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Handbags are everything! They do more than just complete your outfit of the day. They are the ubiquitous blessing where you can fit your essentials all in one place, right from your wallet and keys to your skincare and beauty travel buddies. Makes us wonder how we could ever get by without a handbag!

Handbags can cost anywhere between reasonable and expensive. But that’s not what worries us when we imagine losing them. It’s what goes into them that matters.

Don’t you wish there was something you could do? Did you consider insuring your handbag?

In the coming sections, we’ll break down how to go about insuring your precious handbag and reveal which companies are happy to do it for you.

Handbag Insurance: How to Insure Your Favorite Bag

Whether you own a regular or luxury handbag, insuring it is a smart way to get reimbursed for theft, loss, damage, and incidents related to natural disasters.

Intrigued? Here’s what you need to know before diving in:

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Dig Into The Warranty Details For Luxury Bags

Brands such as Chanel, Gucci, Coach, and Prada offer different warranty periods on their products. Before buying a luxury fashion detail from such brands, speak to their staff about what the warranty covers besides damage. Chances are you won’t receive cash for theft and loss. However, luxury brands usually offer store credit, suggest replacing the item in question (if you’re lucky), or pay to fix any damages.

If none of these options appeal to you, then insuring your luxury bag through a trusted insurance firm is best.

Explore Viable Insurance Plans

Your next option is to look into a homeowner’s insurance plan (or rental insurance plan for non-homeowners) that covers personal items such as handbags. With this sort of insurance, you can claim up to 70% of what your bag costs.

If you’re not happy about the reduced rate, you can opt for a supplemental insurance policy known as Scheduled Personal Property or SPP.

The policy offers total coverage on a handbag, with just one catch—you have to insure its contents separately. The good news is that taking this step would mean you will receive 100% of its collective value.

Consider A Full-Fledged Insurance

Worried that the valuables (jewelry or rare books, for instance) you’re carrying or the bag itself is way too expensive to sign up for regular insurance? Then specialized insurance is what you need. This type of insurance covers everything right from your handbag to its contents. After you perform your due diligence on the insurance company, getting your valuables insured will be a piece of cake.

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Can A Handbag Be Insured?

Absolutely! We understand why you’re skeptical, but rest assured that insuring bags is actually quite normal.

It’s crucial to approach the right agency to help you sign up for a policy plan that works for you. If understanding the ins and outs of insurance is not your forte, find an insurance broker for recommendations.

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Should You Get Insurance For Your Luxury Handbag?

If you own one or more couture clutches, it’s wise to opt for an insurance plan. We can only imagine how devastating it would be if your handbag were stolen, damaged, or misplaced. After spending your hard-earned money on a luxury item, what better way to protect such an asset than with insurance?

What Is The Best Handbag Insurance To Get?

Like we said earlier, specialized insurance will help you get 100% coverage on your handbag and its contents. It also covers several unforeseen incidents, so it’s safe to say that specialized insurance is the clear winner. Alternatively, you can look into home insurance or rental insurance plans that offer protection for valuables.

Steps To Insure Your Designer Handbag

Now that you know which plans are out there, it’s time to learn how to go about the process. Insurance agencies go through different methods to initiate and complete the signup process. You can expect to go through some form of these steps when you opt for an insurance plan:

Get In Touch With An Appraiser

The most important part of the insurance process is to get your purse appraised by a professional to determine its value. An appraiser possesses up-to-date knowledge of the item’s significance, availability, and market value. After a series of careful checks and evaluations, they can help you choose an insurance plan that best suits you.

Discuss Agreed Value

Taking market appreciation into consideration is important when setting up a claim. Instead of receiving reimbursement based on only what the handbag was worth when you bought it, you can get more if its value is predicted to appreciate over time.

Some bag owners invest in luxury or antique pieces that could cost much more after a while, so getting your money’s worth based on the appraised figure is paramount.

Choose The Right Coverage

Insurance companies cover different scenarios that may or may not apply to you. If you want to pick and choose which ones are relevant, you can do so with the help of an insurance broker. Here’s what you can expect to see covered in standard bag insurance policies:

• An all-risk insurance that guarantees a replacement
• Accidental damage caused by aging, spills, discoloration, or everyday wear and tear (rust, mold, and damage caused by insects may or may not be covered)
• Theft
• Stolen handbag (while you’re on holiday or at home)
• Purse contents (valuable items that have to be insured separately)

Keep Important Documents Ready

Save the invoice or receipt from the store where you bought your handbag. This will help insurance companies with cost evaluations, proof of ownership, and claim disbursals.

Keep a record of photographs of the item (inside and out, including serial numbers, emblems, and the like). If the handbag was a family heirloom or gift, it’s a good idea to arrange for supporting paperwork.

Insurance Companies That Cover Handbags

You can rest easy knowing that there are many insurance companies* willing to safeguard your bag and belongings. Get the best bang for your buck by looking into these insurance companies.

American International Group, Inc. (AIG)

AIG provides an impressive umbrella of insurance policies, including specialized plans for couture possessions such as clutches.

Assetsure

Who knew signing up for handbag insurance could be a cinch? Assetsure makes the process a breeze through a transparent, zero-fuss policy.

Money Expert

The finance professionals at Money Expert oversee tailored insurance plans that offer handbag owners exactly what they need. They readily provide information on the bag insurance policy and what it entails before you take the plunge.

BrokerLink

Getting your purse covered under a home insurance plan is a popular way to get it insured. BrokeLink provides an in-depth look at what this policy involves so that you’re confident about what you’re signing up for.

Lloyd’s

The prestigious insurance company is home to some of the best insurers and underwriters in the UK. They have a strong global presence and can be contacted for their services from most countries. To find out more about their handbag insurance policy, a series of checks and requirements will be involved before the company agrees to insure the said item.

Luxury Handbags That You Should Definitely Get Insured

Luxury accessories like purses require tons of love, care, and attention from the minute they set foot in a home. Why? Because creating these fashion accessories involves quality (mostly exotic) materials and an unrivaled team of artisans helmed by high-profile designers.

If you’re going to invest in a luxury item such as the following, you’re better off having it insured:

• Marc Jacobs Carolyn Crocodile Bag (in purple)
• Chanel Pearl Lego Brick Clutch
• Chanel Alligator Jumbo Double Flap Bag
• Gucci Zumi Medium Top Handle Handbag
• Louis Vuitton Crocodile Capucines Tie and Dye Handbag
• Hermès Blue Crocodile Birkin Bag
• Chanel Classic (with Lambskin and Gold-Tone Metal) Handbag
• Louis Vuitton Monogram Canvas Neverfull Handbag
• Saint Laurent Nano Sac de Jour Handbag
• Small Lady Dior My ABCDior Bag
• Bottega Veneta The Pouch Bag

FAQs On Handbag Insurance

Still have questions? We’ve put together answers to common questions about bag insurance.

Does Home Insurance Cover Handbags?

In most cases, yes. Some companies suggest adding a personal article floater to an existing home insurance policy. Once you sign up for the additional coverage, the company can reimburse you for valuables such as a purse if it is stolen or damaged.

Does The Insurance Policy Cover the Contents Of A Handbag?

As mentioned earlier, a specialized insurance policy can cover the cost of a purse, but other valuables such as jewelry or gadgets will need to be individually insured.

Are Handbag Insurance Policies Expensive?

They don’t have to be. If you’re insuring a handbag for its contents, you can expect to pay a minimal monthly or yearly premium. You can expect to pay as much as $3000 a year for luxury handbags, depending on how valuable it is.

Conclusion

Insuring a handbag is a great idea for individuals with more than one luxury handbag or for those who regularly carry valuable possessions.

Are you still unsure if you should get such an accessory insured? Consider this hypothetical situation — if you were to lose your purse right now, how much would you lose, and how much frustration and inconvenience would you have to endure to replace everything (assuming it’s a replaceable item)?

Scenarios such as this can put things into perspective and help you decide whether handbag insurance is or isn’t for you.

*We are not affiliated with any of these companies, nor do we recommend them. It’s up to the insurance purchaser to do their due diligence before opting for a policy.

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