Safe deposit box insurance in Switzerland: cover for jewellery, cash and valuables in your safe deposit box

Safe deposit box insurance protects the contents, not the safe deposit box itself. The insurance covers the stored valuables against clearly defined risks such as burglary, fire and water damage. In many household contents policies, this cover is provided by what is known as off-site insurance, i.e. insurance for objects that are being kept outside the home temporarily.

In legal terms, a safe deposit box agreement is a rental contract: the bank provides a secure space but does not automatically take over custody of the contents. In addition, banks are allowed to severely limit their liability in the terms and conditions, often restricting it to a low lump sum. What is more, the burden of proof with regard to content and value rests with the customer – towards both the bank and their own insurer.

Safe deposit box insurance pays out regardless of whether the bank is at fault. Anyone who relies solely on the bank’s liability will often end up in a lengthy legal dispute following a claim – and until this is over, they won’t receive any compensation. What can be stored in a safe deposit box and what is it typically insured for?

• Typical insured content: jewellery, precious metals such as gold and silver, watches, securities, cash (depending on the policy), documents and works of art.
• Typical insured risks: burglary and robbery, fire, water, storm and hail damage, including in some cases all risks cover, depending on the scope.

Typical exclusions are wear and tear, damage caused by nuclear energy, and war events. Cash is a special case: some policies only insure it up to a limited amount, while others exclude it from the insurance cover altogether.

There are three ways to insure the contents of safe deposit boxes:

1. Household contents insurance with off-site cover: valuables in a safe deposit box are insured, but in most cases only up to a certain maximum limit.  
2. The bank’s own basic insurance: this covers basic risks, often in the range of CHF 20,000 to 50,000 per safe deposit box, and is rarely sufficient for higher amounts.  
3. Separate valuables or safe deposit box insurance with a freely selectable sum insured. One important thing to bear in mind is that some policies contain a subsidiary clause. This means that the household contents insurance only pays out if no other insurer will. This can mask underinsurance, which will only come to light in the event of a claim.

Off-site cover is generally included in household contents insurance at no extra cost.

However, in most cases it only applies temporarily, for up to two years worldwide, with fixed limits. Cash and gold coins are often covered up to CHF 5,000, while jewellery is frequently insured up to a higher figure but limited to a percentage of the total value of your household contents or the sum insured.

The bank’s basic cover often ranges from CHF 20,000 to CHF 50,000 per safe deposit box. Although this is sufficient for documents, it is rarely enough for high-value items.

In the case of separate valuables insurance, the premium is based on the total value. A guide – but not a binding reference price – is approximately 1% of the sum insured. Allianz valuables insurance offers all risks protection and covers the costs of replacing insured objects at replacement value in the event of a claim.

If you cannot provide proof of the contents of your safe deposit box and their value in the event of a claim, you run the risk that the indemnity will be reduced or refused altogether. The bank does not know what is in your safe deposit box – you have to provide proof yourself in the event of a claim.

Follow this checklist to systematically safeguard the contents of your safe deposit box:

• Create an inventory list with a description of each item.
• Take photos of all the valuables with prominent serial numbers, authenticity stamps and certificate numbers.
• Store purchase receipts, expert reports and inheritance documents in an orderly manner.
• Keep all forms of proof outside of the bank branch – e.g. at home or in a digitally encrypted format.
• Update your inventory list at least once a year and take into account value trends such as the price of gold.

Allianz household contents insurance covers the contents of safe deposit boxes via the off-site insurance: worldwide and temporarily for up to a maximum of two years. Supplementary valuables insurance is often the more appropriate option for high-value items. Our experts will be happy to help you find the right solution for your situation.

Trust comes from reliability: Allianz is a partner to more than one million customers in Switzerland and is part of the global Allianz Group. Its international strength and proven financial stability are particularly relevant when it comes to assets stored on a long-term basis, such as jewellery, heirlooms or precious metals.

In the event of a claim, speed is of the essence: fast claims handling and simple digital processes, such as for reporting and entry of documentation, save both time and stress. This helps to minimise your extra workload after incidents like a burglary or water damage in your safe deposit box.