Please could anyone recommend a decent insurer for my cellar? Didn’t much consider it previously but lockdown has caused overages. Maybe via house contents but perhaps cheaper via specialist insurer? Thank you. Stay safe.
Hi @CellarClarkos, you might find some answers on this thread:
Wine insurance? - Home & Lifestyle - The Society’s Community (thewinesociety.com)
My house insurance covers it at my old and new property using garage and cellar previously, all I did was to declare the amount and add it to contents, not even an extra premium, but have to have alarm for garage.
Here’s a counterpoint view. Your home insurance may cover some if you’ve got a decently high total cover value. For the rest why not put in some home improvements to protect against the risks you see (eg flood) and then self-insure. 10 years of £200 annual premiums is effectively a pot of £2000 in case of emergencies. Insurance companies think the same way but from the opposing point of view + profit element of course.
PS wine burglary is an over-rated risk IMO
I used to work in the insurance industry, although my involvement in personal lines business was very limited. I can say, though, that if you can afford to ‘self-insure’ in this way it is often the best option. The pure risk element of the premium is only a relatively small part of what you pay (in some cases much less than half), the rest made up of expenses, reinsurance costs, commissions, tax and profit.
Most of us need to insure against our house burning down, but you should think hard about buying that extended warranty for your new TV or washing machine. And take the highest excess you can afford to bear, if the discount looks reasonable.
I too worked a little on insurance as a loss adjuster mainly dealing with building claims. It is a matter of risk, and then cask flow. You probably can’t afford to pay to underpin your house but on smaller claim with excess and then increased premiums in the next years best not to claim and the. Best not to buy cover.
On wine I insurance a standard contents policy which covers a high limit on garage contents, not expensive. I still don’t think a thief would steal my wine, it’s too bulky and specialist. They might take the lawnmower for £50 down the pub.
Whenever I am reinsuring my car these days I get them to check the premium with a zero voluntary excess and a moderately high one. To date I have never found the premium to rise by more than a couple of pounds a year with a zero excess and usually no more expensive at all. I always check anyway but for as long as I can remember I have been insuring my car with zero voluntary excess at effectively zero cost. The only thing that winds me up is that I have to shift to a different insurer every year now to keep the premium sensible.
In that case, you’re obviously right to go for the lower excess.
Unfortunately that’s the way of the world with so many services these days.
I’ve also been doing that for years, often swapping back and forth anongst the same few companies.
One year however, I let the car insurance run out and asked for a new quote the day after from the same company. That saved me about 20%.
Years ago when I had plenty of cases of vintage Port in the house, I merely declared it all as a collection that was over the single valuable item limit within my house contents insurance.
That meant no additional premium and the value was index linked up each year on renewal.
Yes but it’s important to check! The chances of me having an accident (based on nearly 50 years of driving) tells me it’s really not worth paying more just to get the excess down. Also that it’s not worth paying much or anything for no claims protection.
That’s why I’m now on auto switchers for electricity and LPG gas. Saving me a fortune so far!
The other one I’ve done is I frequently get a quote on the comparison website which is way lower than my renewal quote but from the same company and then I go back to them and demand they match it which they generally do (grudgingly).