Defaqto: Fashion followers need clothing insurance
www.moneynews.co.uk > Insurance > Defaqto: Fashion followers need clothing insurance
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Defaqto: Fashion followers need clothing insurance
Mon 22nd Feb 2010
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The financial research company has warned against people underestimating the cost of their wardrobe, with many women recently guessing that their clothes were worth £3,500, when the real worth was £7,000.
As a result, many are underinsured, which would leave them out of pocket should they need to make a claim.
Mike Powell, insurance analyst for Defaqto, said that 34 per cent of policies require that any items worth more than £1,500 are listed separately on the policy.
It is also advised to estimate an old for new replacement value on the items as most policies cover how much it would cost to replace the items with new possessions.
Defaqto earlier this month noted the importance of checking that expensive jewellery like engagement rings are properly covered by a policy, in case the worst should happen.
Click here for more insurance news
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