Does Your Home Insurance Cover Your Wine Collection?

Having a wine collection and storing fine wines at home is more and more popular but even if the wine is stored in custom built cellars or temperature controlled wine storage units, many owners are unwittingly at financial risk through inadequate insurance.

Having a wine collection is growing in popularity – many simply enjoy drinking it, others see it as an investment opportunity and some with ‘spare cash’ consider it increasingly attractive and viable to have theri own home wine cellar.

Whatever the reason, storing wine at home though is not necessarily as easy as you might think.

Steps need to be taken to ensure you control the temperature, humidity and light but it’s important too to protect your financial investment and make sure you have an adequate valuations and high net worth home insurance.

Many high net worth consumers under-value their wine collection as they buy their home insurance, some even overlook it altogether.

Be aware that if you do have more than a few bottles of wine for that odd glass in the evening, it’s quite possible that a standard home contents insurance policy will not be sufficient cover for your wine collection.

Don’t forget it’s not just the quality of the wine itself that’s of value, there’s the label to consider too, particularly if you are collecting the wine for its investment value.

A damaged label will impact on the resale value of the wine – could be a disaster if you suffer water damage or fire damage for example.

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