You don’t have to be Kim Kardashian buying Princess Di’s Attallah Cross necklace or Alexander McQueen’s vintage Oyster gown to own valuable couture.
In fact, when it comes to big-ticket items, the USA consistently takes the cake as the biggest spender, fronting $64.8 billion on luxe gear in 2020.
Having these high-value items under one’s roof naturally begs the question: are designer clothes covered by home insurance? What about high-value jewellery?
The answer: that depends. Let’s dive into it.
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While most personal items, including clothes, are covered by home insurance if they’re stolen or destroyed by insured disasters (like a fire or hurricane)—and generally covered up to 50-70% of the insurance you have on your home—designer duds are decidedly not covered.
If you only have a couple high-value items, a rider on your current policy may do the trick, but if you have curated an entire couture collection, then you should think about designer clothing insurance, which is available through specialised providers.
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While some jewellery may be covered under your existing policy up to a certain amount pre-defined in your listed perils, super expensive jewellery is usually not. (And get this: even if your jewellery is covered, it may not be if you lose it in a circumstance that isn’t listed as covered in your policy, so be sure to ask for clarification.)
As with insurance for designer clothes, you’ll need to get a rider for high-ticket items. Or, if you have a lot of expensive jewellery, consider a jewellery-specific insurance policy which will provide more extensive coverage.
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While our home is our biggest investment for most of us, the fact remains there are people who spend a small fortune on luxury items—and if you’re one of these people, you should really get insurance for your designer clothing and high-value jewellery.
Even if you only have a few expensive items, it’s still worth it to look into reinforcing p your existing policy with a rider. But before you commit, be sure to shop around for the best price. Your existing provider may not provide the most competitive rates on designer clothing insurance or insurance for jewellery.
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Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
