Whether you own a real fur coat or are considering buying one, you’re likely well aware of the high price tag. It’s no secret that your fur coat is an investment, so the cost is worth it when you get a quality product in return. Like any investment, a real fur coat needs to be protected as much as possible. Take care of it more than you do anything else in your closet, have it professionally cleaned, and even consider adding it to your insurance plan.
Knowing the value of your real fur coat is important. You will need to know the true value if you sell it or if you take out insurance on it. Getting your fur coat appraised is the first step. Here are three facts about a fur coat appraisal you should know about.
Appraised Value And Fair Market Value Might Be Different
Appraised value and fair market value are two different things, so it’s important to understand them both. Insurance companies will only cover the real fur coat up to the appraised value. So if your fur coat’s appraised value is $2,000, but you think you could sell it for $3,500, it will only be protected for up to $2,000.
Fair market value is the amount someone would realistically pay for a real fur coat. Sometimes this amount could be higher than the appraised value, but it could be lower as well. If you’re planning on selling your fur coat, buyers might want you to get it appraised so they know the value before making an investment. That doesn’t mean you’re forced to sell it at the appraised value. It just gives them an idea of where to begin their negotiations in many situations.
The Value Of Your Real Fur Coat Can Change
A real fur coat can hold its value for many years if it’s cared for properly. Sometimes the value can even increase! Take good care of your real fur coat by not wearing it in rainy or other harsh weather conditions. Get it professionally cleaned at least once a year and opt for professional storage if you don’t wear it during the summer months. A good rule of thumb is to get your real fur coat professionally appraised at least once every couple of years. This gives you an idea of how much the value of your investment has changed, if any at all. When it comes to insurance coverage, you want to make sure your policy is enough to cover it without paying too much.
Your Insurance Company Will Likely Require An Appraisal
Whether you take out a separate insurance policy for your real fur coat or add it to your existing one, the insurance company will want a professional appraisal. Fair market value isn’t good enough for insurance companies since they need to know what the item is actually worth. If you don’t like what one appraisal ended up at, then you can get subsequent ones completed. Just know that if you use reputable companies for your appraisals, the value should be very similar across the board.
Protect Your Investment And Opt For Regular Fur Coat Appraisals
When you understand that your fur coat is an investment, you will know how important a fur appraisal can be. If it gets lost, stolen, or damaged outside of your control, you want your investment to be protected. Make it a habit to get your real fur coat appraised every two years so you can keep up with the value. You never know when you’ll decide to sell it or if something happens to it, so having an updated appraisal is valuable.
Morris Kaye Furs in Dallas provides fur coat appraisals to help customers protect their investments. We also offer professional fur coat cleaning and storage to ensure the value of your fur coat remains stable for many years. If you have any questions about fur coat appraisals or you are ready to schedule yours, contact us at any time.
