As much as we might pride ourselves on having beautiful clothes, our wardrobes are one of the most undervalued and under considered parts of our estate when it comes to insurance.
Whether that’s because we don’t like to admit to ourselves how much we spend on hats, shoes, clothes and bags, or a simple underestimation of the value of items we’ve had for a long time, what’s important to consider is how much it might cost to replace each item, should the worst happen.
You can class the items in your wardrobe into three brackets: seasonal fashion buys (this year’s Ganni), modern classics (a Burberry trench) and lifetime investments (a Chanel jacket, a bespoke Henry Poole suit). With the increasing popularity of sustainable fashion and the buoyancy of the preloved market, the value of all these items may have gone up considerably since you bought them, but for lifetime investments pieces, (particularly with original packaging), you can estimate up to 10% a year, which should be factored into any valuation.
On top of that, you might have your Grandmother’s Hermés scarves, your mother’s vintage Westwood, or hats and jewellery passed down generations you would be heartbroken to lose, and not forgetting ski wear, shooting clothes, riding clothes and sports equipment.
The first step in insuring your wardrobe is to determine its value. This can be a daunting task, but it is important to be thorough to ensure that you have adequate coverage. Start by taking an inventory of all the items in your wardrobe, including clothing, shoes, and accessories. Make note of the brand, size, and condition of each item, as well as its purchase price.
Once you have an inventory of your wardrobe, you can begin to determine its value. Consider factors such as the age of the items, their condition, and any rare or designer pieces that may be worth more than average. Don't forget to include any sentimental value that certain items may have, as this can also contribute to their overall worth.
With an accurate assessment of your wardrobe's value, you can begin to investigate insurance options.
If this all seems like hard work, Vanderbilt offer a bespoke valuation service. We’ll send experts to your home to determine the value you need to be insured for and we’ll advise you on whether you need bespoke insurance for items in your wardrobe, or whether it can all be covered under your home policy. We can also insure you for items you travel with, in case of lost or stolen luggage away from home.
We’ll consider whether you need cover for additional benefits, such as coverage for alterations, repairs, and cleaning, and we advise you on how to store items properly to protect your investment. Keeping your clothing and accessories in a secure, climate-controlled environment, such as a closet with a dehumidifier, can help prevent damage from moisture, pests, and other environmental factors.
You may also want to consider investing in quality hangers, garment bags, and storage containers to help protect your clothes from damage during storage and transport. When packing for a trip for example, using a sturdy suitcase with ample padding will protect your clothes from damage during transit.
In any case, Vanderbilt are here to give you solid advice on what’s in your wardrobe, so you can make the most out of enjoying it.
If you’re a HNWI looking for bespoke, personable insurance, tailored to you, just call us on +44 (0)20 8156 7051, we’re always at the end of the phone, ready to help.