5 Reasons Why it’s Important To Insure Items In Your Safe Deposit Box

An accredited safe deposit box facility is a must.

An accredited facility means that a third-party authority has thoroughly inspected the grounds for both effective and appropriate security measures to maximize protection and for responsible processes and procedures to minimize risk. When an accreditation is issued it is a statement of the utmost confidence that whatever is stored in said facility is as safe as it could ever be, and, for additional protection, insurance is available for purchased up to an amount of $500,000.00 per safe deposit box without the contents of the box being disclosed.

The importance of a private safe deposit box facility is to provide insurance is paramount, the importance of insuring items stored in said facility is a different story. Below are 5 reasons to insure your belongings in a private safe deposit facility.

1) Always Guarantee the Win (CYA!) – The entire point of storing items in a safe deposit box is to keep them safe as they require maximum security. To absolutely guarantee that you are covered it is recommended that you purchase insurance as well. This way it is an absolute that whatever you stored is not only safe but should something unfortunate happen it is also monetarily covered.

2) Peace of Mind – For those with valuables such as precious metals, jewelry and even cash, items so expensive it’d be too costly to replace, having the peace of mind that you will be made whole should something unfortunate become your items is very important. Store your items in confidence in an extension of your home at a private safe deposit box facility and have those items insured.

3) To Leave an Inheritance – A lot of us have valuable items passed down from generation to generation. These items are more than just objects of monetary value, rather they tell stories and keep memories and lessons of ancestors alive providing background to family history, pain, and triumphs. However, on top of said history, often they do represent wealth being passed down from generation to generation. Should something happen to these heirlooms, the next generation could miss out on both the historic value and the monetary value. While the historic aspects cannot be protected, the monetary can.

4) To Assign Your Own Value – The way insurance works at most private safe deposit box facilities is that you the client chooses the amount of coverage you want. Whatever amount of coverage you are paying for is exactly what you will receive in the event of a settlement. One could store a priceless item and simply assign it a value of $100K and cover that item with that dollar amount of insurance. Should something happen to the owner’s item, say a stuffed animal from their childhood, the payout for an incident would be the $100K.

5) Better Than Homeowners Insurance – When tragedy strikes a home, often the insurance carried by the home does not replace the entire value of those items lost, stolen, or damaged – the homeowner’s insurance is not substantial enough. If one has several items of value at home that they wish to properly insure, store them in a safe deposit box that is insured up to the exact amount of what those items are worth. Should something happen to them while they are stored away you will be made completely whole rather than receiving but a fraction of the actual value.

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