Insure your wine collection

A surprising proportion of wine lovers have inadequate insurance for their collection. We pass on a few tips to ensure your prized bottles are fully covered.

1 Upgrade the essentials ‘A standard household policy will likely have a built-in limit for wine, sometimes as low as £5,000,’ says Suzi Rackley, client director at insurance brokers Aston

Lark. ‘Damage caused by temperature or humidity change [even resulting from faulty equipment or power outage] is generally excluded.’ Such events lie behind many claims but, crucially, are not covered by home insurance.

2 Scheduling or blanket? ‘You may wish to insure individual high-value bottles separately, a process traditionally called scheduling,’ says Horton Group insurance. ‘Blanket coverage is a catch-all approach; you have an aggregate amount of coverage which is associated with a per-bottle limit. Blanket insurance can be more attractive for consumable wines because you don’t necessarily have to notify your broker every time you buy, sell, or enjoy a bottle.’

3 Keep your finger on the pulse Many policies allow for market movement; make sure yours is one of them. And keep up to date with the relevant current pricing: ‘The value of wine fluctuates, in the same way that it would for a piece or art or jewellery,’ says Rackley. ‘Therefore, it is important to understand what it would cost to replace.’

4 Off-site doesn’t equal zero risk Policies offered by professional storage facilities don’t equate to watertight insurance. Not all policies are born equal, so check the small print – who is responsible for covering your wines’ transport? Keep abreast of any changes to the terms and conditions.