DID YOU KNOW: Couture & Vintage Apparel Can Be Protected with Insurance

I remember when my home got broken into and the harsh reality I had to face regarding my homeowner’s insurance. There were several pieces of diamond jewelry stolen and come to find out my insurance policy didn’t cover the total value. For jewelry, my Allstate policy only offered up to $2500. Anything beyond that amount, I had to suck it up. It was a lesson learned and after that incident I understood the necessity of having additional insurance.

Nowadays, for people who own couture/high-end, vintage clothing, shoes, handbags, and/or accessories, there are insurance policies that you can obtain to cover the loss if damaged. Like vintage cars and fine art, people invest a lot of money on wardrobes and, unfortunately, what it takes to replace those items can be costly.

The AIG Private Client Group, a division of American International Group, Inc. (NYSE: AIG) that serves high net worth policyholders, recently announced their new wearable collections coverage. The policy is an unique, specialized insurance solution for couture and designer wearable collections. It offers coverage for high-end designer fashions and wardrobe accessories, which is not typically found in your standard homeowners policy.

The insurance covers couture and ready-to-wear garments, shoes, handbags, and vintage and historic clothing. It addresses damage caused by flood, mold, and moths, risks often excluded from a homeowners policy. Coverage for custom, work-in-progress couture and shoes is also provided, as is reimbursement of expenses for clients who protect their couture by removing it from the home in advance of an impending threat.

In addition, the insurance covers dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss— a common prerequisite for acceptance into a secure garment storage facility.

“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’s couture coverage also provides emergency planning and wardrobe preservation specialists. However, the coverage is only available through their private collections policy and can be purchased today in New York and Texas. No word yet on when the coverage will be offered in other states.