Jewellery kept in bank is a popular choice for those with expensive items or collections, that are not worn on a regular basis. Whilst some of the high street banks are withdrawing the bank deposit box facility, other players are moving into the market, as detailed in This is Money article. There is a market for bank deposit boxes and thankfully it looks at though capacity is being provided by new entrants to the UK banking market.
When insuring jewellery and watches in bank deposit boxes under home contents insurance, an insurer will usually charge a much lower rate than that applied to items away from home. Afterall the likelihood of claims is greatly reduced.
An insurer will require an inventory, so they know what they are insuring. On occasions for more expensive items, valuations from an accredited jeweller will also be needed. Obvious but worth mentioning that theft or attempted theft must follow forcible and violent entry or exit from the bank. In there’s going to be a claim theft is the most likely. Probably leading to a total loss for an insurer to deal with. However claims of this nature are very few and far between.