Anyone who owns a real fur coat or is currently shopping for one knows how expensive they are. There’s no hiding behind the price tag of a real fur coat, but it’s easy to look past it when you consider it as an investment. Fur coats are extremely valuable and should be treated like any other investments you make. That can mean taking it for professional cleanings, professional storage, and even taking out an insurance policy for it. You never know when something could happen, so having it protected can give you peace of mind.
This is where getting your fur coat appraised enters the picture. Most fur coats will hold their value very well when you take care of them properly. However, insurance companies will still want you to get it appraised so they know the actual value of it rather than what you believe the value to be. Here are some important aspects you need to know about getting your real fur coat appraised.
Insurance Companies Want Appraisals
Since your fur coat is an investment, getting it appraised for the correct value is important in case it is lost, damaged, or stolen. The appraised value will often be the value you’ll get for the real fur coat if something happens to it. By getting it appraised, you’ll also have some peace of mind knowing your investment is covered in case something happens to it.
Maintain Your Fur Coat To Keep Its Value
You should always maintain your real fur coat to ensure it stays looking new whenever you wear it. Another benefit of maintaining it is the fur coat will hold its value longer. With proper maintenance, the appraised value might remain the same or very close to the same year after year. To be sure, consider getting your real fur coat appraised every two or three years just to ensure it’s holding the value. The value could increase or decrease so you want to make sure you have enough insurance coverage for it without overpaying.
Fair Market Value vs. Appraised Value
The fair market value of your real fur coat could be different from the real appraised value. The main difference is the fair market value of your fur coat is the price that someone is willing to pay for it, which is not what insurance companies look for. This could be a benefit or a disadvantage to you, depending on how you look at it and what the value of your real fur coat is. You might be able to sell your fur coat for higher than the appraised value, but insurance companies will only cover it up to the appraised value. Just remember that your fur coat is an investment and before you make any decisions to buy or sell one, all options need to be considered to ensure you’re making the right decision.
Morris Kaye Furs in Dallas can help you understand the true value of your real fur coat. Properly maintaining your fur coat is essential to maintain its value, whether you want to resell it in the future or you simply want enough insurance coverage to protect it. Our professional furriers can help you with fur cleaning and storage to ensure your fur coat is kept as close to its original condition as possible. When you take the appropriate steps to maintain and care for your fur, you might be surprised at how well it holds its value and even increases in value over time. If you have any questions about the process or how we can help, don’t hesitate to contact us at any time.
