When Mrs Thatcher's famous handbag was auctioned in 2000, it was purchased by a mystery buyer for £100,100. While most of us have more moderately priced accessories, the value of a bag and its contents can quickly add up, and Legal & General is warning customers to check that their home insurance is up to date and sufficient to cover the full value of their handbag.

Typically a handbag and its contents can be worth around £1,000, made up as follows:

Legal & General is warning that although most household insurance policies will offer cover for personal possessions away from the home as an optional benefit, consumers should check that they have taken up the option, and that the value of the cover is sufficient to cover their own personal possessions. Furthermore, if they have a taste for designer accessories, they may need to increase the standard cover offered by their insurer.

Legal & General Head of Marketing Andy Sampson explains, "It is surprising how the value of something like a handbag can mount up. It is upsetting enough for someone to lose their handbag without them realising that they are underinsured and will suffer financially too. For this reason, all Legal & General household insurance policies are flexible and customers can choose the level of cover that they actually need rather than accepting the standard".

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