Hey that 1990s trainer collection, or those Italian and French handbags, could be worth more than all your other furniture – ever consider that you HNW consumers? Well, a new survey by high net worth insurer NFU Mutual has found that affluent individuals spend more on clothing than any other item, prompting a warning of the risks of underinsurance. Here’s the word;
On behalf of NFU Mutual, OnePoll carried out the survey of 1,000 people across the UK with liquid assets of £500,000 or annual income of over £100,000. Surprisingly, 37% of respondents said they spend most money on clothing, compared to 35% saying they spent most on vehicles, 23% on jewellery, 19% on furniture and watches and 14% on alcohol.
Highlighting the importance of clothes to affluent Brits, over a quarter of respondents (26%) considered themselves to be a collector of clothing. The findings suggest that affluent and high net worth people around the UK could be sitting on a gold mine of valuable clothing, with NFU Mutual warning that this could cost more to replace than people think.
Dawn Blazier, Head of High Net Worth Insurance at NFU Mutual, said:
“Our Agents at NFU Mutual often find that people underestimate the value of the possessions they’ve accumulated over time, and I know most people wouldn’t immediately consider their wardrobe to be amongst their most valuable things.
“However, these survey results show that Brits could have a goldmine of valuable clothing in their wardrobe with shoes, handbags and suits being some of the more common valuable items. With that comes the need to ensure everything is reflected and covered on your insurance policy. Make sure you know what you own and have an idea of what it would cost to replace, and remember that pieces – particularly rarer pieces – might cost more to replace than they did to buy in the first place.
“People should also consider specifying more valuable and sentimental items like wedding or occasion dresses to make sure they are replaced in the event of disaster. It’s a good idea to value certain items as well, whether they are accessories or clothing, as rare or sought-after pieces may have increased in value.
“If in doubt, talk to your insurer. NFU Mutual’s Agents and staff are delighted to discuss customers’ requirements and assist with valuation to ensure your treasured possessions are covered should the worst happen.”
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