LV= warns against undervaluing wardrobes

by Richard Kilner

Story link: LV= warns against undervaluing wardrobes

Home insurer LV= has commissioned research which has shown that many Britons are undervaluing their clothes, shoes and bags when considering home contents insurance, potentially exposing them to underinsurance.

On average clothing is worth £1,600, with a further £1,300 when accessories are added, but LV= has stated that the complete value of a wardrobe can regularly stand at £6,000.

As might be expected, women’s wardrobes are generally worth more than men’s, standing at £7,000 in average value to a man’s £5,000.

LV= has warned against the dangers of underinsurance as it can leave homeowners out of pocket should they suffer from hazards such as fire or flooding.

Last month Hiscox’s ‘Fashionable Finances’ study revealed that 69% of Britons were unaware of the value of their wardrobe.

According to Hiscox, the average Briton spends about £1,000 per annum on their wardrobe, and, like LV=, Hiscox has urged consumers not to risk underinsurance on their home contents insurance.