Guest Post by Rachael at MoneySupermarket.Com
I have to be honest, when Rachael first approached us about writing
this article, I knew nothing about wine insurance. I assumed that if
something were to happen to my home everything in it would be covered
under a standard policy. As Rachael explains, that isn’t necessarily
true. Which reminded my of a day several years ago when I had thousands
of dollars of equipment stolen out of my car only to have my insurance
company say, “oh, your trunk isn’t included in your insurance unless you pay extra!” Well, I would hate for your wine collection not to be included and you lose out, so I’ll let Rachael take it from here….
There is no better feeling than kicking your shoes off at the end of
the day and sitting down to a meal with a good bottle of wine. Many wine
buffs not only splash out on good wines to match their dinner, but
they’ll also collect vintages and fine wines that may get more valuable
as time goes on. Some collections can total thousands, which is why it’s
wise to make sure that your contents insurance policy covers your wine collection.
Some contents insurance policies
will not cover your wine collection, especially if it is valuable. Read
the fine print of your policy to see what is and what isn’t covered,
and you can go from there. You may need to take out a separate policy
for your wines,
First, you will need to add up the value your wine
collection. This may be tricky, as wine can increase in value as time
goes on, so you should probably do this annually. If you don’t feel
confident enough to do this alone, hire an independent wine appraiser to
value your collection for you. This will ensure an accurate valuation
and you’ll have records to prove which wines you own and how much
they’re worth. This will make it easy when it comes to giving a value as
you’re applying for insurance.
One other thing you
should do is keep the receipts of any wines you want to add to your
collection, and keep them in a safe place. These could become useful
should you need to make a claim.
How to store your wine collection
make sure your wine collection stays in pristine condition and has more
of a chance of gaining value, you should take time out to review the
current way you store your wines. Here are some tips on how to store
- Where possible keep all wines away from sunlight.
UV rays can damage the quality of the wine and can age it at a faster
pace than normal. Exposure to sunlight can also damage the label, which
is also an important factor in keeping its value. Keep all wine in a
dark place where little light can get to it.
- Temperature can
also damage wine quality, so beware of keeping wines anywhere near a
heat source. Ideally, you should store you wine in between 12-16 degrees
Celsius, but the important thing to be aware of is consistency. If
temperature varies it can damage the quality of the wine.
your wine still. It’s tempting to take special bottles off the rack to
have a quick look at them, but moving wines around can be harmful. Make
sure you choose a storage option which lets you view your wines easily
without moving them around too much. It’s also a good idea to keep your
labels face up too, so you can clearly see each wine in the rack.
in a storage option which allows your wine to lay horizontally. This
means the wine will be in contact with the cork which keeps the cork
wet, meaning it won’t shrink and let any air in.
- Make sure the
room which you store your wines has good ventilation. If you store them
in a musty, moldy room which doesn’t get a lot of air, this can be
carried through the cork through to the wine, and affect the taste.
are just a few tips to keep your wine in optimum condition, which will
hopefully ensure that you value will increase in time. Wine can be worth
a lot of money, so make sure you insure your wines with a good home
insurance policy to cover yourself in case the worst happens.