£13bn worth of uninsured clothes
February 19, 2007 by admin
Filed under News, News-Insurance
We are all buying more clothes, but research from Prudential Home Insurance shows that few of us are taking the time to insure them.
Around 25 per cent of us are said to own at least £2,000 worth of clothes, while six per cent of us have a wardrobe that holds over £5,000.
In spite of the growing value of the glad rags we own, Prudential has revealed that the majority of us do not take out insurance as protection, with £13 billion worth of shoes, clothes and accessories lying around uninsured in homes across the UK.
To make matters worse, Prudential points out that now is probably not the best time to be spending so much money on clothes, as the level of UK personal debt currently exceeds £1 trillion.
“It is concerning that despite the average Brit being in £27,455 worth of debt, many are still prepared to spend so much on fashion regardless of whether they have a steady income,” said Phil Southgate from Prudential Home Insurance.
“The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing.”
One of the most surprising figures to come from the research is that those out of employment are more likely to own more shoes than those who work, with 38 per cent of unemployed people owning between six and ten pairs.
According to Prudential however, the most alarming thing is that so few of us insure our clothes.
“It’s amazing how so many people fail to insure the contents of their wardrobes, especially considering that a fifth own up to three expensive designer items,” said Mr Southgate.
“It is important that people assess the value of their wardrobes on a regular basis.”
