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Why Has My Safety Deposit Box Insurance Been Cancelled?

Jul 27, 2022

Safety deposit boxes have been an option for those looking to safely and securely store valuable items for many years now. Typically held within a vault at a bank, post office or other institution, for an annual fee your safety deposit box will be stored securely by your chosen provider.

If this is a route you have chosen to go down to store your valuable possessions, then you should be aware of the need to insure the items you keep in your safety deposit box. Safety deposit box insurance is not usually a service that the provider of your safety deposit box will include. In fact, you will usually need to obtain insurance yourself for the contents kept in your safety deposit box.

Availability of safety deposit boxes changing

However, it seems that safety deposit boxes may be becoming harder to get hold of. With some banks withdrawing them from the market altogether. Or having stricter criteria around the types of items which can be stored in safe deposit boxes.

This is making it more difficult for people to access safety deposit boxes and ultimately store possessions in this more traditional way.

What are your options if you are finding it difficult to get a safety deposit box?

If your safety deposit box provider is withdrawing from the market and you must remove your valuable items, you may be wondering what the best way to store these items is now.

One option is to consider whether you could safely store the items in your home rather than in a safety deposit box. If you choose to do this, then ensuring that you have the correct insurance in place will be vital in protecting your items.

Home contents insurance

Home contents insurance policies will often extend cover to valuable items. However, are likely to set certain limits for the value of individual items. As well as a combined total limit of all your valuables. Exceed these without informing your insurer and you will find yourself without sufficient cover in the event of a claim.

High net worth insurance

If your valuables exceed the limits set by a standard home insurance policy, then you can consider taking out a high net worth insurance policy. Designed to provide cover for high worth items, these types of policy usually provide a higher level of cover with higher sums insured limits to adequately protect valuable items.

Working with an insurance broker

If you own valuable items, the best solution could be to work with an insurance broker like Anthony Jones. Whilst we do not offer standalone safety deposit box insurance, we are able to arrange insurance for valuable items kept in the home, when incorporated into a home insurance policy, high net worth insurance policy or business insurance policy. We can also provide you with risk management advice helping you to control the risks to your possessions.

So, if you are finding it difficult to find insurance for your safety deposit box, or have had cover cancelled because you provider has withdrawn from the market, then do discuss you needs with us. Whilst we do not offer standalone cover for safety deposit boxes, we may be able to help you by incorporating cover into a household or business insurance policy.

Why work with Anthony Jones?

We are a specialist high net worth insurance broker. Work with us and provide clarity about

  • all the items that you own
  • the value of the items
  • how they are stored in the home
  • if the items are ever taken out of the home

With this information, we can then work with a wide range of insurers to determine the right insurance for your needs. And we can work with you to ensure that you meet all the criteria stipulated in your chosen policy. Helping you to manage your risks and protect your precious possessions. For example, some insurers will require you to store your items in a safe and expect that your safe meets the criteria that they set.

At Anthony Jones we focus on getting you the right insurance to reflect your lifestyle, coupled risk management advice to ensure that your valuable possessions stay out of harm’s way. Get in touch with us on 0208 8290 9086 or email us at personal@anthonyjones.com.

Get a Quote

You can call us during normal office hours, Monday to Friday, 9am to 5pm. Outside of office hours you can either email us or leave an answerphone message and we promise to get back to you the next working day.

General enquiries:
020 8290 4560

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