As London Fashion Week begins, how much is your wardrobe worth?

As London Fashion Week starts, it seems that whilst the British are dedicated followers of fashion, nearly 70% really don’t know how much the clothes in their wardrobe are worth. But is is important to know – why?

The average Brit spends almost £1,000 a year on their clothes, bags and shoes, according to the ‘Fashionable Finances’ study commsissioned by Hiscox, the specialist insurer.

The recession hasn’t had as much impact on this spend as you might think, with some 56% saying they have spent the same on their wardrobe this year as last.

When it comes to considering home contents insurance, nearly 30% admitted they hadn’t included the value of the contents in their wardrobe in their calculations – 35% said they concentrated on such as TVs and furniture and didn’t even think of their designer items or other clothes, bags and shoes.

But it is important to know the value of all your wardrobe and include this as part of your home contents insurance….. read on to find out why.

As Austyn Tusler of Hiscox commented, ‘When people consider their wardrobe, many think only of the current pieces they wear each season, rather than taking into account the wealth that has mounted up over the years.

Other items such as high tech performance sportswear and outdoor clothing can also significantly increase the value, yet one in five (20%) admit they don’t know how much their sportswear is worth.’

Making sure you consider the cost of replacing all of your wardrobe, including your sportswear, is critical.

If you don’t, you run the risk of being uninsured – meaning if you do need to make a claim you may not have enough insurance cover to fully replace everything.

This is why you really do need to know how much your wardrobe is worth.

There is no point having home insurance only to find it’s not adequate should you need to make a claim.