The saying `out-of-sight, out-of-mind’ is true of what’s happening when insuring the contents of our wardrobes. When insuring household contents, we automatically think of furnishings, electrical equipment and jewellery, but forget to fully appreciate what is hiding in the wardrobe.
A recent case study identified that our client would have been underinsured had it not have been for our site visit. Our client declared a modest value of £7,000 for the contents of her wardrobe, but after evaluating, the cover actually needed to be increased by 257% to a total of £25,000. This type of oversight is something that we often see.
According to Covetique, most people will spend more than £500,000 on clothes, shoes and accessories in a lifetime. Designer handbags especially, can increase by as much as 200% in value over time. This means your wardrobe is probably worth a lot more than your thought. Spend a moment to look through the number of coat hangers in your wardrobe. Multiply this by the average replacement value per item and you will then have a reflection on the actual sum insured you may need.
Here at Property Wealth Insurance Brokers, we specialise in personalised insurance and will take
time to really evaluate your possessions to ensure you have the correct cover in place. Please remember, most home policies contain wordings that compels you to disclose the correct replacement cost of your possessions or your policy may not pay out.
We offer individual and discreet insurance reviews to meet individual needs. So please get in touch for a personalised review of your insurance covers.
Property Wealth Insurance Brokers LLP is an appointed representative of A-One Insurance Services (BMTH) Ltd who is authorised and regulated by the Financial Conduct Authority.
Property Wealth Insurance: Hemings House, The Square, Wickham, Fareham, PO17 5JT
E. tinam@pwinsurance.co.uk
T. 01425 486589
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