Things You Ought To Know About Safety Deposit Boxes
A safe deposit box is a safe that is located in groups of safes within a bank vault or another storage location. The renter pays a fee to rent the safe deposit box which typically can only be opened with an assigned key or pin code, or sometimes a signature. The boxes are designed to be highly resistant to heat, floods, fires, hurricanes, earthquakes, and even explosions.
What Can Be Stored in a Safety Deposit Box?
Firstly, never put your original paperwork, like powers of attorney or wills in a safe deposit box. Should you die, the box may be sealed depending on the laws in your area, and it could take weeks or even months to open it. Surviving relatives may even need a court order to have the box opened.
Some items you can keep in your safety deposit box include:
- Gold or silver bullion
- Birth certifications
- A copy of your will
- A detailed list of brokerage and bank accounts
- Credit cards
- Titles to your home and vehicles
- Copy of insurance policies
- Expensive jewellery and investment items
- Marriage license or divorce papers
- Bond and stock certificates
- Collections of rare items
- Sensitive paperwork
- Irreplaceable photographs and negatives
- Insurance inventory and video or photographs
How to Keep Your Items Safe in the Safe Deposit Box
- If your safe deposit box is with a bank, make sure you keep a close eye on the bank teller. Make sure that when they get your box, they keep it within your sight at all times, both when fetching it and returning it to the vault. Never just hand it over and walk away.
- Keep written records and photographs of everything in the safe deposit box. Australasian Vaulting Industries provide secured gold storage for your precious gold items.
- Keep items in zip-lock bags, airtight containers, and other waterproof container to prevent water damage.
- Make sure you put your name on every item so that they can be identified should a disaster strike or the items go missing and are subsequently found.
- Often, there is not insurance for damages or loss to things kept in a safe deposit box as it is merely a storage space that the bank provides. If your box is at a bank, you should check with your insurer to see if your regular homeowner’s insurance policy covers the contents of your box. Alternatively, private vault services offer comprehensive insurance coverage for your precious and important items.
When it comes to keeping your valuable possessions in a safety deposit box, you should ensure that all original paperwork that could be needed in an emergency or in the event of your death is kept at home in a fireproof, waterproof safe. You can store the copies in your box. Keep pictures and written records of everything stored in your safety deposit box just in case of damages or loss.
Finally, ensure that you have adequate insurance cover. Overall, a safety deposit box is a far safer option that keeping your valuables at home.