When taking out home contents insurance, you might take the time to assess your valuables and work out how much it would cost to replace them all. It can be quite a surprise that all the items in our wardrobe alone could be more valuable than anything else in the home.
Not all clothes come under the same category when it comes to insurance, and they do not all have the same value, so therefore insurers will take different views on certain items in your wardrobe.
It’s important to determine the cost of all your items before taking out insurance because this will let you know how much cover you will need and give you clues as to how much you should be willing to pay on your monthly premiums and excess.
As discussed previously, clothing is usually insured on an indemnity cover basis, so even if all of your items fall under the limit of the cover you will not necessarily receive the full amount to replace them – in fact it will be highly unlikely that you do.
Clothes are considered to have a naturally short life span so insurers do not feel comfortable giving you enough money to get a brand new pair of jeans when the ones that got damaged were five years old.
However, some items in your wardrobe will almost certainly be covered under new for old policies such as bags. The insurer will class them as contents, rather than clothing, but if they are valued higher than the insurance is prepared to cover you for then you will need to list it separately if you still want it insured.
Fabric’s accidental death insurance policy is typical in that it won’t cover death due to health issues, disease, old age, suicide or intentional injury, as these would not be considered accidents. However, the Fabric Instant policy also contains other exclusions, the set of which changes by state. Depending on where you live, a claim may be denied if you die or receive an injury that leads to your death: