Insurers are warning that around 7 out of 10 of us seriously underestimate the value of our wardrobe when taking out home contents cover.

LV= estimates the value of the average woman’s wardrobe to be a staggering £7,000 which includes £2,000 worth of jewellery and watches. Most of us, on the other hand, estimate the value of our wardrobes to be around £3,000 i.e. less than half the true figure.

Men’s clothes and accessories are perhaps unsurprisingly worth less than their female counterparts at £5000 but this will often include expensive business suits and sportswear.

Although it is relatively unusual to lose the entire contents of one’s wardrobe, fires and floods do happen and the cost of replacements, should you be inadequately insured, should be enough to make you sit down and carry out a proper wardrobe valuation.

LV= offers the following advice:

  • Consider each part of your wardrobe separately, rather than just trying to come up with a figure. For instance, consider the following categories: work clothes, casual outfits, evening wear, sports clothes including ski wear, underwear, outdoor coats and jackets, footwear (e.g. boots, trainers, and shoes)
  • Work out separately what your handbags, suitcases, carry-on luggage and sports bags are worth.
  • Calculate the value of jewellery, both everyday and valuable. If you have any items worth over £1500 notify your insurer.
  • Take photos of any unusual or expensive items which may help in any claims which need to be made.
  • Think about adding accidental cover to your policy if it does not come as standard.

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