Insuring Your Favourite Tipple
by Rachael Miller, web author at Moneysupermarket.com, 06/10
There is nothing better than putting your feet up at the end of a hard day's work and sipping a tasty Chardonnay or Shiraz. Wine can easily become part of your lifestyle, which is why
many people choose to collect wines.
The cost of wine varies dramatically of course. You can buy a bottle of 2009 Chardonnay for £2.99 in a supermarket. But if you were to buy a bottle of Château Pétrus, then you would
be looking at considerably more. One of the world's most expensive bottles of wine was a 1787 Château Lafite, which was bought in 1985 for $160,000. Originally owned by Thomas
Jefferson, part of its value came from the fact that Jefferson had etched his own initials into the side of the bottle.
Wine has become a popular 'collectable' and it is extremely important to insure it in case the worst happens. If you are likely to be buying wines
and storing them to gain value, or have a collection of already valuable wines, contact your home insurance
provider to see if your policy will cover the wine in case it gets damaged or destroyed. You may need single item cover on very expensive bottles, though some insurers
will cover the whole collection.
||It is important to value your wine correctly to make sure that your insurance premium will cover the right amount - you don't want to be caught short when making a claim. Get regular
valuations, and inform your insurer if your collection has increased in value or if it has depreciated - you could be paying too little or too much for your premium and you need to make
sure that the balance is correct in case you need to make a claim.
Your insurer may ask you how you store your wine to enable them to provide you with a quote. To get the lowest quote, you should store your wine in a cool place with no direct sunlight,
preferably a wine cellar. Sunlight or heat can damage wine and ruin its flavour, in turn depreciating its value. You should also store wine where it is unlikely to be affected by the
hustle and bustle of everyday life - keep your collection out of reach of children. Also invest in a quality wine rack which will comfortably hold the weight of the wine and will not fall over. Ideally you should fix the rack to a wall.
Whether you are just starting a wine collection or you already have a fantastic array in your cellar to choose from, make sure you shop around for your home insurance.
The home insurance market is very buoyant and therefore there are great deals to be had.
Compare policies at moneysupermarket.com to find the best.