Day: February 5, 2024

Safe Deposit VaultsSafe Deposit Vaults

Safe Deposit Vaults are a great place to store items such as precious jewelry, important documents, or family heirlooms that you can’t afford to lose. They are usually a better option than storing items at home because they are protected behind a top-notch vault door with bank staff onsite to protect against burglary. They also typically offer fire and flood protection.Source:

The drawback of a safe deposit box is that they must be accessed during business hours and you must have an ID to access your items. Additionally, safe deposits are often not insured, except for the cash stored in an FDIC-insured savings or money market account. Purchasing a special home insurance policy, called a rider on your existing home or contents coverage is one way to get additional protection for items in your safe deposit box.

Peace of Mind in a Box: The Benefits of Safe Deposit Vaults

If you decide to rent a safe deposit box, be sure to choose a well-known and reputable institution that has been in business for a long time. Look for a convenient location and ask about their security systems. They should have fire and flood protection, a UL or EN-certified vault door, and a secure lock.

Another alternative to a physical safe deposit box is an online safe deposit vault such as those offered by companies like Fidelity. These virtual storage services allow you to securely and easily store files such as birth certificates, passports, property deeds, and other personal documents and information, which are accessible from anywhere in the world, even if your originals are lost.