Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of May 2019
February 15, 2010

Defaqto warns against wardrobe under-insurance

by Richard Kilner

Story link: Defaqto warns against wardrobe under-insurance

Ratings agency Defaqto has warned against undervaluing the contents of a wardrobe, with women’s wardrobes worth an average of £7,000.

The warning comes as London Fashion week gets underway, and is aimed at women who may be undervaluing their wardrobes and thus exposing themselves to under-insurance.

The firm’s research indicates that most women value their wardrobe at around 50% of its value, just £3,500, and could face a hefty loss should a claim be necessitated by fire or flood damage.

Insurance Analyst Mike Powell advises policyholders to check their policy in detail to make sure they have adequate coverage.

It is a good idea to keep an inventory make sure that proper coverage is in place and avoid under-insurance.

In September last year Hiscox commissioned the ‘Fashionable Finances’ study, which revealed that an average of £1,000 is spent on wardrobes per year, rising to £200-400 per month for the particularly fashion conscious.

 

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