LV= Home Insurer Warns Brits Seriously Undervalue Their Wardrobe
Released
on: October 13, 2009, 6:32 am
Author: LV=
Industry: Financial
New
research* from home insurer LV= reveals many people are seriously
underestimating the value of their clothes, shoes and bags when
calculating their home contents insurance. The research shows
that on average people estimate their clothes are worth around
£1600 with accessories such as dress jewellery and watches
valued at a further £1,300. However experts at LV= estimate
the true average cost of a wardrobe to be over double this at
£6000.
LV=
home
contents insurance experts estimate that the average women's
wardrobe is worth around £7,000, with clothes adding up
to £5000 and accessories, including items of jewellery worth
less than £1500 each, adding another £2000. Men's
wardrobes are estimated to be worth slightly less at £5000
but are more likely to include expensive business and sports attire.
With
levels of 'wardrobe' underinsurance so high, LV= is warning Brits
to ensure they consider how much it would cost to replace all
their clothes, shoes and accessories in the event of their property
being flooded or hit by a fire.
Emma
Holyer, spokesperson for LV= home
insurance, commented: "The majority of homeowners have
contents insurance but we estimate the levels of 'wardrobe' underinsurance
to be around 70%. When valuing their contents people just tend
to think about expensive jewellery, electronics and items of furniture
such as sofas, beds and dining tables and forget how much it would
cost to replace their clothing, shoes and everyday jewellery should
the worse happen.
"Although
it's a relatively small percentage of claims where we see an entire
wardrobe's contents destroyed if you are underinsured you could
find that your insurer will reduce the amount they pay out to
reflect the cover taken out."
As
well as home
insurance cover not fully covering attire in the home, under
half (42%) of contents polices sold include personal possessions
insurance. Personal possessions cover insures belongings that
are regularly taken out of the home, such as bags, ipods, laptops
and clothing against theft, damage or loss.
- ends -
Notes to Editors:
*Omnibus research was carried out by Opinium on behalf of the
home insurer
LV=. 2004 online interviews were carried out between 11-15 September
2009.
About
LV=
LV= is a registered trade mark of Liverpool Victoria Friendly
Society Limited (LVFS) and a trading style of the Liverpool Victoria
group of companies.
LV=
employs over 3,800 people, serves around 3.6 million customers
and members, and manages around £7 billion on their behalf.
We are also the UK's largest friendly society (Association of
Friendly Societies Key Statistics 2008, total net assets) and
a leading mutual financial services provider.
Liverpool
Victoria Insurance Company Limited, registered in England and
Wales number 3232514, is authorised and regulated by the Financial
Services Authority, register number 202965. Registered address
for both companies: County Gates, Bournemouth BH1 2NF. Tel: 01202
292333.
For further information please contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
www.lv.com
2012
