* Do you have the right insurance to weather the storm? Although clothing is included in your contents insurance and must be factored in as part of the overall cover, do you really know what it would cost to replace your entire winter wardrobe? You probably have a better idea of what it would cost to replace your flat-screen TV.
Go into most stores these days, even those known for cheaper prices, and you can expect to pay a small fortune on garments such as winter coats, leather jackets, woollen jerseys and boots. Depending on your taste, your winter outfit could cost the same as a weekend away for two, or even be more expensive than a flat-screen TV.
* Consider your entire clothing collection. Most people don’t only have one winter coat: they probably have at least a warm woollen coat and raincoat. However, many people have more than that, as they often add a new coat or jacket every winter to build up a collection.
As a result, some winter wear may be several years old. Don’t forget that replacing it will cost much more today, and that’s the amount for which you have to insure it. With everything going up in price in these tough economic times, the cost of clothing will only continue to rise, particularly as a lot of it is imported. Even replacing a pair of jeans you bought six months ago will likely cost much more today.