ABA Banking Journal: Safe Deposit Boxes Remain Highly Secure

February 25, 2016

Safe deposit boxes offered by depository institutions remain a highly secure form of storing goods, according to figures released today by Safe Deposit Box Insurance Coverage, LLC. The company identified only 44 events in 2015 with 33,000 safe deposit boxes at the affected locations — about 0.1 percent of the total number of U.S. safe deposit boxes.

Robberies and burglaries accounted for 25 of the 44 incidents at banks and credit unions, with break-ins in which nothing was stolen accounting for an additional three events. Fires accounted for seven of the incidents, while natural disasters — principally flooding — represented the remaining nine events.

“Statistically, consumers are much more likely to have their residence burglarized or damaged by a natural disaster or fire than to have their safe deposit box contents damaged by one of these events,” said SDBIC President and CEO Gerald Pluard. “The key is to recognize the property in your box is not insured by the institution or any federal agency and that you need to consider obtaining insurance to protect your valuables.”

Article found here.