When you purchase a fur coat, you may ask yourself “how much is my fur coat worth?” You already know how much you spent your mink fur coat, but many people aren’t sure just what they are worth. While it may seem like an unimportant piece of information, there are many reasons why fur coats for women and men should have an appraisal done by an experienced furrier. Real fur coats can be a valuable investment, which means it’s important to track their worth.
Two Types of Appraisals
In general, there are two types of appraisals that can be performed. Understanding the difference between the two will ensure you fully understand the value of your coat, whether you’re looking at opening an insurance policy or you are thinking about selling. The first type is Replacement Value. This type of appraisal is more commonly used for insurance purposes. When the appraiser looks at your coat, he will determine how much it would cost to replace your mink fur coat with an identical one. This becomes the replacement value and is the amount covered by your insurance value.
Cash Value is the second option when it comes to fur coat appraisal. This value is based on the actual monetary value of the real fur coats you own. This value is typically less than the replacement value and reflects the amount you could expect to receive if you decided to sell your coat. However, this value depends on finding someone who is willing to pay the amount. While this isn’t the most commonly used number by your insurance company, some fur owners prefer to use this value because it is less and won’t add as much to their premiums. Be sure you talk to your insurance agent when you take out your policy to ensure you know exactly what is covered under your insurance plan.
Insurance Requires an Appraisal
Many people who own fur coats for women or men think they can simply submit their receipt to the insurance company and get coverage for the amount they paid. Unfortunately, insurance companies can’t take these values to use in your policy. They need a professional appraisal for your real fur coats in order to provide the coverage you need. When you take your fur coat to be appraised, you need to let your furrier know whether you want cash value or replacement value. They will provide the proper documentation to ensure your coat is fully covered for the appropriate amount. Most people prefer replacement value so they will be able to purchase a new coat if theirs is stolen or lost.
Resale Value
When it’s time to sell your mink fur coat or other fur coat, you need to know how much it’s worth so you can get the right price for it. Many people will try to get your coat for less because they don’t want to spend full price. While the new coats you buy from a furrier will often cost more than one you buy secondhand, it’s still necessary to fully understand the value. You can then present your appraisal to potential buyers, showing them you really aren’t asking too much for real fur coats.
What Does an Appraisal Look At?
A furrier knows the true value of fur and can help you realize just how much your fur coat is worth or how much it will cost to replace it if something happens to it. When you take your fur coat in for an appraisal, he will evaluate the type of animal from which the fur came. A mink fur coat will be more valuable than one made from a more common fur, such as fox or rabbit. He will also look at the overall condition of the fur, as well as the style of the coat and how much fur was used. These factors will combine to provide the true value.
Real fur coats can be a valuable investment. When you purchase fur coast for women and men, it’s important to make sure you know exactly how much they are worth. This will help you obtain the proper coverage so you can replace your coat if disaster should strike. Understanding the value can also help you sell your coat for as much as possible when you decide you no longer want it.
If you’re looking for a fur coat appraisal in Dallas, contact us. Our experienced furrier can help you determine the value of real fur coats.
