Special insurance for designer clothes helps cover luxury clothing. If a covered event occurs, like a fire or theft, a standard homeowners insurance policy usually provides inadequate compensation for expensive garments and accessories from designer brands. As a result, if you want to cover your couture collection, y▨ou’ll likely need special insuꦐrance for designer clothes.

Who Needs Clothing Insurance?

Unlike other 澳洲幸运5官方开奖结果体彩网:collectible items such as art, jewelry, and antiques, insurance companies typically lump clothing, shoes, and handbags into the household contents category. These items are subject to high 澳洲幸运5官方开奖结果体彩网:deductibles and a myriad of limits and exclusions, such as floods, moth damage, and mold.

Furs can be—and often are—itemized on a policy rider or floater. However, if you’re a designer-clothing aficionado, you know a simple sundress can cost as much as a fur—seve💎ral thousand dollars.

In other words, if your closet bursts at the seams with designer clothes, handbags, shoes, and furs, the contents could easily add up to more than a million dollars. That's assuming, of course, that you have only one designer-decked closet. Throw in the vacation home and the city pied-à-terre and you may be pushing $1.5 million.

So, how do you protect you♍r expansive and expensive wardrobe? Fortunately, there’s an insurance product for that.

Wearable Collections Coverage

In 2015, AIG Private Client Group released a wearable collections policy as a specialized insurance solution to protect couture and designer garb.

“Much like collectors of fine art, vintage cars, or wine, customers who invest in their wardrobes can be quite passionate about their acquisitions,” said Ron Fiamma, vice president and global head of private collections for AIG Private Client Group. “To help safeguard these items, our new couture solution closes the gaps in a traditional homeowners policy and enables us to proactively mitigate risks for these collections.”

AIG worked with Garde Robe Online—an apparel storage and preservation servi𓃲ce—to identify coverage features and develop a policy covering high-end designer fashions and accessories, many of which might be unique or custom-made.

In 2023, AIG partnered with private equity firm Stone Point Capital and moved its Private Client Group to a new platform, rebranding it as Private Client Select Insurance Services (PCS). The move was done to "improve product offerings to better serve the high and ultra high net worth markets." said Peter Zaffino, chairman and chief executive officer of AIG.

What Does Designer Clothes Insurance Cover?

The Private ཧClient Select couture collection insurance covers made🦄-to-measure and ready-to-wear garments as well as:

• Vintage garments
• Shoes
• Handbags
• Other accessories
• Celebrity clothing

The policy covers damage caused to designer apparel by floods, earthqua⛎💜kes, mold, moths, and accidents. These risks are typically excluded from traditional homeowners insurance policies.

AIG's couture collection policy includes coverage for custom, work-in-progress couture and shoes. It also 澳洲幸运5官方开奖结果体彩网:reimburses you for expenses if you remove your designer wardrobe from your home before an impending threat. The coverage extends globally—even in transit, meaning worry-free travel if you check your bags containing designer clothing at the airport.

The policy also pays for the repair or replacement of garmeꦛnts and includes a loss-in-value clause. In other words, if your vintage Chanel suit gets damaged in an earthquake, you can be compensated for the reduced value💮 and the repairs.

The in-house collection management specialists can help preserve the long-term value of collectible garments, shoes, and handbags. The 澳洲幸运5官方开奖结果体彩网:insurance contract includes vulnerability assessments, emergency planning, and referrals to wardrobe preservation specialists.

The Cost of Designer Clothes Insurance

If you have a designer wardrobe valued at $1 million, the total starting premium might be $3,000 annually to insure your collection. However, many factors can increase the cost, depending on the 澳洲幸运5官方开奖结果体彩网:potential risks to the clothes and the location of your clothing collection. For example, coverage for a wardrobe in a flood zone, hurricane-prone area, or a rarely used vacation home will likely cost more.

Insurers may offer incentives to clients who use professional storage services where garments are covered in breathable garment bags and held in climate-controlled spaces. The AIG couture coverage includes benefits like 澳洲幸运5官方开奖结果体彩网:agreed-value coverage, no deductibles, and loss-in-value payments.

Frequently Asked Questions (FAQs)

The Bottom Line

Considering North America has nearly eight million 澳洲幸运5官方开奖结果体彩网:high-net-worth individuals (HWNIs) with more than $1 million in liquid assets, insuring their expensive clothing, accessories, and valuables is essential. Homeowners insurance usually provides inadequate cover♈age for high-value garments. If 🐽you own an extensive collection of couture, designer wardrobe insurance can help protect your investment.