Get a whole year of Meerkat Meals & Meerkat Movies*
If you carry a designer bag, backpack or briefcase, insurance might be worth thinking about. It’s not unusual for a designer handbag to cost well over £1,000. Even a Balenciaga rucksack described as an ‘everyday backpack’ could set you back nearly £1,000, with Burberry and Mulberry rucksacks coming in at a similar price.
But just because you don’t have a designer bag doesn’t mean it isn’t worth thinking about cover. Even if you carry around an inexpensive high-street favourite, when you factor in the value of the contents – whether that’s your glasses, make-up, smartphone or Kindle – the cost of replacing your bag and its contents quickly adds up.
You may need personal possessions insurance for your handbag. This covers items you take with you when you’re out and about against loss or damage, up to a certain limit. Some home contents insurance policies include personal possessions cover as standard, while others don’t. Check your policy documents or contact your insurance provider to check if your bag or handbag is covered outside your home. If personal possessions insurance isn’t included as standard with your policy, you can usually add it for an additional cost. If you have an expensive handbag or bag, you may need to list it individually on the policy. Typically, if your bag, or any of the items you keep inside it, is worth more than £1,000, you might need to tell your insurance provider to ensure it’s covered.
If your bag is lost or stolen, you’ll need to look at your home contents policy to check if your gadgets are covered. Some policies automatically include cover for gadgets, but it might be that you need to add them to your contents insurance.
A single item limit – sometimes called a single article limit – is the maximum your insurance provider will pay out for any one item, unless you list that item separately on your policy (along with how much it’s worth).
The limit will depend on your policy – it’s typically in the region of £1,000. If your handbag, or anything you keep inside it, is worth more than that, you’ll need to add it to your policy as an individual (listed) item.
It’s unlikely that your contents insurance will cover your handbag for accidental damage as standard.
Generally speaking, an insurance policy won’t cover a handbag for wear and tear.
If you’re adding cover for your handbag to your home contents insurance, here’s what to be aware of: Check the excess – if you make a claim, this is the amount you’ll need to contribute before your insurance provider pays out. If it’s high, compared with the cost of the bag, it might not be worth claiming.
Read the policy conditions – and check for exclusions within the cover. For example, items stolen while on public display, (such as on the front seat of a locked car) are usually excluded from personal possessions insurance.
Keep proof of purchase – it’s worth keeping a receipt or credit card statement of all high-value purchases. You might need them to make a claim on your insurance.
Comparing home contents insurance couldn’t be easier. Simply give us a few details about yourself and your belongings, and we’ll do the rest. And the best part is that comparing home insurance quotes with Compare the Market takes just six minutes**. **On average it can take less than 6 minutes to complete a home insurance quote through Compare the Market based on data in September 2019.