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Insuring your wine collection

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F futronicMember
Take a look at adding a rider to your homeowners insurance. The additional rider should be adequate to cover your wine. Make sure they clearly know it's for wine.

You can get all this information from your insurance broker. Since I know you're in Ontario, you can also have Chubb write a special wine coverage policy for you, but they usually deal with larger values than 14K.
O ogopogodudeMember
your question is a very good one .... i didn't even consider insurance on my cellar...i figured that since wine is a consumable it can be expected to be worthless from an insurance company's view...i will have to ask my agent next time i re-new my house insurance....Thanks Gilles for the heads up....
quote:
Originally posted by Gilles:
Hello all !

It's me the rookie again, a new question.....my collection is now at about 240 bottles (I know !!...but I just got started..haha) Current valuation of about 14k...

What is everyone opinion on insurance etc ??

Thanks again !

Gilles
V vinobevoMember
For those of you thinking you have coverage under your Homeowners Policy or an associated rider or endorsement, I highly recommend you read your coverage form to make sure you have what you need to specifically protect your wine. I'm not saying you're not covered, but most personal lines policies will not provide the coverage you need to replace your collection in the event of a loss. There are policies that will, but most do not so just be careful.

I've worked in the insurance industry almost 20 years and have yet to see a run-of-the-mill policy provide adequate coverage. Some carriers may offer something that expands the usual covered perils and/or changes the loss settlement clause but you probably want to look for a policy specifically written to cover collectibles. As mentioned earlier, Chubb offers one and American Collectors has a product as well.

Just my $.02
R rickym13Member
been thinking about insuring my collection as well. just got quote from isurance agent for strickly wine. this is what she wrote..along with 5 pages of documents:

"Please be advised the current rate for the wine policy is .6% on the total limit insured or $.6 per $100 insured. I know you estimated you have approximately $xxx,xxx. in wine. The premium for $xxx,xxx worth of wine would be $xxxx. This premium also includes $75,000 in transit coverage and $75,000 in coverage at an unnamed location, which are standard limits given across the board.



If you have any questions or want to discuss the coverage or the application process further please feel free to give me a call."
Last edited by rickym13
D dc13Member
quote:
Originally posted by Vino Bevo:
For those of you thinking you have coverage under your Homeowners Policy or an associated rider or endorsement, I highly recommend you read your coverage form to make sure you have what you need to specifically protect your wine. I'm not saying you're not covered, but most personal lines policies will not provide the coverage you need to replace your collection in the event of a loss. There are policies that will, but most do not so just be careful.

I've worked in the insurance industry almost 20 years and have yet to see a run-of-the-mill policy provide adequate coverage. Some carriers may offer something that expands the usual covered perils and/or changes the loss settlement clause but you probably want to look for a policy specifically written to cover collectibles. As mentioned earlier, Chubb offers one and American Collectors has a product as well.

Just my $.02


My policy is for replacement value of the wine. I used to have Chubb, and now have the same coverage from Atlantic Mutual.

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