If you value your wine collection, you are likely taking great care to store your wines properly to allow them to mature. You also know that an improperly stored or handled wine product will likely never reach its full potential. For those who care about their wine collection it makes sense to insure it properly.
Anything Can Happen
Wine storage involves careful transportation, packaging, storage and temperature control, not to mention damage from common perils such as fires, theft, floods and other natural disasters. Addressing all of these risks through care and concern is one strategy, but you can employ another layer of risk management with an insurance policy specifically designed for your wine collection.
Wine collectors have special needs and risks of damage that are not typical perils that might be insured under a standard homeowners policy. Extreme conditions of temperature for example may or may not be covered under a homeowners policy but this is one condition that can have a very negative effect on your wine storage, and could result in a substantial economic loss.
Documentation Is Paramount
When it comes to the value of your wine collection, it is important to understand values and your decision on the amount of coverage you need should be considered carefully. You can obtain an agreed value settlement policy that will establish the full value of the collection prior to any claims. In order to establish the value your best approach will be to obtain a professional appraisal.
Documentation is your best approach when considering a wine collectors policy. A detailed inventory of wine bottles and equipment should be on file with your insurer in case a loss ever occurs.
Other unique features that you can obtain in a wine policy are coverage for mechanical breakdown, breakage and coverage for wine that is in transit.
Choosing a deductible is an important consideration as well, and sometimes a loss may be small but important to you. Since smaller losses are often below a policy deductible this can be a challenging decision for a wine collector. Fortunately, some policies are available with a “no deductible” provision.
If you are an avid collector and have questions about a wine insurance policy, be sure to speak to a professional agent who can offer sound advice on your insurance alternatives.