The height of fashion

Image-conscious fashionistas are defying the recession and continuing to splash out on the latest trends and designer labels – but some may be underinsured for their valuable wardrobes.

Hiscox research reveals that the average British adult spends almost £1,000 a year on new clothes and accessories. However, budding fashionistas striving to look like David Beckham or one of the ladies from Sex and the City admit to spending as much as £400 every month on new outfits. The recession hasn’t had an impact on more than half of those surveyed, with 56% saying they are spending the same as they normally would and 4% spending more.

When it comes to putting a price on the value of their wardrobe, however, some are not so sure. Women estimate that they own £3,000 worth of clothing and accessories, while men put the figure nearer £2,500. But Hiscox has discovered that many people grossly underestimate the true value of their wardrobe.

Hiscox household insurance expert Austyn Tusler says: “The British are dedicated followers of fashion, but many don’t have a grasp of the value of the clothing and accessories they have accumulated over the seasons.

“As a result, many people may be underinsured for their wardrobes. One female customer, for example, gave us an estimate of £3,000 to cover her wardrobe contents, but the total was actually more than £25,000 – more than eight times the value she had thought.”