Catastrophic loss and/or gradually replacing your wardrobe

[chorse123]

Last night for some reason I started to worry about what it would cost to replace my wardrobe if there was a fire. We moved over the summer and are in the process of getting our homeowners insurance (the coop has a policy for the building, so this is just for our personal property). I probably have around $40,000 or $50,000 of clothes at retail price, bought over the past three years for a lot less than retail. I have to figure out how to properly insure this stuff. Any thoughts?

Of course, like a true clothing junkie, my next thought was: how I could spend any kind of payout in case of a catastrophic loss. I quickly came up with a list of bespoke basics and I was surprised that only a few of the things I have would be replaced with something exactly the same. This to me is really the problem of RTW discount shopping. You get something that only obliquely hits the target. Also, you run out of space. So now, I think I'm going to be gradually weeding out the things I don't wear and instead buying exactly what I want. Anyone else done this?

 

[TheFoo]

Chubb will insure almost anything. I have my watches, guitars, and my fiancee's engagement ring insured by them. They told me that insuring clothes might be an option.

I get the idea that they'll do whatever so long as you are willing to pay what they ask.

 

[aportnoy]

I have a separate rider for my clothing and have saved all my shoe receipts.

 

[HomerJ]

My grandmas house burned down not long ago. They paid her for basically a bunch of clothes and furniture from the 70's so she was pleased with the settlement. I have renters insurance and I've documented my costlier property. They will only replace my chattel which means I'd need to go out and buy it and send the receipt to them for reimbursement. You hear about celebrities insuring their legs and stuff. I think if they can calculate the risk and liability they'll insure anything, certainly clothes.

Originally Posted by aportnoy

I have a separate rider for my clothing and have saved all my shoe receipts.

I'll bet!

 

[speedster.8]

Personally I find the problem being bigger for travel.
I mean I usually take some cashmere, loropiana shell jacket, cashmere sports jacket, 3-5 pairs of GOOD shoes, leather jacket, belts, nice shirts and pants.
And Im usually closer to 3-4x my regular traveler insurance. What do you do?

I usually try to fly without stop overs, and use non flash luggage ...
As for house insurance, take photos of unique pieces and catalog.
An alarm usually takes of a few points on the insurance, you can also have them hooked up to smoke detectors and water/seepage detectors.

Thoughts

Speed

 

[rjmaiorano]

The cool thing about the discount clothing is, depending on your policy/holder, they might give you retail, or replacement cost.

A few years ago at school I had my road bike stolen... I paid 750 for it, which was half off... Amazingly enough my bike at school was covered under my parents homeowner insurance back home so it was covered. The Insurance company didnt care what I paid for the bike, they wanted to know the cost of replacement - which was 1500... so I got a check for 1500 (made a 750 profit) ... and bought a 3000 bike half off. Go figure.

 

[RJman]

Threads like this remind me of the teachings of the Buddha...

 

[IUtoSLU]

I agree that travel really worries me more.

 

[Holdfast]

Originally Posted by RJman

Threads like this remind me of the teachings of the Buddha...

Nirvana is simply an infinite number of suits. What better way to self-actualise than ordering all the bespoke garments you could possibly want?

I had to increase the limit on my household policy last year to cover my wardrobe. I've got this year's renewal sitting on my desk as we speak and have to ring them to get it increased again this year. Fortunately, they have a single item limit of £2500, so each expensive item of clothing doesn't need to be listed separately.

I have photos of everything stored online, in case I ever need to make a claim. Let's hope never!

 

[gdl203]

First thing that came to mind when I saw the title was burning palm trees

That's catastropic !

 

[JayJay]

Originally Posted by speedster.8

Personally I find the problem being bigger for travel. I mean I usually take some cashmere, loropiana shell jacket, cashmere sports jacket, 3-5 pairs of GOOD shoes, leather jacket, belts, nice shirts and pants. And Im usually closer to 3-4x my regular traveler insurance. What do you do? I usually try to fly without stop overs, and use non flash luggage ... As for house insurance, take photos of unique pieces and catalog. An alarm usually takes of a few points on the insurance, you can also have them hooked up to smoke detectors and water/seepage detectors. Thoughts Speed
Travel is a concern of mine, too, especially international flights. In a few months I'm traveling to Europe for two weeks and am thinking about how I can pack only a carry on. I had luggage lost on an international trip a few years ago and don't want to go through that scare again. Last year on a flight I packed nonessentials in my checked luggage but I don't want to bother with that this time.

 

[Holdfast]

Originally Posted by gdl203

First thing that came to mind when I saw the title was burning palm trees

That's catastropic !

 

[Thurston]

Originally Posted by aportnoy

I have a separate rider for my clothing and have saved all my shoe receipts.

Are they filed chronologically or by maker? Are they subdivided or cross-referenced by upper material or last? How many drawers in the filing cabinet is that?

 

[FIHTies]

Originally Posted by mafoofan

Chubb will insure almost anything. I have my watches, guitars, and my fiancee's engagement ring insured by them. They told me that insuring clothes might be an option. I get the idea that they'll do whatever so long as you are willing to pay what they ask.
Types of policies (Lloy'ds of London) Lloyd's syndicates write a diverse range of policies, both direct insurance and reinsurance, covering property, motor, liability, marine, aviation, catastrophe and many other risks. Lloyd's has a unique niche in unusual, specialist business such as kidnap and ransom insurance, fine art insurance, aviation insurance, marine, etc. The general public knows Lloyd's for some unusual policies it has written. Lloyd's has insured

• Silent film comedian Ben Turpin's eyes against uncrossing.
• Participating automobiles in the carpools involved in the Montgomery Bus Boycott.
• Betty Grable's, Brooke Shields's, and Tina Turner's legs.
• Jimmy Durante's nose.
• Keith Richards' fingers.
• Celine Dion's vocal cords.
• America Ferrera's smile.

Lloyd's is in talks with Virgin Galactic to insure spaceflights.

 

[Montesquieu]

On Friday, Air France lost a bag with all 5 of my brand new Vass shoes. They also lost a second bag with a haul of new Incotex/Zanone pants and sweaters. Finally, they neglected to give me one of the two bag tag receipts, so I couldn't even prove that I had lost two bags. The price of this outstanding service? £120 in excess weight fees for going above 20 kilos for the two combined bags.

24 hours later, after several flights in which they should have arrived, the bags finally did. I lost 24 hours of my life to worrying about them.

Should I keep relying on God, rather than insurance, for protection? Probably not. But I don't see myself taking the time to itemize and insure. Praise be to St. Crispin.