Safe deposit boxes are secure boxes or containers made of alloy or metal. These boxes are kept in vaults in the bank, and their main purpose is often to protect people's precious items. Nowadays, safe boxes aren’t as popular as they used to be and are, and they can be said to have been, to an extent, outdated. However, several people still make use of safe boxes. This article is set to discuss more interesting information you should know about safety deposit boxes. So, ensure to read till the end.
What can you put in a safe box?
Safe boxes are used for valuable items that you can’t easily replace or for really important documents, art, and antiques.
A list of things you can put in a safe box includes:
Every bank that still offers services related to safe boxes has rules guiding storage and illegal items. Banks also limit the number of items you can keep in a safe box.
What you cannot put in a safe box
You can store basically anything in a safe box, but it would be unwise to store items you’ll need in an emergency or items you use frequently. The simple formula is, if you wouldn't need it anytime soon, you should store it in a safe box. If otherwise, don’t do it. For instance, passports and medical papers may be used frequently and not be stored in a safe box.
Importance of using safe deposit boxes
Except you’re a very influential person, you might not have the kind of security in your home that could protect your valuables against thieves. If you have really expensive jewelry items at home, it could be pretty risky. In comparison, the security in a bank is better than that in your house. It would take a lot to break into a bank, find your safe box and figure out the combination. It is evident that storing in a safe box is safer.
Insurance
Only money is FDIC-insured. Although safe deposit boxes are kept in a bank or financial institution, any item you keep in a safe box isn’t insured. In any case of damage to your property, you alone would have to bear the cost. It is important that you purchase the insurance before you keep your valuables in a safe box.
Tips for using safe deposit boxes
When a safe deposit box is opened, the owner of the item or renter is usually given two keys. If one key is lost, the renter has to pay a fine. If both keys are lost, the box will have to be drilled, and the renter has to pay for the cost of drilling.
When you open the box, you have to decide who can gain access to your valuables. It is pertinent that you appoint someone that can stand for you in case any unforeseen accident happens to you.
When you add to or remove any item from the box, make sure you indicate that on the inventory.
Conclusion
Safe boxes are a great way of keeping non-monetary valuables as they are safe and secure. However, natural disasters can occur, and you might need to insure your valuables. The tips that have been discussed in this article will help you immensely.
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