As the financial markets continue to be unstable there is a growing trend for people putting their money into investments rather than banks. One of the more fun investments, in my eyes, is that of whisky and wine. While the value of gold rose 146% between 2008 – 2011 whisky achieved a gain of more than 400%…bottle of Macallan 1946 anyone?
So you have lovingly acquired a fantastic collection of whisky or wine over a number of years and start to think what is all this actually worth?
How to insure your Whisky and Wine
- Get it valued: get a wine appraisal specialist to give you an estimate. You can also get a rough calculation online here.
- Don’t assume the collection will be covered under your general home contents policy, discuss with a broker.
- Create an inventory, photograph and catalogue every bottle. Keep this up to date, when you buy, sell or drink a bottle keep in mind that your insurance will need to be adjusted accordingly.
- Shop around: it may be worthwhile for you to take out specific whisky or wine insurance but a good high net worth home contents policy should be able to cover this, discuss it with your broker. Be aware that there will be an increase on limits of existing cover depending on the value of individual bottles and that this will increase your premium.
A collection of whisky or wine needs to be protected from more than just a bottle breakage, you need to consider losses as a result of extreme temperature, damp or a power outage. The insurance for this won’t come cheap but as a percentage of your collections value it is a relatively small price to pay to protect that liquid gold.
To find out more email firstname.lastname@example.org