Hollywood mini-mogul Mary-Kate Olsen recently insured her wardrobe against fire, flood or natural disaster for $2 million. Given that she owns pieces that are worth over $25 000 individually, and a Chanel handbag that is valued at about $40 000, it’s understandable that they be considered as high-value insurable assets. While many of us many be feeling that our wardrobes are decidedly tatty, particularly after watching Sex and the City 2, we often underestimate how much it would actually cost to make a complete replacement…
Christelle Fourie, Managing Director of MUA, says that their regular assessments on clients’ possessions show that about 90% of women, particularly those on the higher end of the market, significantly underestimate the cost of their wardrobes, estimating them to be just half of their actual value. Taking inflation into account, a designer suit that cost R1000 a few years ago may now cost R7000. And for those of us who don’t even venture near the “label” side of things, have you noticed recently that R1000 will only just get you a jersey and a pair of trousers from a mainstream store? This means that the value of clothing starts to rank up there with electronics and jewellery, which we wouldn’t think of not specifying on our household policies.
Value it
It's worth taking some time to go through your wardrobe and list how many items there are and how much it would cost to replace them. Include shoes, handbags, belts and accessories, and take photographs, particularly if you own a lot of designer brands. Some insurance companies offer a wardrobe valuation service, if you would prefer to have it done professionally. When you’ve got your valuation, make sure it is included in your household insurance policy.
In the bag
While you're at it, it's advisable to check with your insurer whether or not your policy covers your handbag and its contents, in the event of theft outside of the home. Handbag insurance is a relatively cheap addition to a policy, but can protect you against big losses, if you consider the items you normally keep in your bag – wallet, sunglasses, cell phone, iPod, makeup and more…
Like all insurance, the appropriate “fashion insurance” only seems like an additional cost until you really need it. And it may not even cost you more, it may just be a case of adjusting your household policy accordingly to save you thousands – and preserve your future dress sense!
