insurance quotes when it comes to insuring goods that aren’t generally covered by insurance.
When searching for wardrobe insurance, you may want to also look at:
- Louis Vuitton insurance
- Closet insurance
- Personal possessions insurance
- Clothes insurance
- Designer handbag insurance
- Contents insurance
- Shoes insurance
- Does house insurance cover clothes?