Is there such a thing as Suit Insurance?

[MrDaniels]

Is there a specific policy one can buy to protect an especially expensive garment...like imagine a 5K bespoke suit from a top tailor? Or is it something you can just add to homeowners insurance?

 

[archetypal_yuppie]

White people problems.

 

[unbelragazzo]

If you're interested in suit insurance, then you should buy a cheaper suit.

 

[Wallcloud]

I believe you could put a suit on the personal articles portion of your homeowners insurance. They probably have some type of limit for it unless it is a collectible or something like that.

 

[unbelragazzo]

More seriously...most home insurance policies allow you to insure your possessions inside the house as well. I think this will only pay in the event of a fire or break-in, etc., not if hooker blood gets all over your Attolini.

 

[GBR]

If you are that worried then buy cheap, I have never heard anyone insuring a suit for the perils of daily life. However some perils can be insured against - for example my bespoke suits are named items which would be covered by contents cover were there to be a fire.

 

[dieworkwear]

How exactly would insurance policies work if all of us buy our clothes third-hand off eBay?

"Hi, I'd like to insure these Allen Edmonds Park Avenues. They normally retail for $350, but these were factory seconds originally selling for $250, put on discount at $200, and then I bought them on eBay fourth-hand for $50."

 

[unbelragazzo]



How exactly would insurance policies work if all of us buy our clothes third-hand off eBay?

"Hi, I'd like to insure these Allen Edmonds Park Avenues. They normally retail for $350, but these were factory seconds originally selling for $250, put on discount at $200, and then I bought them on eBay fourth-hand for $50."

Does it count against your payment from the insurance company if you sell the charred remains on eBay for $2.46 + shipping?

 

[Mark Seitelman]



Is there a specific policy one can buy to protect an especially expensive garment...like imagine a 5K bespoke suit from a top tailor? Or is it something you can just add to homeowners insurance?

Generally, clothing would be included in contents (e.g., furniture, appliances, etc.). Generally, you would not schedule items of clothing except for furs.

GET COST OF REPLACEMENT COVERAGE. Otherwise, the insurance company will pay "Actual Cash Value" which means depreciated value.

Keep the receipts.

Good luck.

 

[unbelragazzo]

But insuring clothing, just like insuring really almost anything besides your house, car, or health, is generally a bad idea.

 

[Aquafortis]

2016 AIG Insurance started offering this policy option to their Private Client Group:

https://www-200.aigprivateclient.co...coverages&cmpid=ILC-AIGPCG-PrivateCollections

 

[Aquafortis]

2016 AIG Insurance started offering this policy option to their Private Client Group:

https://www-200.aigprivateclient.co...coverages&cmpid=ILC-AIGPCG-PrivateCollections

RTW garments can be listed starting at $2,500 under the Coture insurance.
https://www-200.aigprivateclient.com/index.php?Page=couture-collection-insurance

Even flood/mold, moth damage/reweaving costs are covered.

 

[SartodiNapoli]

Is there a specific policy one can buy to protect an especially expensive garment...like imagine a 5K bespoke suit from a top tailor? Or is it something you can just add to homeowners insurance?

I got insured in full a lot of vintage analogue synthesizers, my company paid 600euros when a neighbour flooded one and also part of an old wardrobe.

 

[GBR]

Yes, many contents policies will cover named articles such as suits for loss by fire BUT:

• You must state the number of them
• You must have proof that you bought them from the original tailor not eBay
• You must insure new for old and be prepared to pay an enhanced premium. If you don't they will pay out for incinerated rags only.

Insurers cover possibilities not probabilities, so no, if the waiter spills soup on you and then Chef sets your jacket on fire when preparing a Flambé at your table, you must look to the Restaurateur NOT your insurance for some second hand replacement.

 

[maxalex]

A general rule of personal finance says that you should never buy insurance for a loss that you can afford to absorb. So everybody needs health insurance, car insurance (especially liability) and home insurance. Beyond that it thins out quickly.

While ruining a bespoke suit would undeniably suck, replacing it would not bankrupt you. The expense of the insurance, were it even available, is thus unwarranted. And as others have noted, your clothes are covered (to a certain extent) in the event of a home fire.