Should You Get Insurance for Your Wine Collection?

Millions of people across the United States enjoy drinking a glass of wine.

No matter whether it is at the end of a stressful day or over dinner, its popularity has never been more popular, even amid the growing boom of craft beers.

Wine consumption has long been associated with fine dining and luxury, and in recent years there has been a growing rise in the number of people becoming serious wine collectors. This ever-increasing activity has led to a burgeoning market for wine insurance.

Frequently, homeowners would be looking to protect their most expensive wines in the same methods they would use to protect other high-value property, such as their jewelry, musical instruments, or electronics. However, there is now a market of specific insurance that has been created to offer customized protection. T This gives wine collectors two security options, a generic level or a specialty level of coverage, depending on their requirements.

Many collectors acquire wine to be consumed; however, these buyers tend to purchase more expensive wines than the average drinker and in high quantities than the average person. For these consumptive collectors, purchasing scheduled coverage for their wine and any related accessories may be all of the protection they need.

A smaller but ever-growing group of collectors are less interested in consuming the wine, instead they are focusing on building a significant collection for investment purposes. These types of buyers typically purchase the most expensive bottles available, quite often through auctions, as well as being regular and active traders.

These types of buyers are often drawn to purchasing specific wine insurance policies, which not only provide fire, theft, wind, and other common loss protection but also protect wines according to their market price. These types of policies also protect against loss due to accidental damage, label damage, power outages, mechanical breakdowns of temperature controls, harm from excessive light, heat, or vibrations, and other perils that target wine.

Additional coverage can be purchased for those rarest vintage wines that need to be protected against substantial loss of value, which can occur from even the slightest movement of the bottle label. Wine collectors can also buy insurance to cover their accessories and property, including:

• Aerators
• Corkscrews
• Decanters
• Refrigerated Wine Cabinets
• Stemware
• Wine Racks
• Wine Furniture, including built-in cellars
• Wine Collecting Accessories

So if you have a love of fine wine, especially as an investment, then it makes sense to ensure you are protected with a wine insurance policy.