Are Safe Deposit Boxes Safe?

Everyone has important documents or valuables we keep in our homes that we would like to keep out of harm whether it be a disaster or the object of thieves. Many people use safe deposit boxes purchased at banks to maintain security of these documents and valuables. They seem to be the most effective way to keep these items safe. There are other items for sale such as fire-proof safes, cases, file cabinets etc, but have you actually seen one tested? Do you want to take a chance on those items? One thing is for sure; those items are definitely not safe from theft of any kind.

I bet you didn't know that safe deposit boxes are not exactly "safe" also. Any valuables or documents stored in a safe deposit box is definitely not insured if something should happen to the bank. That's right; if the bank catches fire, your documents and valuables are gone. Definitely do not put cash in that box either. Understand that it is not protected if something should happen. Officers can get a court order to go into your box and get those valuables.

Some ways to make sure your documents are protected are to put important paperwork such as car titles, family records, insurance information, etc in sealed containers to keep them protected from water damage. You can keep those at home if you'd like or place them in the box. You should make copies of important documents and keep them at another location such as a family member's house or with an attorney. You can also call your homeowners or renters insurance agency to make sure whatever is in the box is covered. Finally, if you are going to keep items in your safe deposit box, definitely make sure you keep inventory of what is in there. I would make a couple of copies and keep one at home, one with my attorney, and one at a family member's house. Another great idea a lot of people do is take pictures of their assets or use a video camera to record a short video and make a couple of copies of those items as proof of what you actually have in there. Again, if you do this, you should give a copy to several people. Just in case something should happen to you, you want people to know you have a safety deposit box so that the items do not get turned over to the state.