The amount you pay if you have a covered claim. You may have a choice of deductibles or you may not, it will depend on the insurer. Keep in mind that the lower the deductible, the less you’ll pay upfront if you have a covered loss, but the higher your premiums will be.
This is the maximum amount you’ll receive if you have an insured loss. This can be an overall limit and/or an individual bottle limit. Again, you may have some choice here or your insurer may mandate the limits.
This is the cause of damage that you are and aren’t protected from. Sometimes, you can choose which ones you’re insured for. e.g, accidental breakage may be an optional coverage. The more perils you insure against, the more protection you have – but your premiums will also go up.