Security, Insurance and Privacy
Can I increase the insurance on my box?
The short answer
Additional cover can often be arranged above the amount included with a box, up to a maximum and on the insurer's terms. A top-up usually costs an extra premium and may require you to declare the value of what you store or provide valuations. Your own household or specified-items insurer may be another option, so compare both before deciding.
How a cover top-up generally works
A top-up raises the maximum amount the policy will pay for your box. You choose a higher level of cover within what the insurer allows, pay the additional premium, and the higher limit applies from the date confirmed in writing. Cover is not usually backdated, so arrange it before you place higher-value items in the box rather than after.
What Knox's top-up depends on
The included R1 million cover can be increased to a maximum of R5 million per box as optional extra cover, paid for by the client. If your contents are worth more than that, you can also arrange additional cover through your own insurer or broker.
The insurer may set conditions for higher cover, such as a declaration of the total value, valuations for individual items, or limits for particular categories of item. The box insurance covers items of intrinsic value such as jewellery, coins, bank notes, securities and certificates, but cash is covered only up to the amount in the policy schedule. Insurance for items held in safe custody outside a safe deposit box (such as art, trunks and large items) works differently: it is based on the potential value of each item, so Knox confirms the cover for your items before intake.
Information you will usually need
- An estimate of the total value you want covered, with a basis for it.
- Recent valuations for significant jewellery, watches or art.
- Purchase records or current prices for bullion and coins.
- Details of any other insurance that already covers the same items.
Other ways to cover higher values
Some people ask their own insurer to list specified items on a household or all-risk policy, noting that the items are kept in a vault. Others spread items across more than one box or reduce what they keep in one place. Whichever route you take, check for overlaps and gaps, because two policies covering the same item may share a claim rather than each paying in full.
Keeping the level of cover current
Review your cover at least when you renew, when you add significant items and when gold or other prices move sharply. A level that suited your box last year may be too low, or higher than you need, today.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
