Thursday, September 24, 2015
You can now insure your expensive Louis Vuitton, Hermes, or Christian Louboutin thanks to AIG Private Client Group (a division of American International Group Inc. NYSE: AIG). The insurance company has introduced a more specialized insurance that is specifically designed for couture and designer wearable collections for its high net worth policyholders.
The new couture insurance product will give coverage not typically found in a homeowners policy and recognizes the high value placed on the fine craftsmanship of high-end designer fashions and wardrobe accessories.
It covers couture and ready-to-wear garments, shoes, handbags, and vintage and historic clothing. They will be individually itemized in the policy with the option to use blanket coverage for less expensive items. The insurance will cover damage caused by flood, mold, and moths, risks often excluded from a homeowners policy. Additionally, it covers custom, work-in-progress couture and shoes, as is reimbursement of expenses for clients who protect their couture by removing it from the home in advance of an impending threat.
Also, the insurance covers dry cleaning and wardrobe preparation expenses by a high-end garment care specialist following a covered loss. This is a common prerequisite for acceptance into a secure garment storage facility.
In developing this coverage, AIG worked with Garde Robe Online, LLC, a wardrobe storage and preservation service, to identify coverage features that would address real concerns for collectors.
Newly built homes being sold has posted the highest level since early 2008 in August, that's more than 7 years. This shows that the demand in housing is strengthening. New single-family homes sales were up by 5.7% to a seasonally adjusted annual rate of 552,000 according to the Commerce Department. The increase in sales is a result of steady job gains and low mortgage rates. The real estate market hast been really hit hard by the Great Recession and recovered slowly even after the downturn ended in 2009. New-home sales have soared nearly 22% in the past year.
Strong sales in newly built home and construction could help the economy by generating construction jobs, demand for more building materials and more spending on landscaping and other services.
Home builders raised new-home prices aggressively last year, likely weighing on sales, which totaled just 414,000 in 2014. That was little changed from sales in 2013. But builders have reined in price increases this year, fueling more buyer traffic and purchases.
Federal Reserve Chair Janet Yellen said last week that she expects the housing market to keep improving as more people find jobs and younger Americans increasingly move out on their own.