Safety Box Security

Safe deposit boxes offer all kinds of security from concrete or metal walls to vibration detectors. While this is far more security than you would find at home, David McGuinn, author of the Safe Deposit Policy and Procedure Handbook says there are some things you need to know:

Fire

While the vault may be fire-resistant, the heat from the flames is what to watch out for. "Contents in a box will incinerate if it gets high enough," says McGuinn.

Floods

Did you know that most safe deposit boxes are not waterproof? According the McGuinn, if you have a significant flood, water may get into your box and cause significant damage.

Who's Responsible?

If something were to happen to the contents in your box, who would be held liable? YOU! The Federal Deposit Insurance Corporation's $100,000 guarantee does not extend to safe deposit boxes.

That means, you would have to turn to your homeowners insurance to cover the loss. Madelyn Flannagan from the Independent Insurance Agents and Brokers of America (IIABA) says that's not always enough coverage: "The things you need to be concerned about are things like a flood, because a typical homeowners policy doesn't cover those things."

So, you may want to look over your policy and find out if you should consider a personal articles floater. This is a policy that protects your contents and special items that may be valued over and above what is covered in your homeowners' policy.

If you're keeping the items in a safe deposit box, you can generally get a substantial discount on a floater. But, you may need to let your agent know every time you take a piece of jewelry or item out of the box.

What should I keep inside?

If you have a safe deposit box, what should you store away? That's easy -
anything that's difficult to replace or has irreplaceable sentimental value.
Documents include:

Insurance policies

Deeds

Titles

Mortgages

Contracts

Investments (like stock and bond certificates)

Birth, marriage and death certificates

Bright Idea...

Keep an inventory of what's in your box. If you're looking for something and you think it's in the house, it could be in the safe deposit box. A list will make it easier to keep things straight.

Keep Out

Not all of your important documents should go into the box. Don't
forget - the bank is closed at night, weekends and holidays. "Anything that
you may need to refer to or someone in your family may need in an
emergency," Professional organizer Joan Kisver says.

Keep the following items at home in a fireproof safe (rated by the Underwriters Laboratories for fire resistance) and out of the bank box:

Passports

Power of attorney

Will

Funeral instructions

Read more smart consumer tips and strategies
from Fox11 Eyewitness News Online

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