How to Insure a Wine Cellar
Wine is big business around the world. It's arguably the most popular alcoholic beverage available and comes in an almost limitless variety. Some rare or important wines are also very expensive. For this reason, many wine enthusiasts collect expensive bottles and then insure them, along with the wine cellars in which the bottles are stored. Does this Spark an idea?
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Instructions
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Calculate the value of the wines in your collection. You may be able to come up with a decent ballpark figure as to the value of your collection just by using an online resource like eBay or a website for wine enthusiasts. You have to know how much the wines are worth to have them properly insured.
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Have your wines officially appraised. An official appraisal provides written proof as to the value of the wines in your collection, giving you the exact amount for which you need insurance. Having an appraisal done is fairly inexpensive, but you'll need to set up an appointment with someone in your area.
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Insure the wine cellar's structure and contents with the same policy. If the wine cellar is part of your home, you can insure the room itself separately from the rest of your home. If you own an actual wine cellar, then it should be insured as a place of business.
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Maintain updated records of any new purchases you've added to your collection. For these new bottles to be insured, you'll need to submit updated appraisals for them and pay a fee to have them included in your policy.
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Be sure to get coverage for your wine cellar that includes coverage in the event of a power failure. During a blackout or similar power outage, your wine's climate control will falter, which can lead to wine ruination. Proper insurance coverage can help you cut your losses in such an event.
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Tips & Warnings
Get insurance for your wine cellar separate from your regular homeowners' insurance. Wines and wine cellars are not specifically covered in most insurance packages.
Note that there are always going to be circumstances in which you are not going to be able to collect on the insurance for your wine cellar. If it's intentionally damaged, for example, you will not be able to collect payment.
