Have you inherited an old fur stole from your grandmother? Would you like to ensure it is protected from theft and damage? Just like jewelry, collectibles, and antiques, fur items are also highly expensive and their value can depreciate over a period of time. That’s why it is important to have them insured. Also, by getting your fur appraised, you will also be able to find out its resale value. Unfortunately, many people don’t take fur appraisals seriously, because they underestimate the value of their timeless piece. Some also find it weird to insure a clothing item. But did you know that insuring your fur items will help you in the long run? If you are planning to resell them in the market, are you aware that the resale value is going to be lower than the insurance appraised value? Well, that’s how it works with furs. Here’s a guide about fur appraisals, and how you can get them done without any hassle.
Insure your fur the right way
For insuring your fur, you will need a written appraisal from a professional furrier. Hire a proficient furrier who has the experience and expertise to figure out the insurance appraised value by examining the fur piece. They will analyze the fur skin, how you have maintained it over the years, if it has shed with time, if there are any bald spots, rips or tears, and if it is wearable to conclude the current market value of the item. Tell your furrier everything you know about the history of the garment, whether you have bought it from a high-end brand or if it is an inherited piece. This will give you a realistic figure.
Discuss with your insurance agent
Once you’ve the written appraisal from your furrier, you can provide the details of the appraisal to your insurance agent. They are responsible to add the replacement value of your fur items to your homeowner’s insurance policy. If your fur was appraised before, it is always advisable to check with your insurance agent if you need to get your fur reappraised, and how often. The fur appraisals are usually done every 2 years in order to find the market value of your fur. Furthermore, if your insurance agency has a policy which states that they will only pay the full cost of the item if the fur is reappraised, you must consider a reappraisal.
Fur appraisals and estate planning
Do you want to pass on your fur items to a loved one? Just like any other valuable, fur also has a lot of sentimental value. It is a treasure which deserves to be passed on to generations. After all, properly maintained fur can last for almost 50 years! That’s why, it is important to ensure that you have all the necessary fur appraisal documents maintained safely, so that your recipient will have a proper official record of your fur garments, giving them peace of mind.