Should you own a fireproof safe, rent a safe deposit box at your financial institution, or both?
Both can provide you with peace of mind as to your home or business’s valuables. In part one of this discussion, we’re going to review some advantages and considerations of owning a fireproof safe and renting a safe deposit box.
The Advantages of Owning a Fireproof Safe:
- Keeping valuables and documents safe in the unfortunate event of a fire. Many safes also offer the added feature of water resistance.
- Safes provide some level of protection against burglaries, as most burglars only steal that which can be easily carried out.
- Valuables and documents can be easily accessed 24/7.
Fireproof Safe Considerations:
- Home safes may not be the ideal location for precious jewellery or rare coins, as an example.
- Quality, highly rated safes can be quite costly.
- If you need to store computer files, photo negatives, flash drives or the like, you must ensure your safe has the proper rating. While your valuable documents might be protected in the event of a fire, your digital media files may not be.
- Home safes often require a combination, code and/or a key to open. It’s important that these items are not lost or misplaced.
- It’s important to ensure that the items within your safe are covered in your home insurance policy.
Safe Deposit Box Advantages
- Safe deposit boxes are generally a safe place to store all important documents, digital files and valuables. Your valuables are protected against home burglaries, fires or water damage.
- A small safe deposit box can cost only a few dollars a month.
- Additional access to a safe deposit box can be pre-determined (rented jointly) in case the owner is unable to access the box due to a medical emergency.
Safe Deposit Box Considerations
- The items contained are not readily on hand if needed immediately.
- You cannot store cash or firearms in your safe deposit box.
- The key must not be lost or misplaced.
- Many boxes are restrictive in size and larger boxes can be quite expensive.
- In the unlikely event the bank is destroyed (like during Hurricane Katrina or 9/11) your possessions may not be insured. Check your home or renter’s insurance policy to see if you’re covered.
If you have any questions about insuring a safe deposit box or if you are wondering if you have adequate insurance for your valuables, please feel free to contact us at 844-390-8228