If you’re using a safe deposit box, chances are you’re using it to store valuable papers or small assets. Are you storing wills, trust documents, ethical wills, or unrecorded deeds? Valuable assets such as diamonds, jewelry, bullion, rare coins, trading cards, or gemstones? These are all valuables that are either irreplaceable or extremely high in value. It makes sense that the physical protection of a secure bank vault would seem ideal. However, robberies, errors in handling, and mistakes made by banks (marking boxes as abandoned property) have been making waves in the news recently. You can read these stories here. What can you do to be sure you’re keeping your valuables safe and sound?
- Consider investing in a high-quality home safe – this allows you full access to your small valuables and important documents
- Scan all important documents and save copies in a secure online vault – this could save you if your documents are ever misplaced, lost, or stolen
- Choose a safe deposit box at your regular bank, and open it at least once a year – this could help keep your box from being mislabeled, misplaced, or mishandled
- Insure your valuables, no matter where they’re being kept. Adequate coverage is not typically covered in standard homeowner coverage.
- Share passwords or access codes with a trusted confidante – this could help you in an emergency situation
- Ask before you store – you should understand your bank’s policies and coverage limits before trusting them with your valuables and possessions