The holidays are upon us, which means gift giving and receiving will be monopolizing our time and our wallets for the next month. If you are eagerly awaiting a sparkling gift from Tiffany’s, then no doubt you are aware of the cost of your dream engagement ring or coveted jewels. You may realize that high-ticket jewelry items need to be insured as an endorsement to your homeowners policy or in a standalone valuable articles insurance, but do you know that couture clothing and accessories need to be scheduled as well.Now you may be saying, “but my homeowners insurance already covers my personal property”. This is likely true but to a limited extent. Let’s say that a covered event happens to your home and your insurance company agrees to pay you the full amount that your policy offers. How much is designated towards your personal possessions? $1,000? $10,000? If your insurance company cuts you a check for $10,000 will you be able to replace all of your belongings? Not if you have couture tastes. With fashion trends pushing even the bourgeois to buy accessories that cost more than the average mortgage, handbags are becoming like collectable art that you bring with you to the grocery store.
Take a look in your closet and do a quick tally, you might be surprised and find that what’s in there costs more than what’s in your garage. Look at all your best pieces: handbags, shoes, hats, belts, jackets, vintage clothing. Would it cost more than $500 to replace any of these items? If you answered yes, you may be a candidate for Wearable Collection Insurance. Consider the unique exposures that your wardrobe has, it goes with you anywhere and everywhere. When not with you, your clothing and accessories might be at the cleaners, in seasonal storage, at the tailors, or in transit. Even when safe at home, not being used, a rogue mouse or moth could reduce the value of a garment if not destroy it all together.
Not everything can or should be added to your insurance policy. If you become the lucky owner of a new $375 Gucci cardholder this Christmas or Chanukah, congratulations on getting a nice gift, but unfortunately it will not qualify to be a scheduled item. Now, if instead you get a $2,500 Bottega Veneta clutch, it can (and probably should) be scheduled on your insurance. A cost-benefit analysis of each piece will help you determine which items are worth insuring. Here are a few parameters of what can be scheduled if you so choose:
- any items that are designed specifically for you that exceed $10,000 in value
- any retail garment exceeding $2,500 in value
- any handbag or shoes that exceed $500 in value
Get the coverage you need.
Daigle & Travers is based in beautiful Darien, nestled between Stamford, Norwalk, and New Canaan. We also serve Fairfield County, Greenwich, Weston, Westport, Wilton, Ridgefield, Redding, Easton, Fairfield, Southport, Trumbull and parts of Westchester County and Long Island. When partnering with us, we will give you all the necessary information and options you need to make the best choice of insurance company and policy. Give us a call today at (203)-655-6974.
Serving the following zip codes within Fairfield County, Connecticut:
06830 • 06831 • 06836 • 06883 • 06880 • 06881 • 06888 • 06889 • 06897 • 06877 • 06879 • 06875 • 06876 • 06896 • 06612 • 06824 • 06825 • 06828 • 06890 • 06611
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