Want to get a safety deposit box insurance, but not sure if it’s the right choice?
A safety deposit box insurance is good for protecting against fires, floods, and thefts. Our centre is guarded all the time, even on bank holidays, to prevent thefts.
But it’s helpful to get insurance if you take things out of the box for use – like when you wear your jewellery to a wedding or travel with it.
The big question, however, is: should you get a stand-alone insurance just for your safety deposit box, or add it to your home content insurance?
Did you know we provide free £10,000 free safety deposit box insurance for the first year, taken out in your name when you open a box with us? Call now to see how your content fits in our box before you open one
The insurance you take will depend on your situation and your current broker
There are currently only four safety deposit box insurance brokers (navigate to the list) in the UK
Except you already have a high-value home policy with one of these brokers
You would need to take out a standalone safety deposit box insurance.
Why do you need to insure your valuables when you have a safety deposit box?
Because you want extra protection for your safety deposit box items in case of fire, flood or the unlikelihood of theft.
Being a safer option compared to your home. The cost of insuring the content of your safety deposit box can be relatively less than taking specialist insurance on each of the items. Or even a high NetWorth insurance.
Even the highest security can be compromised. But staffed guards and sophisticated IT security surveillance like we have at Stonewall Vaults can toughen the break-in process. And escalate things quickly.
What types of home content insurance are available and what do they cover?
To take out contents cover, you need to know what your possessions are worth. This includes the items you have in your safety deposit box.
Some insurers might require you to keep all items in your home. Others will allow you to add your safety deposit box to your home content insurance. However, such a policy would usually be available for all-risk cover. And you should still take a valuation of your safety deposit box content.
You may be tempted to undervalue your home contents to cut the cost of the premium. But if you do this, you might find that you don’t get enough of a payout if you ever need to claim.
The main types of Home Insurance Cover are listed below:
Bedroom rated insurance
This is where the amount you want to cover is worked out for you based on the number of bedrooms on your property.
It typically covers you for a lump sum between £40,000 and £50,000. This is the most straightforward type of contents insurance as you don’t need to work out how much your contents are worth.
For most tenants and homeowners, a bedroom-rated contents insurance policy will provide enough coverage. And, if you don’t have a lot of high-value belongings, you may be over-insured.
This could mean that bedroom-rated insurance isn’t necessarily the cheapest home insurance policy for you.
Unlimited Home Insurance
Some policies offer unlimited sums insured. This, simply put, means that they do not place a cap on the buildings/contents value that you wish to cover.
However, with contents cover you still need to be aware of conditions like “maximum single item values”. And there may also be some exclusions for the type of building you are looking to cover. It is always important to check the Terms and Conditions and never make assumptions, as different policies have different specifications.
Unlimited home and Bedroom-rated insurance is limited to the content of your home. And would not normally cover items outside your home, such as those in a safety deposit box.
However, it may benefit you to inform your provider about the content of your safety deposit box. And you may be able to include the content under your unlimited home content insurance. This may not be possible when the value of the safety deposit box content exceeds the single-item limit for your home contents. Or where such items are defined as high risk or high value.
Insurance for High-Risk Items
Typically, any item valued above £1000 is considered high-risk and cannot be included in your general home contents insurance. These include jewellery, works of art, premium electrical equipment and collections such as rare stamps and coins.
If you declare your high-value items, there is a high chance your insurer will cover them. Subject to an additional premium and certain conditions of storage and protection from theft. Items can be covered for theft outside the home, including those stored in a Safety Deposit Box.
If you have a Safety Deposit Box, simply let your provider know your safety deposit centre. They can assess the level of security provided according to EN1143, which is a security standard. And that can enable them to reduce your single-item premium.
Compare the quotes you get versus the cost of supplementary safety deposit box insurance to see which one is the most cost-effective. Bear in mind that if you already have a safety deposit box, which would normally cost you from £200 to £1600 yearly, you may be eligible for free £10,000 insurance coverage.
Four Known Safety Deposit Box Brokers in the UK
A few safety deposit centres provide free safety deposit box content insurance for up to £10,000 in the first year of renting a box.
You would then need to continue with the yearly payment of your premium. It’s your choice to continue with your centre’s partnered insurer, like Noble Insurance at Stonewall Vaults. Or explore other suitable options available to you.
Here is a list of insurance brokers in the UK with safety deposit box insurance policy.
Noble Safety Deposit Box Insurance
Noble Security is a popular safety deposit box insurance broker among private safety deposit centres in the UK. They provide cover up to £500,000 for the content of your box including cash.
For an additional premium, you can keep your valuables insured even when you wear them to an event or temporarily take them out. This coverage is known by Noble as “wear cover”.
Wear cover lets you take things from your safe deposit box outside (including overseas) for up to 30 days. Wear cover is capped at 30% of your box’s content worth, but not more than £100,000 for every box.
If you want more insurance, you will need to rent an additional box. You cannot claim cash that you have taken outside the safety deposit box.
There are three ways to use the Wear Cover:
(i). For Watches:
You can cover your watch under the ‘wear cover’ only if you specify them.
(ii). For Specified Items:
This is usually the cheaper wear cover option because the insurer knows what’s in your policy. For example, you’re storing a watch, a wedding ring and cash. You took them out while on holiday, but they went missing. You can claim the watch and wedding ring only. Your cash is not insured outside your safety deposit box.
(iii). For Unspecified Items:
Your ‘Unspecified Items’ wear cover has a cash value cap. You will get a payout if the missing items are less than the cash value on your wear cover. In the example, if your wedding ring is less than your wear cover cash value, you will get a payout for your wedding ring. But not the other two items.
Noble Security Box Insurance is our official insurance partner at Stonewall Vaults, and the £10,000 (first anniversary) free insurance we provide when you rent a box with us comes from them. Premium covered by us and registered in your name.
Noble Security Safety Deposit Box Insurance Price
High Worth Safety Deposit Box Insurance
High Worth provides comprehensive safety deposit box insurance.
You can add your safety deposit box insurance to your home content or take a stand-alone policy.
The price for a standalone policy is determined on a case-by-case basis.
A High-value home insurance product at Assetsure starts from £1200/year. This is also the minimum you should be looking to spend when you add your safety deposit box to your home content insurance.
High Worth safety deposit box insurance only covers employee theft.
Assetsure safety deposit box insurance
You can get a standalone safety deposit box insurance from Assetsure up to £75,000
The content of your box will be insured for its full content value
You can insure your content for an additional cover when you take it out for use. The maximum duration for out-of-your-box coverage is 60 days including overseas travel cover
The cost of obtaining this insurance depends on several factors that can only be determined when you request a quote from this company
Anthony Jones Safety Deposit Box Insurance
Anthony Jones does not provide a standalone safety deposit box insurance. They are a broker with many products that you may benefit from if you’re looking for safety deposit box insurance.
It is only helpful if you already have a high-worth insurance policy with them. So, you may want to inform them to let their insurer know you will be adding your safety deposit box to your policy.
As a case-by-case product, it might benefit you to have a look at their safety deposit box insurance website to see if it serves you well
Other Options for Protecting Valuables
Not everyone fancies spending additional money on insurance premiums. If you’re one of those, self-insurance is an option.
Whilst high risk, self-insurance can be a great deal, especially when your item is in a very secure location such as a safety deposit centre.
Can you go wrong with a safety deposit box insurance?
You will not go wrong with insurance even when you have a safety deposit box.
A standalone safety deposit box insurance provides for more robust coverage relying on the security provided by a safety deposit centre. Including wear cover, locksmith cover, and cash up to £500,000.
If you own a high-value insurance policy, it might benefit you to check with your broker whether they cover the content of your safety deposit box.
Going through standalone providers can be beneficial and see you paying less. Because they recognize the security available at safety deposit centres compared to your home.
Keep it safe starting with with our free £10,000 for your first anniversary while you shop for your insurance.