Frequently homeowners merely arrange to protect wine using the same method that also protects higher value property such as jewelry, musical instruments, furs or cameras. However, a market of specific insurance was created to offer customized protection. The wine collector’s approach falls into two broad areas and those areas easily determine whether generic or specialty coverage should be selected.
Many collectors acquire wines that, ultimately, will be consumed. However, they tend to purchase more expensive wines than the average wine drinker and they also buy in higher quantity and store the collection at home. For these, consumptive, collectors, purchasing scheduled coverage for their wine and related accessories, may be all the protection that is needed.
A smaller (yet growing) group of collectors are less interested in consuming as they are in building significant collections for investment purpose. This group consists of persons who buy the most expensive wines, often through auctions. They are also active traders and they frequently purchase custom property for storing and displaying their wine.
Serious collectors are drawn to purchasing wine insurance policies. Besides providing coverage fire, theft, wind and other common loss sources, Wine policies will protect described wines according to their market price as well as against losses due to accidental breakage, damage to labels, power outages, mechanical breakdowns of temperature control systems, harm from excessive light, heat or vibrations and other perils that target wines. Coverage may also be purchased for rare vintage wines that even must be protected against substantial loss of value from even slight movement of its bottle label.
Further, wine insurance is geared toward Coverage is geared toward protecting a wider variety of property such as:
- ·Refrigerated Wine Cabinets
- ·Wine Racks
- ·Wine Furniture, including built-in cellars
- ·Wine Collecting Accessories