Catastrophic loss and/or gradually replacing your wardrobe

[skalogre]

Originally Posted by JayJay

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.

If you can fly carry-on only do it. Unless I absolutely have to take more things (or stuff I cannot put in carry on) that is all I will do anymore.

 

[marc237]

Originally Posted by Montesquieu

On Friday, Air France lost a bag with all 5 of my brand new Vass shoes.

Makes me wonder what was comparatively more important to go in the carry-on.

 

[chorse123]

Originally Posted by Montesquieu

On Friday, Air France lost a bag with all 5 of my brand new Vass shoes.

Yikes. I don't travel more than a half dozen times a year, and when I do, I don't bring too much of the better stuff with me. But I guess if you're coming back from Budapest...

 

[unpainted huffheinz]

Originally Posted by 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.

Should I keep relying on God, rather than insurance, for protection?

Maybe buy and book everything on an Amex Centurion.

 

[EL72]

I think I would be most upset about losing my ties and pocket squares in a fire (and maybe a few of my shoes). All the rest can more easily be replaced assuming you are willing/able to pay retail prices with the insurance payout but replacing a collection of 80-100 ties + squares accumulated over many years is going to be very difficult even if you have unlimited funds.

 

[Biscione]

I once lost a suitcase with a Burberry trenchcoat, a tailor made cashmere coat, a tailor made suit, several very good pairs of shoes, cashmere sweaters, shirts, etc. I got some money for compensation, but it didn't come close to the actual cost (one I suppose the airline hadn't expected). It's a real blow. My lesson to you? As tempting as it is to do otherwise, do not travel with anything you'd be devestated to lose. As for your household, hope for the best and cook carefully.

 

[LabelKing]

Smoke carefully.

Imagine the devastation of a home filled with irreplaceable endangered animal skins.

 

[Mark Seitelman]

Some tips about insuring your clothing (and other personal property):

1. Get cost of replacement coverage. This pays for the cost of replacement if the property cannot be repaired. This is an optional coverage.

2. If you do not obtain "cost of replacement" coverage the standard coverage is "actual cash value" which means that the insurance carrier will pay whichever is less: a) cost of repair; or b) cost of replacement; or c) its depreciated cash value. Under this standard the carrier pays much less because the property is depreciated and would only be sold for "X" on the used market. E.g., the $4,000 Savile Row suit of 3 years of age (relatively new!) would bring only $400 if you're lucky.

3. Look to a high quality carrier which is more liberal and reasonable in paying losses. Of course, that means that the premium is higher. Chubb is the top of the line carrier and is known for insuring wealthy households. If Chubb is beyond your reach or doesn't write in your area, then get the best quality carrier that you can afford. Talk to your insurance agent. Avoid the low priced carriers, such as Allstate which writes "direct" to the public. Insurance carriers which write "direct" to the public without agents or brokers generally write policies for low income households. Generally, the Allstates of the world will fight you on your claim. Low price equals low recovery.

4. Keep as many receipts as possible and where possible.

5. Keep in mind that insurance only pays for property that is currently in use and is not obsolete. E.g., insurance will not pay for your 286 computer that you are keeping for sentimental reasons. Similarly, if you never throw-out any clothing, you may only recover for your working wardrobe. Therefore, don't expect to collect on your Bar Mitzvah suit. Again, a Chubb will be more reasonable than an Allstate if you're a collector.

6. As far as I know clothing is personal property and gets included in your personal property limit. Personal property includes furniture, electronics, books, etc. You do not have to get a special endorsement or appraisal for clothing even if its value is high. Talk to your agent.

Good luck.