The Importance of Insurance on Safe Deposit Boxes

The Importance of Insurance on Safe Deposit Boxes

It’s very common to think that one of the safest places to store our valuables is in a safe deposit box at a bank. After all, banks do in fact have the best 24-hour security and alarm systems. However, tragedies such as the natural disaster of Hurricane Katrina and the 9/11 attack on the World Trade Center have proven that a safe deposit box may not be the safest place to hide your valuables! In both of these terrible tragedies, hundreds of people’s safe deposit boxes and their contents were destroyed beyond repair. To make matters even worse, the contents of your safety deposit box are rarely insured, and if the contents of your box consists of cash, it is never insured! Sadly, many people found this out the hard way in the two tragedies mentioned above. The FDIC only insures the deposits in accounts held in banks, but not the contents of safe deposit boxes.

Hurricane Katrina wiped out 250 safe deposit box vaults in banks. That is a lot of boxes and a lot of unhappy people. If you think about everything you could put in it and how much it would cost to replace, It’s a bargain. Things you really should reconsider keeping in a safety deposit box include originals of key documents, such as birth certificates, passports, property deeds, car titles, family heirlooms, valuable collections, special pictures or videos, etc. These things are truly irreplaceable and not worth the risk of putting them somewhere that you can’t guarantee to be kept safe at all costs. Not only are natural disasters putting your safety deposit boxes at risk, but also major Financial Collapse will leave bank safety deposit boxes completely inaccessible to their customers. The Collapses that occurred in 1932 started the Great Depression, and the Housing Bubble Bursting in 2008 started off a national Recession.

Contents kept in a bank’s safe deposit boxes are not insured by any financial institution or federal agency, such as the FDIC or NCUA.  Remember that, by law, FDIC insurance covers only deposit accounts. Also, don’t expect the bank to reimburse you for theft of or damage to the contents of your safe deposit box. Unlike the bank, a private safe can be fully insured and keep your valuables safe. Safe Haven Vaults offers immaculate security measures and the freedom to store anything in our facility. From Important Documents to precious metals, you have Access to your valuables 24/7. The property inside the safe deposit box is also insured against loss, damage or destruction caused by fire, flood, robbery, burglary, explosion, terrorist act, and all-Natural Disasters. The peace of mind a private vault company such as Safe Haven is truly one of a kind.

There are circumstances in which a bank’s safe deposit box makes sense, but it could also become a costly mistake.  If you want the financial security and peace of mind that comes with insuring your most valuable belongings and knowing that you can obtain these at a moment’s notice, Safe Haven Private Vaults is the place for you!

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