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Handbags are a place to keep valuables, and are often valuables in and of themselves. Handbag insurance can ease the pain by covering you for the repair or replacement costs involved when the unexpected happens.
What is handbag insurance?
Depending on the policy, handbag insurance can cover the value of your handbag itself, plus what's in it, when you're at home and when you have the bag out with you.
The handbag-relevant scenarios you can be insured against include (among others) theft and fire, storm and water damage.
How can I get cover for my handbag?
There are several ways to insure your handbag, at home and when you're out with it.
Contents insurance Contents insurance can cover your handbag against lots of insured events, including (crucially) theft.
A straight contents policy will only cover the handbag when it's at the insured address. Because they're made to be taken with us just about everywhere, handbags are a good candidate for portable contents insurance (sometimes called personal effects cover), an optional add-on that will cover your handbag when you have it out with you. Like a contents policy, it will generally allow you to specify the value of items that are worth more than a certain limit (e.g. $1,000).
Home and contents insurance Did you know that you can insure your handbag with a home and contents insurance policy? If you already have a policy, check to see if your handbag is covered, or you could always switch policies and get one that includes insurance for your handbag.
With home and contents insurance, your handbag will get all the protection straight contents insurance offers, plus cover against damage to your home in general in a long list of insured events.
You can also add personal effects cover to your home and contents policy so that your handbag is covered outside of your home.
Single item insurance If you have an expensive handbag that's the only thing you want to insure, or one of a few things you want to insure, you could think about single item insurance, which offers similar levels of coverage to other policies but only for selected items.
It can be a cost-effective solution for people in some circumstances, for example, renters.
You should be able to take out portable contents cover as part of your single item insurance policy, too.
Compare handbag insurance in Australia and get a quote
Here's the bottom line: Your handbag doesn't have to be a Hermès to be valuable. Home insurance can protect your handbag and what's in it whether you're at home or on the go.
How do home insurers in Australia cover handbags?
Just like other valuable items. If you have a high-value handbag, you might need to specify it in your policy to increase the upper limit it's insured for.
As always, you should check what you'll be covered against, and to what amount, in the relevant parts of a policy's Product Disclosure Statement (PDS). Here are some examples of how brands explain cover in their PDS.
Brand
PDS Wording
$ Limit
Option to increase the limit?
You are covered for the following items as unspecified personal effects:
• handbags, briefcases, wallets, clipboard folders, suitcases, and other travel bags but not their contents unless the contents are also listed here and covered by your optional Personal Effects cover stated on your Insurance Certificate
$1,000
Additional cover for personal valuables anywhere in the world.
Add optional Personal Valuables cover* for precious items such as jewellery, watches, handbags and laptops at home and anywhere in Australia, or worldwide for up to 90 days.
Not shown
You are covered for the following items as unspecified personal effects:
• handbags, briefcases, wallets, clipboard folders, suitcases, and other travel bags but not their contents unless the contents are also listed here and covered by your optional Personal Effects cover stated on your Insurance Certificate
$1,000
Do I need handbag insurance?
When you think about all the things you've carried around with you in your handbag over the years (smartphones, purses, camera, sunglasses, etc), their value adds up.
We're lucky to live in a society where bag-snatching isn't a common occurrence, but thieves all over the world are drawn to handbags, for obvious reasons, and will probably continue to be.
Losing an expensive handbag (and its contents) in a theft, fire or water damage situation can be a hard pill to swallow.
If calamity strikes, though, you'll be better off with handbag insurance than without it.
Can I get cover for my handbag if it's really expensive?
Yes, but be sure to check the maximum amount the insurer pays out for handbags and to specify the value of your handbag in your policy if that value is higher than the sum insured.
With the portable contents cover or specified items cover, you can be covered for theft, loss or damage to your handbag when you're out and about from home.
Some policies will also cover you for theft, loss or damage when you're overseas for a limited time.
For most insurance policies, there are some instances where you won't be covered, these are called general exclusions. Here are some reasons why you might not be covered:
You fail to take care and lose your handbag.
General wear and tear of your handbag.
You choose to opt out of additional cover like accidental damage or specified items.
You pay the same as buying directly from the home insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of home insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2014, we've helped 150,000+ people find home insurance by explaining your cover options simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Jessica Prasida is a travel insurance expert for Finder. She lives and breathes travel, having worked as a travel agent and branch manager at STA Travel for over 4 years, then writing about travel insurance with Finder for another 5 years. Jess has a Bachelor of Business from the University of Technology, Sydney and a Tier 1 General Insurance qualification.
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