30 April 2019
How much would it cost to replace your entire wardrobe?
Most people have a good idea of the cost of big-ticket items under their contents insurance – electronics, sports equipment, furnishings, etc. But when it comes to clothes, people will often underestimate the value of their wardrobe.
Here are five items not to be overlooked when valuing your wardrobe.
Put to one side the glorious designer pieces, ordinary items when added together can stretch to a substantial sum. Not to mention the additional cost of expensive outdoor wear such as overcoats, ski jackets and costly high-tech sports clothing.
A top fashion magazine recently calculated that a quarter of women’s clothing budget is accounted for by shoes. It’s easy to see why. Designer shoes can cost £600 plus, while everyday shoes are anything from £100 to £300 – even trainers! A collection of two dozen or more pairs of shoes is quite common, so the total soon mounts up.
Suits can easily be overlooked, especially if they are stored out of the way in suit bags. An off-the-peg suit costs on average between £200 to £500. A bespoke suit however can be anything in the region of £1,000 to £2,000. If you have a collection of tailored suits, it is important to consider the total value.
Handbags, like shoes, are items that are easy to undervalue. Gucci, Chloe, Lowe and YSL are all examples of brands that command price tags of £500 upwards. It is not unusual for our clients to have bags priced in the tens of thousands. Every wardrobe will have a selection of bags to go with different outfits, together with co-ordinating accessories such as wallets, purses and belts.
Stored out of sight, it is easily forgotten. Yet, a set of luggage from even a mid-range label could cost a couple thousand pounds. Designer luggage collections by the likes of Louis Vuitton can be routinely valued at £10,000.
How Centor can help
Centor’s Private Clients team can help you establish accurate values with expert advice, or discreet appraisals, to ensure that you don’t face the problem of under-insurance in the event of a claim.
For more information, get in touch with the head of our Private Clients Department, Ricky Downs.
0207 330 8725
Alternatively, click here for more information.