How much are your clothes and accessories worth and are they insured for the correct sum?
High-end, designer clothes can hold their value, and in many cases actually increase in value over time. If you had to make a claim today due to fire, theft or water damage, would you be able to replace your cherished items? It could be time to take stock and re-assess the value of your wardrobe, you could be surprised!
What’s in the wardrobe?
As a high net worth client, when asked for the sums insured for the contents of your home, would you ever think about the clothes, shoes, handbags and accessories sitting in your wardrobe? The wardrobe often gets forgotten about in the hierarchy of importance when having a conversation with a broker or insurer to determine the value of your assets. Often the focus is on paintings, antiques, sculptures and beautiful pieces of jewellery rather than the Louis Vuitton handbag sitting on a shelf in the wardrobe along with the shoes, dresses and suits that are keeping it company.
Think about the new dress that’s been brought for £3,500 for a charity dinner coming up, would you contact your broker to let them know? Probably not, however fast forward 5 years down the line and subsequent events and holidays where items are brought of similar value and this amount will rise rapidly.
We all have items in our closet that have barely been worn, I have too many pairs of shoes that I have brought over the years for a specific occasion to go with an outfit, never to be worn again, however some clients would easily spend over £100,000 on such items per year. This is an astonishing amount of possible underinsurance if forgotten about.
Rolexes, for example, are not the only item that can fluctuate in worth; the world of handbags can also be as fascinating, often collectables that receive great attention and attract earthshattering prices. Shoes for many can also fall into a similar category, they are envied and desired. Of course, not all High Net Worth individuals would spend £1,000’s of pounds per year on clothing and accessories but as a final thought what about the suit that’s been made at Henry Poole that you’ll struggle to replace for the price your paid a few years ago, and that pair of Ferragamo’s that have doubled in value since you made your purchase, even a pair of designers trainers would be £500 or more these days.
Our friends at Doer Valuations will be happy to assist you in obtaining an accurate and up to date valuation of all your valuables, including your clothing and accessories.