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What is the biggest mistake made by wine collectors? Not protecting their investment. A simple slip and fall could turn one of the most precious bottles into a puddle on the floor. When you consider some of the other threats to wine collections (theft, fire, power outage, flooding, etc.), it’s apparent that there is a lot at stake.
Most homeowners’ policies do not cover wine collections, and it’s common for wine collectors to overlook or underestimate the value of what they own. In most cases, you need a distinct policy or rider to protect a collection adequately. Coverage Options:
- A “blanket” policy features one overall coverage limit and is the best choice if you intend to eventually drink what you have acquired. With this option, you have the flexibility to add and remove bottles without having to notify your insurance provider each time. You’d only have to report a change if the value of an individual bottle grew to exceed the limits on your policy.
- A “scheduled” policy, in which each bottle or case is itemized or insured separately, is a better choice if you have bottles of the highest-priced vintages or if you intend to hold onto the items in your collection long term.
In addition to coverage solutions, here are other considerations needed:
- Consider appraising – seek the guidance of third party professionals who are best equipped to assess a one-of-a-kind collection.
- Store smartly – consider proper store conditions when building or renovating your cellar.
- Keep track – utilize inventory software or third party vendors that provide cellar inventory solutions to know what you have, where it is located, and when it is the most opportune time to drink it.
- Utilize qualified vendors – seek out qualified and experienced wine shippers, buyers, off-site storage, security, and more.
By securing the right wine insurance to protect your collection, you’ll be able to replace your bottles should they break, be burned, experience water damage, and more! Our team works with insurers who specialize in protecting these types of investments. We provide the necessary expertise when it comes to insuring valuable wine collections. If you have any questions or concerns, please do not hesitate to reach out to Gulfshore Insurance, we are here to keep you informed.
Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at email@example.com
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
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