Insuring your wine collection

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Insuring your wine collection

As with all investments you must consider insuring your wine collection. If you are using a wine storage facility they will usually already have insurance arrangements in place.

Bonded warehouse

If you store your wine in a bonded warehouse insurance cover is usually included in the rental charge. In the very unlikely event of a claim due to loss or damage, wines will be replaced or money paid to the current market value of the stock.

For consumption... or drinking?

If your collection is small and/or primarily for consumption, you can insure your wines under your homeowners policy. Make sure you have enough contents insurance to cover the cost of your wines. If, however, your wine collection is larger, you will probably be better having a stand-alone "valuable articles" policy.

When buying fine wines, you must make sure that the wine has been cellared correctly. If the wine has been traded several times already there is a chance that it has been exposed to light, heat and vibration all of which will affect the quality of the wine and of course its value.

It is possible that the wine could be a counterfeit and would therefore be worthless. There have been many dubious wines on the market and there is even a trade in empty vintage wine bottles from restaurants! Always make sure that your wine is insured to its full replacement value.