October 21, 2018

SAFES

(928) 213 9999

Many folks believe that the safest place to store valuable items is in a bank safe deposit box. After all, banks have the best 24 hour security and alarm systems.

But the contents of a safe deposit box are rarely insured, while items in your home are typically covered by your homeowner’s or renter’s insurance policy.

Also, don’t think your cash in a safe deposit box is covered under FDIC insurance. The FDIC only insures the deposits in accounts held in banks, but not the contents of their safe deposit boxes.

Finally, it’s not a good idea to store original copies of documents that you require immediate access to, such as passports, spare keys, wills, funerary directives, etc. in a safe deposit box. Bank safe deposit boxes are only accessible during branch operating hours and the boxes are typically sealed when the bank receives a death notice. To open a sealed safe deposit box, estate representatives are required to provide court papers to the bank.

For these reasons it’s good idea to buy a fireproof safe in your home!

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