Anyone who has invested in gold or silver quickly gets an impressive value. In addition to safe and professional storage, there is also the question of how the precious metals can be insured against theft or natural hazards. Household contents insurance often covers such risks, but only under certain conditions.
The most important points about precious metal insurance in brief
The storage of gold or silver should be insured so that the loss in the event of burglary and robbery is kept within limits.
The contents of safe deposit boxes are not automatically insured or only partially. The customer is often responsible for taking out insurance himself.
Special locker insurance covers the main risks and, if desired, all conceivable risks.
Household contents insurance usually includes protection for valuables. However, underinsurance should be avoided.
Precious metal dealers and private storage companies also offer highly secure lockers or safes for coins and bars, including full-risk insurance.
What dangers does locker insurance protect against?
The basic variant usually includes damage that can result from burglary, vandalism, robbery, fire or tap water. If you also want to include elementary damage, strikes, lockouts or general unknown risks, you have to expect significantly more deductions.
The insurance cover usually applies to jewelry, precious metals, securities or works of art. No summary is required to take out locker insurance. In the event of a claim, however, the policyholder has the burden of proof. This can be done via a directory as well as photos, purchase receipts, expert opinions, certificates or serial numbers.
As a matter of principle, only the safe deposit box is the place of insurance. However, there is no insurance cover for transport from or to the storage location. It may be advisable to commission a value protection transport.
Is home contents insurance a good alternative?
When choosing the best solution, it can also be worth taking a look at household contents insurance. This often includes the protection of assets placed in a bank safe deposit box or home safe. In addition to furniture, electrical appliances and other inventory, most contracts also include valuables such as jewelry or precious metals made of gold, silver, platinum or palladium.
When taking out household contents insurance, it is important not to set the sum insured too low, even if this drives up the premium. Policyholders should ask themselves whether this sum is sufficient to buy the entire household including valuables.