Australia’s “real fashion crime”: an uninsured wardrobe
A new study has found that Australian women are significantly underestimating the value of their wardrobe, with 1 in 3 who estimate their wardrobe is worth more than $5,000 not believing their current insurance policy would cover total replacement costs if they had to make a claim.
The survey conducted by UnderstandInsurance.com.au also found out of the 900 female respondents, 1 in 5 who own an item of clothing worth more than $5,000 did not believe their current contents insurance policy would cover them - and 14% did not have any form of insurance.
“Australia is full of fashion lovers - and that love often knows no bounds when it comes to how much women are prepared to spend on a single item of clothing,” said Understand Insurance spokesperson, Campbell Fuller.
“It’s likely many women underestimate the value of their wardrobe when we consider the most expensive items in many wardrobes, whether it’s a leather jacket, a designer handbag or a wedding dress. Things can quickly add up,” he said.
With the average estimated cost of an Australian woman's wardrobe at $3,400, Fuller said that having inadequate cover or not having any insurance at all means that fashionistas could be exposing themselves to financial loss that could amount to thousands of dollars.
Understand Insurance reveals their top insurance tips for your wardrobe:
Estimate how much it would cost to replace each item in your wardrobe and compare the total with your contents cover
Contact your insurer if you need to change your contents insurance cover especially if you’ve made any significant purchases during the year
Keep copies of your receipts for expensive items (AKA designer coats, handbags)