Your high profile job probably requires that you look 100% polished at all times. Everyone has their brand preferences in clothes when it comes to looking a certain way. But if you’re buying Levis, Gucci, Hermes, Dior or Giorgio Armani, you’ll need insurance.
Your clothes, shoes, handbags and accessories could well see you stepping out in thousands of Rands worth of clothes. And in South Africa, you become hot property. If someone snatches your Louis Vuitton handbag of R7 000 from your shoulders, it can be devastating. That is because its contents are no doubt worth a small fortune too.
There are even some high-end shoes and bags which have celebrity endorsement. So these are collectors’ items and these can be valued far more than their original selling price.
Don’t Under-Value your Clothes
Many women have no idea about the value of the clothes in their wardrobe and the truth is their clothes could end up being under-valued. Let’s say your clothes come from the top brands and you own a few pieces. It will be necessary to have them covered against theft, fires and floods. The only thing is that if you have homeowners insurance for instance, you may find that it isn’t enough to cover your clothes.
Because of the exorbitant prices of designer clothes, your homeowners policy will probably not cover your clothing. When the amount is insufficient, you will need to consider a separate policy to insure your clothing collections.
Travel the World and You’re Still Insured
General Manager of Elite Risk Acceptances, Tarina Vlok says that walking around with the latest luxury clothing items puts you at risk. The Elite policy has an automatic extension under the contents cover, and wherever you are in the world, the clothes and handbags you wear are covered.
Vlok also went on to say that you need to insure your items for their replacement value and not the purchase price. This is to make sure that you’re not underinsured.
No Exclusions with Elite’s Policy
Then again women need to take note that there are some clothing items that may not be covered under their policies. There are some insurers who for instance, won’t cover furs or leather jackets under the general all risks section. This is why it is worthwhile looking at what the Elite policy offers as they don’t carry exclusions like this.
You always have to look beyond just actually covering your items. What about if you were stuck along the road in South Africa wearing your luxury clothing. You’ll be murdered for them, and that is why is it important to also have good car insurance. This is insurance which offers value added services such as roadside assistance.
The beauty about insurance from Elite is that they have this roadside assistance embedded into their policies. The app they provide allows clients to keep tabs on where the tow truck is and when it will arrive.
Vlok continued to say that no matter what items you regard as valuable – items you yourself could never replace – these should be insured.
Check your homeowners policy because chances are the amount covering your clothes is insufficient. Then it becomes important to look at getting a separate policy to insure these items, and Elite offers this insurance plus additional value.
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