As the cooler weather finally takes hold women all over Australia are liberating their wallets in search of the perfect winter wardrobe. Buttery soft boots, fine cashmere knits, and the latest in A/W season trends beckon as the mercury lowers. And with no shortage of covetable designer drops it’s only natural to look towards your next big high fashion purchase. Whether it be that Celine handbag you’ve had your eye on or those over the knee Jimmy Choo boots screaming your name; now’s as good a time as any to splash some serious cash.
However, after you lovingly unwrap your precious purchase and grace it with its first ever wear would you make sure its insured?
If your answer is (a slightly guilty) no, then you’re not alone.
A new study from Compareinsurance.com.au reveals that 91% of female shoppers were unclear on the details of their home and contents policies. Only 9% of respondents said they would consider adjusting their policies after spending a significant amount.
Further to that, 1 in 5 women said that they would value shoe and handbag collection alone at upwards of $2,000. A pretty penny indeed which leaves us to question: what would you do if your wardrobe went by the wayside?
Pricey purchases unprotected
When it comes to underinsuring your designer wardrobe, Natalie Ball, Director at Compareinsurance.com.au understands the risks better than most.
Ball says, “The results of our survey are troublesome. It’s evident that most respondents were unsure if their home and contents policies would sufficiently cover their couture, let alone the more common luxury items such as jewellery, music systems, home entertainment or designer furniture. In the event of a robbery, house fire or storm, underinsuring your high-end items may leave them unprotected.”
Hey big spender – update your contents cover NOW
No matter whether you bought your home contents policy last week or 10 years ago. It’s important to keep on top of the total value of your gorgeous goods.
Natalie Ball says “Most people just do not realise the valuation increase of their growing wardrobe over time.”
“The amount you were originally insured for is very likely to be outdated and not provide enough protection years down the line.”
Need even more motivation to refresh your contents cover? As mid-year rolls around there’s never been a better time to start investing in your favourite finds. If you mean fashion business take stock of your designer collection and get wardrobe wise this EOFY!
5 ways how to guard your gorgeous goods
So how can you guarantee that your much loved clothing collection is properly insured? Compareinsurance.com.au has got you covered with our top tips below:
1.Take stock of your stash
Depending on the state of your wardrobe (or ‘floordrobe’ depending on your tidiness levels) this may be easier said than done. But putting aside some time to add up the contents of your wardrobe can give you a good idea of what it would cost to replace it. This is also a great time to cull your wardrobe and confirm that whatever you insure has earned its right to be there!
2.Create a ‘fashion file’
It might sound pedantic but it’s a good idea to take note of each purchase you make, particularly the more expensive items. Whether you take a quick photo, add it to a spreadsheet or note it on the purchase receipt (which you carefully file away, naturally) a physical record can help you out should you need to make a claim. Whilst true fashion addicts may know their wardrobes’ contents inside out, a go-to database is a more practical solution.
3.Update your policy
Once you have an idea of your wardrobe’s worth it’s time to seek out your insurers’ advice. Find out about any limits that might apply to your cover, and what type of depreciation might apply. Should you find that your final wardrobe’s value is far greater than you expected (as is often the case) ring up your insurer and get more cover!
4.Get covered at home and away
Heading away with some flashy items? Perhaps you’d like to give your high-end designer luggage a whirl or you’re simply packing to impress the fashion set over at your planned destination. In any case, talk to your insurer before you head off. Although you may be insured for said items at home, you should make sure that they are covered when you’re away too. It’s worth noting that travel insurance is unlikely to cover your high-end goods automatically without adding additional cover to protect them.
5. Protect your portable Prada
So what about those valuables that you leave the house with every day? Once you add up the total value of your handbag and its contents (including say, your smartphone and/or tablet, diary, car keys, high-end sunglasses, cosmetics and more) you could be looking at a small fortune dangling off your arm. It’s essential to ensure that your handbag (and its contents) is also covered for theft and damage outside of your home.
Contents conclusion
Although clothing is generally covered by your home contents policy it’s easy to underestimate the complete value of your collection and overlook some of the finer details of your policy. If you have a taste for the finer things in life, it’s time to take those Manolo clad steps to ensure that your prized items are protected.
