When should you consider getting wine cellar insurance?
If you own vintage wine bottles, even if your entire wine collection is small, considering the total value of the wine bottles you own is key. If losing your wine bottles means significant financial loss, then you should get wine cellar insurance. Same with if you own at least 50 wine bottles - even if you don’t have any vintage wines.
Don’t have a wine cellar, but thinking of building one?
Here are some tips on how to store your wine right. Proper cellaring not only means you literally build a wine cellar, but also consider the following factors when storing wine bottles:
- Humidity and moisture
- Odors and smells
- Lack of light
- Security from theft
How to insure your wine cellar
First, increase the value of your personal property on your home insurance policy. Some regular home insurance policies have personal property coverage that extends to wine bottles, but with limits. The limits can apply to the individual cost of the wine bottles ($100 - $200), or to the total amount of home insurance ($5,000 - $10,000). For high-value home insurance policies, limits may be non-existent. Wine bottles worth between $200 - $5,000 each can be insured. If your entire wine cellar’s worth is between $20,000 - $250,000) it can also be insured.
Next, get an added endorsement for a specific coverage. This means you add a new endorsement specifically to cover your wine bottles. If you buy a new wine bottle, it is automatically covered for 3 months from the date of purchase, as long as you notify your insurance company. When you have a claim there will be no deductibles, and zero negative impact on your insurance history. Plus, your loss will be handled by our experts exclusively!
Factors that affect wine cellar insurance coverage
The total value of your wine collection is based on purchase value, appraisal from wine experts, and the market value per online sources. The quality of your wine cellar, or cellaring methods depends on how your wine cellar is built, and what equipment is being used for storage.
Remember environment and location factors are important to consider when it comes to risk factors. Environmentally speaking, is your wine cellar’s surrounding environment prone to changes in temperature, moisture, amount of sunlight, or vibration? For location factors, is your wine cellar located in a town, or in a city? Is the area you live in prone to theft or crime? Is where you live, prone to earthquakes, flooding, or other natural calamities? These are all things an insurance company will consider.
Talk to one of our BrokerLink experts about wine cellar insurance!
BrokerLink has experts in insurance coverage, including those for wine collections and wine cellars. We have decades of experience when it comes to offering the right insurance coverage. Get an instant quote from online, or visit one of our community branches. For questions, call our 1-800 number found below!
Still not sure if Wine Cellar insurance is right for you? Here’s a pro tip from one of our brokers:
Always check the limits of your home insurance policy to see if it covers wine collections. The coverage may not be enough to protect your entire collection.
Ready to protect your wine cellar?
Call today to receive an insurance quote, or get a quick quote online.
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FAQs on Wine Cellar Insurance
Do I need to get wine cellar insurance if I let a professional wine storage facility store my collection?
If you store your wine with a professional wine storage facility, talk to them about the insurance coverage they offer. They may have insurance built into the price. If they don’t, or if the coverage isn’t sufficient, talk to an insurance broker about your options.
Does my wine cellar insurance cover shipping or transit?
Every insurance policy is different. Talk to your insurance advisor to determine what exact coverages are provided.
My wine collection is kept at my house, and at my store - does my wine cellar insurance cover for both?
Talk to your insurance advisor to find out the exact coverage you have. You may need to purchase additional coverage to insure your wine at two different locations.
For more FAQs, visit the BrokerLink FAQs page.