Why Insuring Your Fur Coat is a Wise Choice

While ensuring our valuables we often overlook some items that should be insured separately. Fur and pure leather garments fall into this category.

Even if you have standard homeowner’s insurance policy, odds are that it does not cover all the valuables in your home, especially items such as expensive garments. This means that if your fur coat gets damaged there is no way for you to be compensated for the financial loss.

Prudence dictates that all valuable items that can be easily damaged should be insured. This is why there are insurance policies that have been formulated to provide coverage for exactly these kinds of items. There are insurance policies that provide coverage for damage to fur or leather clothing.

Your fur or pure leather coat is susceptible to theft, accidental damage due to water or fire. Fur coat insurance does not, however, cover damage caused due to negligence such as damage caused by insects, improper storage or normal wear and tear. It only covers the damage that occurred due to reasons not under your control.

Before you choose an insurance policy, speak with your insurance agent to discuss the procedures regarding what happens in case the insured item is damaged or lost. You should also ensure that the value of your fur garment is appraised by an expert so that it can be insured for its true value.

The right appraisal will be provided to you from the professionals specializing in fur. You can use this in your policy. Thus, to insure your fur coat properly you will need a written appraisal from a professional seller. Your seller will send request to your insurance agent for the appraisals.

The appraisals include the replacement value and the cash value. Replacement value includes the cost of the fur when you replace it with an identical one. Cash value depends on the cost of the garment when you bought it.

Check with your insurance agent on how often you need your fur re-appraised. Some policies require re-appraisals every two years.

You will have to talk to your seller and insurance agent to get the exact coverage you need for your fur coat. You should insure your furs at the time you buy them so that your investment is protected from the start.