Recently had Chubb quote us for home owners with wine coverage. For $75k in Wine the rider was $338/year
I look at it this way - the coverage is about three good bottles of Cab per year (like Myriad Dr. Crane). Worth it to me.
Nathan - you’ll give me nightmares with a map like that!
Ace acquired Fireman’s high end lines in 2015, then Ace also acquired Chubb later that year. So three of the four competitors (AIG being the other) in the high end all became one. Chubb was the surviving name. My sense is Pure got a boost since anyone trying to get competing quotes had frequently gone to one of those competitors, and now Pure was one of the only places to bid out coverage.
If you cannot afford to insure a luxury hobby, you cannot afford the hobby itself.
do you have to provide the insurance company with a rolling inventory? Monthly, quarterly or yearly changes?
AIG just requests annual inventory lists but if you want to submit more regularly they’ll take it.
Occasionally, I submit an independent inventory by my offsite warehouse operator, plus a spreadsheet of my at-home cellar.
Since other’s have added some actual dollar amounts, I’ll share them, too.
Chubb insurance for $190,000 cellar is $890/year. I, too, will submit new inventory lists several times a year. Usually when shipping season is here and I receive all of the purchases.
Fixed that for you.
So it seems like the going rate is ~0.5% of value.
Agreed.
My quote came back at $800/yr for 150k +/-, half stored in my home, half in the offsite facility. Looks like the underlying coverage is from AIG.
But interestingly, it is limited in its coverage of damage caused by earthquakes, named storms and floods, which seem to be major sources of potential loss.
The only full coverage would appear to be theft, fire and spoilage from cooling system outage (not sure how one would go about proving the latter)
AIG accepted my CellarTracker inventory as proof of assets/coverage. I have about 1100 in my home cellar and about 100 bottles off site. They cover both.
I dropped my wine insurance policy a few years ago, but at the time the AIG policy also covered damage while the wine was in transit. This seemed like a nice feature for those of us in warm weather states.
Can anyone suggest a threshold at which you would want to start insuring? I suppose my collection is worth ~$14k now.
What would hurt you to lose?
I suppose I’d cry at even nice dropped bottle but wouldn’t be willing to pay above $500 or so for the peace of mind. I should really use those top brackets for screwing the EuroCave into the wall also!
What does Chubb cost/year?