Are You Ready for Fashion Insurance?

Did you know that just like your car, or your house, your handbag of considerable value can also be individually insured?

Handbags are amongst some of the most coveted and treasured fashion pieces, and with many costing 3 months rent and up, it pays to make sure that you have a suitable insurance policy.

Call it “Couture Insurance”. With some of the most sought-after handbags costing as much as the average car, there was until fairly recently, no specific insurance policy to cover them. There is now a more specialized insurance solution for couture and designer wearable collections, including your legacy handbag.

Here’s how this works: Your items are individually scheduled on your policy with the option to use ‘blanket coverage’ for less expensive items. These wearable collections could be anything from couture and ready-to-wear garments, shoes, handbags, to vintage and historic clothing.

The usual suspects you could cover with this “couture insurance” includes damage to fashion property done by flood, moths, and molds that are typically excluded from a homeowners policy. In addition, it covers custom, work-in-progress couture and shoes, reimbursement for expenses of clients who protect their couture items by removing them from their homes in advance, as well as dry cleaning and wardrobe preparation expenses following a covered loss.

How though, could this policy cover those occasional rare, vintage and one-of-a-kind pieces, which have over the years become damaged beyond repair?

According to an insurance expert, the policy covers the repair cost of a damaged item, but if there is still lost value after all the repair work is done, “there’s a unique feature in the coverage of this kind of policy, that’s similar to what you can find in Fine Art insurance policies, and it would compensate the client for that lost value as well”.

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*Originally printed by Forbes.Com