Until recently, the only way for collectors to protect the investment they made in a wine collection was to lump these valuables in with the rest of their personal property under their homeowners insurance. The problem was that many insurance companies only offered coverage for extremely large collections or very valuable, rare vintages.
Since many wine collections fall just short of meeting these standards, collectors were often left without the coverage they needed. This is why the insurance industry introduced a new product known as wine insurance. Coastal wine insurance allows wine collectors to ensure their investment is fully covered.
There are two basic types of policies that you can purchase when insuring your wine collection. Your first option is to purchase a blanket policy. This type of policy assigns a single value to your entire collection. Your second option is to purchase a valuable article policy. This type of policy assigns a value to each bottle of wine. This second option is most commonly used by people who have a few rare vintages that are extremely valuable on their own.