Insurance for valuables in bank safety deposit box

MPwannasavemoney

Does anyone know where to get insurance for valuables held in a bank? The bank doesn't insure it. All the household policy insurers treat the value as 'personal possessions' which appears to be like charging us for carrying the valuables around with us personally! They do not want to recognise the fact that the valuables are safer in the bank than at home - or maybe they are not safer?

mattymoo

Normally, the way to do this would be on your household contents because at some point you would take the items out of the vault and use them - e.g. jewels for a big event.

The insurance company should however recognise that they are secured in a bank vault. Ask the person you are dealing with to check in their underwriting manual or technical manager.

Finally, be aware that some policies are written FIFO - this is not an insurance technical terms but it means fit in or swear word off. The underwriters may aim the policy at someone in a 3 or 4 bed detached house with tv, furniture and typical suburban acoutrements. If you happen to collect diamonds (perhaps as an investment) you would not fit their "risk profile" and so perhaps need to shop around for specialist cover.

If your contents are worth over £100k it is worth looking at the specialist policies for "High net worth" individuals. People like Hiscox do this. They will not bat an eyelid when you talk about valuables in a bank vault.

MPwannasavemoney

thanks for the reply. I've tried asking many insurers and brokers and asked them to refer to the underwriters but they either don't know what they are talking about or just say they don't cover the safety box valuables any other way.

As to high worth individuals - we don't have anywhere near that amount of possessions but as we live in a large house I'll probably contact Hiscox anyway.

mattymoo

Just found this on a specialist philately insurers website

Collection Value per £1000 per annum:

"Anywhere UK" (Depending on sum insured and security protections) £3.00 to £3.75
"Normally Bank"(30 days withdrawal p.a.) £2.50
Bank Only £1.25

The link is http://www.wardrop.co.uk/index.php?Col_Insurance.php