A standard home insurance policy may not cover fine and rare wines

Written on March 19, 2011 – 11:30 am | by Hunter Appel

People who want to invest in fine and rare wines are being urged to make sure they have the right insurance cover in place.

Fine and rare wines will not generally be covered by a typical standard home insurance policy and will require specialist insurance, perhaps taken out as part of a high net worth home insurance, or as a separate policy, depending on the value of the collection.

Physical security has to be considered as a valuable collection could become a key target for thieves. The wine also needs to be valued, which may be a value for the whole collection, or if there are some high value individual bottles of wine, these will need to specifically referenced within the insurance policy. Further, the value will need to be regularly reviewed.

Collectors are advised to include other relevant risks in the policy too, for example water damage to labels that will devalue bottles and accidental bottle damage.

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