Insure jewellery kept in bank

salboy

My wife has a bit of inherited gold jewellery from abroad that she is planning to put away in a bank safe deposit box. However, the bank says they won't offer any insurance for it. How do you suggest we insure the jewellery against loss/theft or perhaps even the bank going bust?

McKneff

I always feel sad that jewellry is locked away and unseen and for what, is it not wearable, is it an heirloom for future generations.

Nice things should be used, looked at, and give pleasure to the wearer and the admirer.

Sorry, just my personal opinion and really none of my business.

If the bank wont insure it you will have to do it yourself.

Why not think about buying a home safe, may be cheaper than the bank and she can wear it whenever she takes the fancy

lisyloo

Add it onto your home insurance and keep it at home.
I can't see the point in using the bank for safety if there is no guarantee with it.

We have a safe (hotel room type) that is hidden away.
I know it would not deter any determined thief, but it would help in the majority of opportunistic cases where burglars are in the house for a few minutes.

dacouch

Some Insurers will cover the items in a bank vault and charge a considerably lower premium oin these items to reflect the reduced risk.

salboy

Hey thank you for the quick responses everyone.

My wife does like to wear it now and then but only on special occasions. We live in a rented conversion flat so bolting in a safe is not really an option. Also, we travel for work frequently so don't feel comfortable leaving behind too many valuables at home. We don't have home insurance at the moment because we rented our house furnished.

Dacouch: Do you have any particular insurers in mind?

Also I have heard of some private safe depositaries like Metropolitan Safe Deposits who rent safe deposit boxes and provide insurance on it too? Are they a better option? Has anyone used them? What protection do customers have if they fold?

dacouch

It tends to be the Insurers who deal through brokers as it creates the type of work direct companies don't like.

Aviva offer it through brokers although I'm not sure about if you go direct.

The problem you will have is it's generally only covered in the vault or on the bank premises so would not cover you when it's being worn. You can adjust the cover to cover taking it out as and when needed but you will need to remember to inform the Insurers and they (And possibly the broker) will normally make a charge for the temporary cover.

Try speaking to a local broker or even better speak to a broker in an Asian area such as Southall etc as they will be used to dealing with this type of situation.

If you are affluent you could try a bespoke Insurer such as Hiscox or Chubb but their premiums are aimed at the affluent so are expensive

dacouch

I would add, that if the items were not valued when they were in probate, I would strongly recommend that you get them valued, at the very least take lots of photos and make a comprehensive list. This will help should you need to make a claim and also gold prices have gone through the roof in the last few years

dunstonh

Many household policies offer items in safekeeping cover as standard or as an option. As mentioned above, it is possible that this is the sort of thing that gets lopped off with internet based policies looking to get that bit cheaper on a quote site.

However, it is worth checking.