I have about 1500 bottles of wine according to CellarTracker, about half is stored at my house the other half in professional wine storage.
The wine storage company requires me to either have my own insurance or to buy theirs, which is not reasonable.
So I am looking for recommendations for insurers. CellarTracker has a link to a company called Insureyourwine. I requested a quote from them, but would like to have some other options as well.
Thanks in advance.
Most on here would recommend Chubb. Can’t go wrong there but I’m sure others are AAA rated as well.
Da Chubbster…
TTT
I have mine through AIG.
That’s weird that your storage facility requires it. Is that typical?
If insurance is “required” and not desired simply self insure.
Chubb or AIG for sure.
https://chubbfolio.chubb.com/content/pdf/Wine%20Collection.pdf
If you want to get a professional appraisal from a third party so they know the value, you could use Wine Market Journal.
Presumably they want to make it incredibly clear they’re not insuring your wine.
Chubb was the way to go for me. Didn’t even know AIG did this.
I just insured with Chubb yesterday. The other company that was suggested to me was Pure.
Was insured with Chubb for everything, house, wine, car, umbrella. Their rates kept rising and the agency switched clients to Pure (have not verified but they said some people left Chubb to start Pure). I had to install a temp sensor with my alarm other wise it was not a big hassle
What happened to Fireman’s?
Is anyone still using them?
I have AIG - link to broker through CT. Fair price and coverage - unless I overlooked exclusions, policy includes coverage for cooling unit malfunction and broken bottles (including earthquake). Coverage for $70,000 is about $400/year.
Okay, if you assume that the value of the wine does not increase [which would be a lousy assumption if, back in the good ol’ days, you bought a several pallets of Truchot or Juge], and if you assume that the value of the wine does not decrease [which would be a lousy assumption if you’re sitting on a bunch of Cali Pinot], and if you assume no ambient inflation or deflation of the fiat currency [only God knows whether that’s a good assumption], and assuming one lump-sum payment per year, and assuming constant rates of return on the investment, and assuming blah blah blah blah blah, then here go the “Time Value of Money” calcualations.
[I think these numbers are roughly correct, but I copied them by hand from a calculator program, so there could be massive errors…]
Anyway, after ten years [plus a day], 2.5% constant annual returns, on 11 annual payments of $400, gives you a grand total of $4993.39.
2.5%, 21 payments of $400 [20 years + 1 day]: $10,873.31
2.5%, 31 payments of $400 [30 years + 1 day]: $18,400.11
5.0%, 11 payments of $400 [10 years]: $5682.71
5.0%, 21 payments of $400 [20 years]: $14,287.70
5.0%, 31 payments of $400 [30 years]: $28,304.32
7.5%, 11 payments of $400 [10 years]: $6483.25
7.5%, 21 payments of $400 [20 years]: $19,021.01
7.5%, 31 payments of $400 [30 years]: $44,861.74
10.0%, 11 payments of $400 [10 years]: $7412.47
10.0%, 21 payments of $400 [20 years]: $25,601.00
10.0%, 31 payments of $400 [30 years]: $72,777.37
Here’s a picture of how Thousand Oaks sits, vis-a-vis the various tangential & transverse faults in the general vicinity.
I have no earthly idea what the actuarial tables look like in the presence of all those geological faults.
And I have no idea as to the rates of return which the insurance companies are getting on their long-term investments these days.
But in a normal sane economy, and in a normal part of the country [far from coastal hurricanes & grasslands wildfires & plains’ tornados & earthquake zones & mob rioting & cetera], $400 per annum on a risk of $70,000 would amount to a LICENSE TO PRINT MONEY!!!
I dunno, maybe the insurance companies hire psychologists to run large scale studies on the psychological profile of the average wine snob, and the psychologists come back with the results and inform the insurance companies that it would be insane to do business with all of these personality disorders.
I am confused.
My relative cost from Chubb is less than 20% of the price mentioned above.
+1
Yes, some storage places require it, for just that reason. They know that if there’s a flood or fire and their customers don’t have insurance, they’ll come after the storage company.