Safe Deposit Box Insurance – Protection, Costs & Providers Compared

Valuables such as jewelry, important documents, or family heirlooms are often deliberately stored in a safe deposit box, as these are considered among the safest places for storage. Nevertheless, some customers choose to add an extra layer of protection for the contents. A safe deposit box insurance complements the existing level of protection and may be worthwhile in certain cases. Here, you can learn when such insurance should be considered, which items can be insured, what costs arise when renting a bank-independent safe deposit box, and which solutions are available.

Why Is Insurance for a Safe Deposit Box Important?

Safe deposit boxes offer a very high level of security. Those who wish to go beyond this level of protection can take out additional insurance for the contents, providing more comprehensive coverage for the financial value of the stored items.

A safe deposit box with additional insurance protects against:

• Burglary and theft
• Robbery
• Fire
• Loss of valuable items

What Can Be Insured in a Safe Deposit Box?

Safe deposit boxes typically store particularly valuable or sensitive items.

Typically insurable contents:

• Jewelry, watches
• Cash
• Precious metals (gold, silver)
• Securities, savings books
• Important documents (wills, contracts)
• Coin and stamp collections

How Are Safe Deposit Boxes Insured?

CitySafes Insurance Compared to Home Contents Insurance

Safe deposit boxes offer a very high level of security. The question of insurance therefore does not concern the safety of the safe deposit box itself, but rather the financial protection of its contents. For customers, two options are particularly relevant: the CitySafes safe deposit box insurance or, under certain conditions, home contents insurance.

CitySafes Safe Deposit Box Insurance

The contents of each CitySafes safe deposit box are automatically insured for €2,500, regardless of the size of the box. This insurance is provided by AXA, a well-established and reputable insurer.

The insurance coverage applies per safe deposit box and can be flexibly increased. For particularly high values, customers have the option to rent multiple safe deposit boxes and distribute their valuables accordingly, or to request an individual insurance offer.

Home Contents Insurance

In some cases, home contents insurance may also cover items stored in a safe deposit box. However, this coverage is not always included by default and is often subject to strict limits. Coverage amounts are usually capped as a percentage of the total insured sum, and certain high-value items may be excluded.

As a result, home contents insurance may be insufficient for customers storing higher-value items in a safe deposit box.

Direct Comparison: CitySafes Insurance vs. Home Contents Insurance

When Does Home Contents Insurance Cover a Safe Deposit Box?

Many home contents insurance policies partially include safe deposit boxes. However, the exact conditions vary significantly depending on the provider.

Requirements for reimbursement:

1. The safe deposit box is explicitly included in the policy
2. Proof of value is available (receipts, appraisals)
3. Cash limits are observed
4. The type of loss is insured (e.g. burglary, fire)

Note: Not every home contents insurance policy covers safe deposit boxes. Reviewing the policy terms and conditions is essential.

How Much Does Safe Deposit Box Insurance Cost?

The cost of a safe deposit box insurance depends on the insured value of the contents. With CitySafes, a basic level of insurance is already included, and customers can increase their coverage depending on their individual needs.

The insurance coverage applies per safe deposit box. Customers who require higher insured values can either rent multiple boxes or request an individual insurance offer.

What to Do in the Event of a Claim?

In the event of a claim, contact the CitySafes team as your first point of contact. They will assist you with the next steps and guide you through the process.

Please note that it is your responsibility to prove which items have been lost or damaged. These requirements are comparable to those applied by banks and insurance providers. As evidence, you may be asked to provide photographs, invoices, and/or valuation reports.

How Can You Further Protect Your Safe Deposit Box?

Even without insurance, risks can be reduced:

• Never label keys with terms like “safe deposit box”
• Keep a detailed inventory list
• Take photos of the contents
• Document valuables individually

Conclusion: Do I Need Safe Deposit Box Insurance?

If you are looking for additional reassurance for your valuables, or if the items stored represent a high financial value, taking out supplementary insurance can be a sensible decision. It ensures that your possessions are protected in line with their actual worth.

At CitySafes, the contents of your safe deposit box are insured as standard. If you store items of higher value, you can easily increase the insured amount so that the coverage always matches what you keep in your safe deposit box.