“My jewelry has strong sentimental value to me, which makes it irreplaceable.” (Photo subject is a model.) – Getty Images/iStockphoto
Is it secure to maintain valuables in a bank safe-deposit box? It appears like a silly query, but a couple of yr ago I went to an area bank and skim the agreement for renting a box. I read that the bank discourages people from storing jewelry and coins within the boxes, so I didn’t rent one. I remember the representative explaining that two keys were needed to open the box.
Are banks chargeable for lost items? I imagine that for privacy, there aren’t any cameras within the safe-deposit box area. I even have jewelry at home, but I don’t feel secure keeping it there. I keep hearing about break-ins in my neighborhood. Am I overthinking this? Are there other options for keeping valuables secure? My jewelry has strong sentimental value to me, which makes it irreplaceable.
Secure-deposit boxes are best used to store essential documents fairly than items like your grandmother’s diamond ring or pearl necklace. – MarketWatch illustration
Secure-deposit boxes have their drawbacks.
The Federal Deposit Insurance Corp. advises consumers to not confuse safe-deposit boxes with deposit accounts. The previous is a space for storing provided by the bank, “so the contents, including money, checks or other valuables, are usually not insured by FDIC deposit insurance if damaged or stolen,” the FDIC says. “Also, financial institutions generally don’t insure the contents of safe-deposit boxes. When you want protection for the property in your safe-deposit box or home secure, refer to your homeowner’s or renter’s insurance agent about adding coverage under these policies.”
Secure-deposit boxes are best used to store essential documents fairly than items like your grandmother’s diamond ring or pearl necklace — and you need to put money in a checking or savings account where as much as $250,000 per account is roofed by FDIC insurance. “Good candidates for a safe-deposit box include originals of key documents, comparable to birth certificates, property deeds, automobile titles and U.S. savings bonds that haven’t been converted into electronic securities,” the FDIC advises. “Other possibilities for the box include family keepsakes, priceless collections, pictures or videos of your property’s contents for insurance purposes, and irreplaceable photos.”
Secure-deposit boxes are vulnerable to fireside, theft or flood damage, so it’s a superb idea to maintain items in plastic bags or other waterproof containers for extra protection. “Be mindful not to make use of your bank safe-deposit box to store anything you may have to access quickly or when the bank will not be open,” the FDIC adds. “That might include passports and originals of your ‘powers of attorney’ that authorize others to transact business or make decisions about medical care in your behalf.”
Because the FDIC notes, you won’t give you the option to access a safe-deposit box in a rush. The bank may have one key and you’ll have one other, and the box can only be opened with each keys. You’ll only give you the option to get to the box when the bank is open, so it’s not the perfect place for something like a passport, which you may have to get your hands on quickly so as to visit a sick relative, for example. Because many banks are shutting down a few of their brick-and-mortar branches, your box won’t be all that close by. Finally, safe-deposit boxes can cost as much as $100 a yr, based on the dimensions of the box.
Security, like charity, starts at home. Among the best places to store jewelry that has each sentimental and financial value is in a fireproof secure that’s bolted to the ground and either hidden or disguised as something else. Security cameras that provide a live feed to your phone are one other layer of security. And after all, you’ll be able to include these things in your homeowners insurance. While no sum of money can replace Items with sentimental value — comparable to pieces of jewellery which have been in your loved ones for a few years and that belonged to beloved relatives — it definitely doesn’t hurt.
