Cheers to That: Insuring Your Wine Collection
Will and Lynn Penny recently enjoyed honoring and supporting Henderson County’s philanthropic endeavors at the Community Foundation’s signature event, Vintage Carolina, a fundraising gala and wine tasting. The Community Foundation is a highly visible, philanthropic leader that empowers donors to invest in professionally managed charitable funds that address community needs. The evening was filled with neighbors, service and, of course, fantastic vino.
“It was a great opportunity for us to celebrate the Hendersonville community and support local causes,” shared Will Penny, President of Penny Insurance Agency.
The gala and wine tasting raised more than $105,000 for the Foundation that has awarded more than $4.5 million to the community over
the past decade.
The wine-centric atmosphere got us here at Penny Insurance thinking about some of our own client’s pretty spectacular wine collections. No matter the size, wine collections are highly valuable and, as such, wine collection insurance may be a necessity for any avid collectors. We thought we would take this opportunity to share a few recommendations about wine collection insurance:
Why you need it: Regular home insurance policies cover wine collections if stolen, or damaged in a fire; however, these policies do not take into account other potential risks such as extreme temperatures, high-risk zones or dampness. Wine insurance policies can be tailored to your exact needs and consider the location of the bottles as well as the conditions they might be subject to. You would not want to lose your investment simply because someone knocks over a bottle. Most wine insurance policies require clients to pay 50 cents for every $100 of wine they want to insure.
Create an inventory and keep it up to date: A client of ours has a computerized wine cellar that will automatically turn the bottles and alert the owner when it is time to sell or open a bottle. While this is a higher-end solution, it reminds us of the importance of staying on top of your collection so its value does not depreciate and you are actually insuring it properly. We recommended reviewing your collection regularly so that your insurance agency can adjust accordingly.
Assess your storage space: We also have a client who swears by a specialized environmental-control system that controls the wine collection’s storage space to minimize temperature or humidity changes. We recommend researching and reviewing the storage situation that is best for you and your collection. You will want to ensure the storage is a safe, secure environment whether in your home or a professional space.
Whether you are a novice wine collector or a professional connoisseur of all things off the vine, your wine collection deserves be protected and insured. With Penny Insurance, your hobby is our speciality. We have the tried-and-true experience and industry knowledge to provide you with a personalized wine collection coverage plan. 86 years of experience goes to show that just like a fine wine, Penny Insurance only gets better with age.