You’ll likely need to get the items “scheduled,” which means providing original receipts and/or written appraisals. Borg of the Borg & Borg insurance agency in Huntington, N.Y. Alternatively, consider what’s called a personal articles floater, a supplemental policy that provides added coverage for specified valuables, says David H.
One option is to contact your insurer to see if the limits can be raised. Standard homeowners insurance offers some coverage for personal property kept off-premises, but limits are typically low for valuables such as jewelry and collectibles. Wells Fargo, for example, explicitly states that box contents aren’t insured and advises box owners to “purchase an appropriate policy from the insurance company of your choice.” The FDIC doesn’t insure the contents of a safe deposit box, nor does the bank itself unless otherwise stated in your agreement. Heirloom jewelry, a wedding band from your first marriage, rare coins and similar valuables are good candidates for a safe deposit box – but only if they’re properly insured. See the list of safe deposit box no-no’s. Instead, Simons recommends storing important items that you need to access more frequently or on short notice in a fireproof home safe that’s bolted to the floor. We talked to experts to come up with a list of nine things you might come to regret locking away in your bank, which isn’t open nights, holidays or perhaps even weekends. Simons III, president and CEO of Rust Insurance Agency in Washington, D.C.Ī safe deposit box isn’t a wise choice for everything, however. “I have birth certificates and Social Security cards and old valuable baseball cards that were my father’s in a safe deposit box,” says William P. A safe deposit box can offer critical protection for important documents and prized possessions. But don’t be too hasty to dismiss the importance of keeping certain valuables securely tucked away in your bank’s vault. In today’s digital age, in which seemingly anything that matters is stored virtually “in the cloud,” a physical safe deposit box comes across as a relic of the bricks-and-mortar past.
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