estate planning

Yolanda Spivey: Did Kim Kardashian and Kanye West Commit Insurance Fraud?

Yolanda Spivey: Did Kim Kardashian and Kanye West Commit Insurance Fraud?

By Yolanda Spivey

If you haven’t been living under a rock, I’m pretty sure that you’ve heard about Kim Kardashian’s robbery in Paris this week. Allegedly, five armed men, posing as Paris police officers, robbed her at gunpoint, stealing over $10 million in jewels. What’s strange about the case is that media sources are stating that there were no surveillance cameras capturing the crime. What’s also strange is that the security guards who usually surround the reality television star were not present during the heist.

This has left many to question the motivation for the actual robbery. According to US Weekly, Paris police do believe that the robbery occurred and they have placed the blame on local gangs. But many fans and non fans alike took to social media voicing their speculation that Kim staged the robbery for attention. After all, the new season of her show “Keeping Up With The Kardashians” debuts on October 23.

So why am I telling you stuff that you may already know?

Well as an insurance professional, I’ve seen this type of thing happen before. People will stage a crime in order to file an insurance claim and collect on the money. If this is the case in Kim Kardashian’s case then the robbers get to keep the stolen jewelry, cash it in on the black market, and make millions of dollars. And, Kim Kardashian and Kanye West can file an insurance claim against their personal articles floater policy.

A personal articles floater policy covers your valuables against theft, accidental damage, or loss. This policy is separate from your homeowner’s policy. Usually, a typical homeowner’s policy will cover valuables such as jewelry, electronics, fine arts, furs, etc., but only up to a certain amount which is typically between $500 to $2,500.

In my practice, I’ve had many brides, and just people in general coming in, insuring their rings or family heirlooms. They know that if they were to lose these items then their homeowner’s, or renter’s, policy will not cover them, so they elect to get a personal articles floater policy.

For someone who amasses a great amount of wealth like Kim Kardashian, I’m pretty sure her jewelry was covered under such a policy.

Here are some great features this policy offers:

  • You get worldwide coverage: No matter where you are in the WORLD, your belongings are covered.
  • You get replacement cost coverage: The value of your property will be refunded to you without deduction or depreciation.
  • Deductible: There is no deductible if you elect not to have one.

What happened to Kim Kardashian was cruel and quite freighting. I too was robbed at gunpoint, 15 years ago, and to this day, I suffer from post-traumatic stress from that incident.

But this is something just to think about as the world tries to figure out what really happened to Kim Kardashian: Are you protected?

Yolanda Spivey is the owner of Michael Whitney & Associates, an insurance brokerage. She also writes on a variety of topics. She can be reached at Also, please visit her on the web at

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