Fashionistas risk home insurance inadequacies

Women are spending more on clothes than they think and could risk having inadequate home insurance cover by not declaring the true cost of their belongings to policy providers, it has been claimed.

A new report from home insurance firm LV= showed that the typical fashion-loving woman estimates her wardrobe to be worth £1,840, when it could actually amount to around £6,000.

On average, men also believe their clothes rack would cost them £1,470 to replace in the event of a fire or burglary, however the true price has been placed at around £5,000, considering expensive suits and sports equipment .

Emma Holyer, spokesperson for LV=, said: When valuing their contents people just tend to think about expensive jewellery, electronics and items of furniture ... and forget how much it would cost to replace their clothing, shoes and everyday jewellery should the worse happen.

Home insurance firm Hiscox recently warned newlyweds that price tags on wedding presents are increasing and home insurance should be taken out to save damage or loss from ruining the big day.