Fur coats can be one of the most valuable investments you ever make. They often cost a lot of money and are worth just as much if you decide to sell it in the future. In some cases, the value may even rise based on the supply and demand of a certain type of fur. When you buy fur coats, it is important to understand just how much your coat is worth for a number of reasons. There are several ways to determine its worth, even if you don’t have an exact value.
Look Online
One of the ways in which you can get an idea of how much fur coats are worth is to check online. Before you browse online, check for the manufacturer of the coat and understand the type of fur you have. Once you know who made your coat and out of which fur, you can look on resale websites, such as eBay. This will show you how much similar coats are currently selling for. After all, something is only worth what people are willing to pay.
Get an Official Appraisal
If you want to cover your fur coats on your insurance policy, it is necessary to complete an official appraisal when you buy fur coats. This formal appraisal will tell the insurance company how much it would cost to replace your coat if it is stolen or damaged in a disaster, such as a fire or flood. Many furriers offer appraisal services because they are most familiar with the fur market and how it relates to the value of furs.
Replacement vs. Cash Value
When you obtain an appraisal for your fur coats, you will see two values listed: replacement and cash value. Understanding what these two values mean will ensure you know exactly how much your coat is worth. Replacement value refers to the amount it costs to replace your current coat with a similar one. Cash value is significantly lower and takes into consideration wear and tear and other condition factors. Age is not typically a factor if the coat is well cared for.
When you buy fur coats, it can be beneficial to understand how much they are worth to protect your investment. An official appraisal is often needed to cover your fur coats on your insurance policy. However, you can also use resale sites to get an idea of how much your fur coat is worth if you decide to sell it.
If you are looking for an experienced furrier for an appraisal, contact us. We can help you determine the value of your fur coats.
