As London Fashion Week draws to a close, 'fashionistas and fashionmisters' are reminded that without adequate home insurance, they could go from riches to rags if the contents of their wardrobe was stolen or damaged.
Hiscox home insurance this week warned dedicated followers of fashion that they could be jeopardising more than their street cred, but also the value of the clothes they own if they do not protect it.
Research from the home insurance provider, which specialises in high value policies, found that almost a third of homeowners do not know whether or not their wardrobe contents are included in their home insurance policies, while more than two thirds have no idea how much their sense of style is worth in monetary terms.
The study also found that, on average, Brits spend almost £1,000 a year on clothes, but for the really dedicated followers of fashion, this rises to £3,600 a year. And, while the recession has meant that some people have had to recycle last year's fashions, 56 per cent of fashionistas and fashionmisters say they have not cut back on their spending, with four per cent admitting that they have spent more this year than last.
The figures show that the average Brit buys three designer items a year, at an average cost of £293, but despite this, the majority are clueless when it comes to how much it would cost to replace the items in their wardrobe.
More than a quarter of respondents to the Hiscox survey admitted that they did not add up the total value of their wardrobe when taking out contents insurance, with more than a third conceding that they did not think to include their clothes at all.
Commenting on the findings, Austyn Tusler, Hiscox home insurance spokesperson, said that as a result of not taking the value of their clothes, shoes and other accessories into account, "many people may be underinsured," and, he added, "as quite often is the case, they could be underinsured when it comes to the rest of their household contents too."
One female gave an estimated value of £3,000 for the contents of her wardrobe, but it turned out to be more than eight times more, around £25,000.
"It is important that people spend a bit of time totting up the costs of replacing their items to make sure their full wardrobe is covered," Mr Tusler urged. "That way, in the unfortunate event that they have to make a claim, they will have enough insurance cover to bring their wardrobe back to its fashionable best.”
© Fair Investment Company Ltd
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