How to Insure Wine

Wine enthusiasts often collect in small amounts meant solely for consumption. However, they can also be serious collectors who have built up a valuable wine collection. Insure your wine collection to protect your investment.

Instructions

Difficulty: Easy

Things You’ll Need:

• Homeowner's insurance
• Insurance application
• Appraisal fee
• Insurance premium
• Appraisal services

Insure a Small or Inexpensive Wine Collection

1. List all of the unopened bottles of wine that you have in your collection, including the vineyard and production year.
2. Determine the worth of each bottle. Use wine price guides to assist you.
3. Contact the agent who handles your homeowner's insurance policy. Find out how much coverage you have for contents or personal property.
4. Schedule your small wine collection as part of your homeowner's policy if you have adequate coverage. This is the easiest and most economical way to insure a wine collection that is primarily kept to drink.

Insure a Large or Valuable Wine Collection

5. Set an appointment for an appraiser to view your wine cellar. Hire an appraiser with experience dealing with serious wine collections. He will examine every item to determine the worth of your collection.
6. Keep copies of the official wine appraisal. You may be asked to submit it with your insurance application.
7. Research wine insurers to confirm that they offer coverage that will fit with your lifestyle. If you take wine with you on vacation, for example, be sure the policy covers the wine during your travels.
8. Meet or speak with a representative of the insurance company you have chosen. Discuss the coverage you would like to obtain for your large collection of wines and the value at which is has appraised.
9. Complete the insurance application. Upon acceptance, pay all premiums as directed.

Tips & Warnings

• If you house your wine collection at a location other than at your home, you may already be insured. Ask the cellar whether this is the case and how much coverage they provide.
• Most companies will insure your wine through either blanket coverage, one fee for your entire collection, or itemized coverage for each bottle.
• Wine experts suggest itemizing your wine insurance if you have a single bottle that is worth more than than the rest of those in your cellar.
• Use an insurer who covers wine that is lost or compromised during a power failure. Wine cellars are climate-controlled. A few hours of high temperatures can cause an expensive vintage to lose its market value.