You might already know this, but regular homeowner’s insurance doesn’t cover your precious fashion designer clothes. Collecting designer clothes or couture, which are custom clothes made from rare fabrics, is an expensive hobby and is not for the faint of heart. To some, losing their collection is akin to losing their first-born child. So, how can you protect your expensive and pricey wardrobe? Fortunately, you can insure them.
Why should I insure my fashion designer clothes?
House fires, floods, or fashion-aware burglars will either wreck, ruin, or steal your precious collection. As savvy fashionistas, we should prepare to protect our invaluable couture collection. Keep in mind that protecting your valuable clothing collection is just as important as protecting other valuables you have.
Are my collectibles worth insuring?
Suppose your walk-in closet is filled with high-quality, custom-fit, and rare fabrics stitched with exceedingly precise attention to detail. It would be best if you insured your fashion designer clothes as soon as possible.
Household items, except jewelry, antiques, and art pieces, are commonly bundled together and are considered deductibles to standard insurance policies. However, insurance agencies with the know-how of fashion will understand that your luxurious red gown worn at the recent gala could easily shoot 6-figures.
Now, are you itching to call your local insurance agency up and tell them you need your designer clothes covered? Not so fast; here are few tips on choosing the right agency for your couture.
How to pick the best insurance agency for your couture
It’s essential to be knowledgeable when it comes to choosing the perfect insurance agency for your needs. The marketing for insurance agencies is smart and savvy; you need to make sure you subscribe to plans that can cover all your valuables.
Here are a few key points to look out for:
Don’t choose the first insurance agency you see. Insurance for high-end clothing might be a niche market that only select insurance agencies offer, but this doesn’t mean to shell out huge wads of cash to the first agency that gives you one. It’s essential to shop around and check insurance agencies that tick every box. Also, having an insurance broker instead of shopping on your own could benefit you in separating insurance agency marketing jargon from the actual policies they provide.
Know what’s covered or not. Every insurance policy lists what they cover and don’t. It’s essential to ask your insurance agent for the specifics of their policies. Some insurance agencies purposely add vague inclusions to make them seem perfect. Remember that it’s better to ask before subscribing instead of requesting details when you have already closed the deal.
Research insurance agencies. It’s vital to research the company you’re leaning towards. You need to know how long their company has been running, in which state or country they cater to, their financial strength, and how they involve their company in the community. Joining an insurance agency with a good reputation reassures you of their service, and you’ll be comfortable choosing them.
If your clothes are destroyed
In the unfortunate destruction of your designer clothes, you’d need not worry if you have them adequately insured. Select insurance agencies cover couture lost in accidents and damaged by natural calamities like earthquakes, floods, or earthquakes. Some even cover work-in-progress clothes and shoes, so you shouldn’t worry if your soon-to-be-ready apparel is ruined.
Insurance contracts may include payment for the repair or replacement of designer clothes, if possible. Policies include compensation for the reduced value of the collectible too.
The cost of fashion designer clothes insurance
If you live in a calamity-prone area, you’re going to pay more than the average. Insurance agencies start their designer clothes insurance at $3,000/year if your wardrobe is valued at $1 million, which is a small price to pay for the added convenience it gives.
You might have the opportunity to buy another set of luxury clothes, but the added hassle of non-insured valuables will hurt you emotionally and financially. It’s important to double-check what insurance plan you have right now and add what is necessary. We all hope nothing harmful befalls our precious collection, but it doesn’t hurt to be ready for the worst.