It's still cold out here in Cleveland, Ohio and what's better than pouring yourself a glass of wine and curling up with a good book by the fire? We know that there are a lot of great wine shops, collections, and even vineyards in the Cleveland area. If you haven't taken the time to stop by the area and you're coming through Ohio, do yourself a favor and swing by! Now that we've confirmed that Cleveland knows a little about wine, lets talk about our specialty as an insurance agency, insuring wine and insuring wine collections.

Tips for insuring your Wine Collection

1. Give us a call! The first step in making any decision is always going to be doing your research and consulting with an expert if possible. We are the wine insurance experts in the Cleveland area, and you can give us a call right now (or when you get done reading this post) at 440.233.6199. If you currently work with an agent that doesn't fully understand or have the tools to properly insure your wine collection, give us a call or shoot us an email. If you aren't sure if your agent can help you, feel free to give us a call and when can help you understand the right questions to ask to ensure that your collection will be properly covered.

2. Ask Questions. Make sure you know what questions to ask such as; when will my wine collection be covered, where will my wine collection be covered, will my collection be covered if it is ruined due to moisture or failure of refrigeration, will my wine collection be covered for the full value or will you tell me what it's worth when something happens. There are other questions you can ask, the key is to ask the questions that make sense to you. What do you want to know about your wine insurance coverage? You want to know how things will be handled if you have a claim, in other words, what happens if I need to use my insurance.

3. Get an appraisal if needed. Some insurance carriers will require that you show them an appraisal of your wine collection. Some insurance carriers will allow you to insure your collection up to a certain amount without an appraisal, it really does just depend on the carrier.  It's the same idea behind your insurance carrier wanting photos of your new home and the appraisal from the bank, especially if you just purchased it. The insurance company will want to know what the market value is of your wine collection. Some insurance companies offer specialty products for wine and wine collections, while others are able to insure them on a basic inland marine policy. You really should speak with an insurance expert that can walk you through the policy itself, before making any buying decisions.

4. Keep an inventory. How can you prove what you own if it is destroyed or if it is damaged? You really should be able to prove to your insurance carrier what was included in your collection.  When you are able to keep an inventory, it shows the carrier that you are responsible and also keeps them in the loop if you are adding new bottles or even selling off some as well.

5. Keep your inventory updated. The key to effectively using an inventory is to constantly keep it updated, so that you can prove what you currently have and also pay a premium that actually reflects your insured value. So, if you decide to sell of a large portion of your wine collection but you fail to update your inventory, you could be paying to insure a part of your collection that you no longer own.

Why should you insure your Wine Collection?

Ok, so by this point we hope that we have given you enough tips to make an informed decision on selecting wine insurance coverage, but we haven't actually addressed exactly why you should insure your wine collection. Well, if you assume that your home owner's insurance policy will cover your wine collection, you may want to actually read your policy before making any assumptions. If your insurance carrier will actually insurance your wine, it likely wont cover the full amount of your entire wine collection, in fact very rarely will it cover even a fraction of your wine if you have a significant collection. You should seriously consider wine collection insurance if you are a serious wine collector!

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Cobos Insurance Center, Inc. to provide information that may be of interest. Cobos Insurance Center, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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