Regardless of, or motivation for, your wine collection, education is a critical component when protecting your collection. These 4 tips will help with that first step in protecting your investment.
1. Talk to an agent
The first step is to understand what is protected under your existing homeowners insurance policy. If your wines are stored in a temperature and humidity controlled environment, a simple power outage could ruin your entire collection. Unfortunately, power losses and the resulting failure of mechanical systems are not covered under a typical homeowners policy. It is important to work with an agent who understands wine insurance, the options, and available coverage.
2. Provide details
In order to properly align coverage with your needs, it is important to understand the details of a collection. Where is it located? Do you move bottles from location to location? What do you believe is the greatest risk to your collection, and why do you want or need insurance? Articulating your concerns will be essential if your agent is to present you with relevant, helpful coverage options.
3. Inventory
Create an accurate inventory of your collection. Next, keep this inventory up to date. Remember to add or subtract bottles as your collection changes. A detailed inventory can assist you in ensuring appropriate coverage and accurate claim payments should a loss occur.
4. Get an appraisal
Like art or jewelry, the amount you paid for a bottle of wine does not always reflect its value. Having a third-party appraisal will help you ensure the correct policy limits, and may be beneficial in the event of a loss.
Simply put, a brief education on wine insurance options may be your strongest ally in determining your need for coverage and the appropriate coverage to obtain. Working with an expert is essential.
With our ongoing relationship with leading wine experts, Acacia Insurance provides access to comprehensive wine protection programs, inventory systems, loss control and appraisal services.
Ready to learn more?
Acacia Insurance has been helping to make the unexpected uneventful since 1988, and we look forward to working with you. Please contact us with questions and for additional information.