For more protection, yes.

But before you do, it’s wise to check if your home content insurance and the free £10,000 safety deposit box insurance cover available at most centres is appropriate for your needs.

Before buying a separate safety deposit box insurance policy, take some time to review what is already covered by your existing home contents insurance. In many cases, the contents of safety deposit boxes is already included.

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. You might 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 pay-out 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 in 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 cover. And in fact, if you don’t have a lot of high-value belongings, you might be over-insured. This could mean that bedroom-rated insurance isn’t necessarily the cheapest home insurance policy for you.

Unlimited 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.

Each of the above types of home content 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 contents of your safety deposit box, and you may be able to include it under your home contents insurance. This may not be possible when the value of the safety deposit box contents 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.

Insurance companies will normally be prepared to cover declared high-value items 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 letting 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.

Safety Deposit Box Insurance Coverage Offered by Different Insurance Providers in the UK.

If your high-value item exceeds the free £10,000 insurance provided by most safety deposit box centres and you want to take out additional insurance cover.

Below is a table comparing different safety deposit box insurance providers across the UK.

Company Name Maximum Coverage Amount Coverage Outside-the-box Items Maximum Duration of Outside-the-box Coverage
Assetsure Up to £100,000 Included 60 days
My Security Box Up to £500,000 Available as an extra up to £100,000 20 days

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.

Final thoughts 

Whether you need a safety deposit box insurance, a home content insurance, or you simply want to self-insure your valuables, having a safety deposit box provides valuable security and can reduce your premium.

If you are in the Midlands, our Rugby safety deposit box centre is open for your use. Give us a call to discuss your safety deposit box insurance needs.


This article originally appeared on Stonewall Vaults


Soteria Safes provides affordable and discrete safety deposit box services in London combining the highest professional standards with contemporary convenience and comfort for all valuable items.