Female Consumers Under insure their Wardrobes

May 26 - South African women are known to be good dressers and have a great taste for accessories and fashion.

But now, an insurance company has put things into an interesting light by claiming that the vast majority of women don't know how much their wardrobes are truly worth.

This leads to levels of under insurance that are worrying, with the result that these women can be left out of pocket if their homes or property becomes damaged for whatever reason.

"The regular assessments we conduct on our client's possessions show that about 90% of women - particularly in the high end market - significantly underestimate the cost of their wardrobes, estimating them to be just half of their actual value," said the Managing Director of MAU Insurance Group, Christelle Fourie.

Fourie went on to say that many of the company's female clients have no clue just how much their wardrobes are worth.

"The main cause for this is the fact that insurance values are calculated on the replacement cost of items, so that designer suit which cost you R2,000 a few years ago will probably now cost in the region of R10,000 to replace," she said.

Facts show that a large portion of the average woman's income is spent on her wardrobe,

"Given that South African women are spending thousands on their clothes, accessories and shoes, it is crucial that these items are properly insured," said Fourie.

Proper insurance cover is the only way to ensure that consumers are not left out of pocket, and women are urged to consult with their brokers to look into taking out the proper policy.