Protecting Your Fine Wine Collection
Collecting high-end wine is more than a luxurious pastime; it is a lucrative investment option that should not be ignored. Investors throughout the world are finding that fine wine collections hold tremendous value and are purchasing collections as an investment alternative. More so than other general collectibles, fine wine requires extremely specific care in order to maintain value and lure, such as climate controlled cellars, security, and particular transportation requirements. Ensuring the aftertaste of your high-end wine collection remains unscathed and protected is vital. The personal risk managers at Swingle Collins & Associates can help you do so.
Important risks to be aware of include:
Fire, theft or breakage
Storage or product/equipment malfunction
As time has progressed and technology has advanced, wine cellars have started to move aboveground rather than the previous alternative of being underground or in a cave. Although this is a positive advancement, this also presents opportunities for further risk. Water damage and flooding can completely ruin the aesthetics of a wine collection, dramatically reducing its value. Wine cellars aboveground also meet the obstacle of imitating the environment that is required for optimal aging, such as temperature and humidity control. This same complication presents itself throughout transportation and as any other collection of high value, security is of high importance.
After reading through the potential risk factors above, it is obvious that immediate protection for your valuable asset(s) is imperative. A typical mistake that many encounter is to assume protection from these risks is obtained under the personal property portion of your homeowner’s insurance policy. Although in many instances this is not the case. In order to gain specific and unwavering protection for an asset such as high-end wine collections, collectors insurance may be in your best interest.
Examples of protection Swingle Collins & Associates can offer through collectors insurance:
150% replacement cost
Coverage for “mysterious disappearance”
Hassle-free appraisal requirements
Coverage for pairs and sets
Coverage for newly acquired items
Seeking advice and guidance from a trusted insurance advisor will allow you to be confident in your investment and to enjoy your collection. Contact the personal risk managers at Swingle Collins & Associates today to review your current homeowner’s policy and receive quotes for collectors insurance.