3 Things Insurance Professionals Should Know In Honor Of Wine Day
National Wine Day is one thing. And today.
Cowards may know that May 25 is Alcohol Day, but the annual fermented grape celebration may be news for those who just prefer, but not necessarily love, wine everything.
Wine days are not all alone. It has a sister feast in February, National Drink Wine Day. Unlike wine days, wine days are more about commemorating the beverage itself than drinking it, according to the site’s date of the year. As the site notes, this should not stop people drinking alcohol to celebrate today.
Besides providing a good reason to absorb, Wine Day also offers some interesting things to keep in mind for those who are interested in wine insurance.
Greg Burns, vice president of regional operations for private customer service at Nationwide, is the insurance company for wine collections. Burns is celebrating Wine Day by going with three basic insurance professionals to know about wine insurance: who buys it, what insurance is and why it’s needed outside of California.
Two types of people
Two types of consumers will probably need to ensure their alcohol: an alcoholic or collector with a large expensive collection and a wine investor.
Both of these leads are the focus of private customer service in the country and both tend to be high value individuals with no time or resources to search for. Exotic and expensive wines.
“They’re looking for specific wines you would not find in a grocery store,” Burns said.
They have at least 15 to 20 cases of wine in their home – low – and very likely have a wine cellar.
And they usually pay about $ 1,000 for each bottle – also low. “Normally, it would be higher,” Burns added.
According to the popular Vivino website, a bottle of average red wine (at an average of 3.6) costs $ 15.66 while a very good bottle of wine (4.0 ratings) costs an average of 32 , $ 48. A wine rated 4.0 is considered to be 85% better than wines on the planet, according to the website.
Homeowners insurance may include a few bottles of wine rated at 4.0, but it probably does not include the loss of someone’s serious wine collection.
“When you are getting some high-end wines, they probably do not include as they should,” Burns said. “These things are not always covered in the landlord policy. If you leave the bottle, it probably will not be covered. ”
A service provider like Nationwide usually offers a dedicated collection policy. Under such a policy coverage there may be coverage blanket, a total limit of 1 million dollars, plus a sublimation for each bottle, or they can schedule (item) based on value of each bottle.
The second option seems to be preferred by investors than hobbyists, according to Burns.
“What you find is a real person who is an expert investor in this space, they have a catalog of all the wines,” he said.
The premiums for these policies vary according to the rate of application, the type of wine value schedule and the status of the insured person, he added.
Damage, often uninsured under the basic homeowner policy, is one of the greatest potential losses, Burns said.
“It’s a great item, because that’s where you get your basic touch base,” he said, adding that the power outage was capable of offering a complete wine collection. “That’s where people come in.”
To help keep away these occasions, the nation has several storage tips:
Store wine in a wine cellar or wine cooler – The best place is in a wine cellar or wine cooler with fiberglass insulation to regulate temperature and protect against damage to the label.
Climate control – Leaving wine away from areas such as kitchens or laundry rooms can cause temperature changes. The ideal temperature range for wine storage is between 45 and 65 degrees F. Avoid dry environments that can dry the cork. Areas with a moisture content of 50 to 80 percent are sufficient for storage.
Store the bottles on their sides to prevent the cork from drying out.
Keep the bottles stored away from light. Sunlight can damage alcohol by aging it early and household light bulbs can blur the labels.
Not just California
California is a classic place for wine insurance largely due to the growing grape variety of the North, which also tends to be an attractive place for investors and hobbyists. .
However, those who are interested in selling alcohol insurance should note that it is needed throughout the United States
“The wine business is becoming extremely big,” Burns said. “You can go to Washington; you can go to Oregon; There is a great expansion of the winery business. I think it’s all over the United States. ”
American winery counts for the month
Nearly half of these wineries are in California (4,391 wineries), with Oregon (774), Washington (772) and New York (395) following. Both Oregon and Washington saw an increase of 8% in wineries compared to last year, while Texas (319), Virginia (276) and Pennsylvania (261) increased 3% from a year earlier, according to Wines & Vines.
One thing to note is that large wine investors and fish farmers do not necessarily live near the grape farm.
“Wine is not always produced,” Burns said.
California made the rest near the top of the list of the most expensive wines.
Finances Online has compiled a list of the 10 most expensive red wines in the world by 2018. At the bottom of their working list is the Domaine Leroy Richebourg Grand Cru 1949 French wines for $ 5,921 each, Domaine Leroy Chambertin Grand Cru 1990 for $ 7,447 per bottle, and Domaine Georges & Christophe Roumier Musigny Grand Cru 1990 for $ 11,720 / bottle.
Screaming Eagle Cabernet 1992, a six-liter bottle from California’s Napa Valley, worth $ 500,000.