Many wine enthusiasts put much time and research into building up their collection, concentrating efforts into developing a substantial wine cellar and making modifications so that the bottles are stored correctly. For many it's an enjoyable hobby, but it can also become a rather expensive one. Depending on the quality of the wines you're keeping, you may look upon the collection as an investment, but do you treat it as such? If that pricey bottle of Petrus 1982 was accidentally dropped whilst serving the guests at dinner, what would you do?

Whilst nothing will cover the emotional disappointment, getting home insurance is one way to ensure you're financially covered if something should happen to your collection - more specifically a contents insurance policy which will cover any case of damage, whether it's a basement flood which has destroyed the labels on your collection, a temperature malfunction on the climate controlled wine storage unit, or a severe case of butter fingers.

When choosing a policy, you'll need to tailor it to something that suits your collection. Get the collection valued! Research suggests that 1 in 10 collections are undervalued - remember the wine market is dynamic and ever-changing. It's quite possible that the modest bottle you picked up a couple of years ago is now worth a lot more. At the over end of the market, prices can go down - you don't want to over-insure.

If you have a small, inexpensive collection, the easiest way to protect your investment is through your home contents policy. Check that your policy will cover the value of the wine, and that it will include coverage for floods, accidental damage etc. Legal & General’s home insurance includes coverage for "high risk property" such as art and jewellery, and under which a wine collection may fall. Do check limits and excess fees on their website.

If your collection is large and very valuable, use a specialist wine insurer to cover it as a home contents policy is unlikely to provide a satisfactory degree of coverage. Get the value appraised by a professional and get it in writing as this will be needed when contacting wine insurers. When researching wine insurers take care that they will be able to meet your needs – if you regularly take your wines out of the home, will you still be covered? Make sure the policy is compatible with your lifestyle.

Hopefully, if you treat your wine as a financial as well as emotional investment you’ll be reaping the benefits for years to come.