Box Holders Need to take Precautions

New York Times Exposes Realities for Safe Deposit Box Users- Take These Steps to Protect Your Valuables


A New York Times article published on July 16th draws attention to the fact that banks disclaim all liability if anything happens to your box contents, and your safe deposit box is vulnerable to theft, negligent taking by the bank or destruction from natural disasters.  The article is a compelling story worth reading.

But it is important to keep things in perspective; a safe deposit box remains the single best storage solution for anyone seeking to protect valuables, collectibles, investments, family heirlooms or any other property. Statistically, you are exponentially more likely to have your valuables damaged or stolen from your home or business than from a safe deposit box. Raging fires, unprecedented flooding, and brazen burglars threaten the valuables in our homes where they are far more vulnerable than those in a safe deposit box resting in a fortified, secured vault at a financial institution or an accredited private vault.  That is why boxes are universally recommended by law enforcement, FEMA, AARP, and the American Red Cross.

Nonetheless, the article highlights that many banks, particularly the larger ones, are de-emphasizing their safe deposit box service which is dramatically increasing the instances where valuables in the boxes are being lost, taken or mistakenly seized by the bank.

There are steps you should take to protect yourself against the increased exposure.

  • Visit your box regularly, at least once every three months.
  • Pay the rental fees on the box when due. If payment is being auto deducted from your account annually, remember to verify that the payment was been taken from your account. 
  • Make sure your financial institution has your current mailing and contact information.
  • When you visit your box, in the private viewing room use your phone to take a picture of the items in your box and maintain a written inventory.
  • Insure your box contents. We  provide coverage when the bank mistakenly or wrongfully drills a box and takes possession of the box contents.

Finally, there are a growing number of private vault facilities offering safe deposit box services. Click here to find a list of those that we have reviewed and accredited to assure they are providing a level of security and professionalism beyond what you find at financial institutions.


About SDBIC’s Insurance

We specialize in insuring assets in safe deposit boxes and vaults at banks, credit unions, private vaults , depositories and other secure locations. Gold, silver, other  precious metals, numismatic coins, watches, jewelry, stones, cash, art  or collectibles are covered under an all risk policy written through a leading carrier. 

If you’re insuring valuables through a rider on your homeowners or renters policy, we can save you time and money. 

Our Program is :

SIMPLE:  No appraisals, disclosure of contents, or deductibles. Sign-up takes 5 minutes

COVERS MORE:  If it’s legal we insure it—even cash, gold, and personal and financial documents are now covered

PROTECTS MORE:  All natural disasters—even flooding, earthquakes and hurricanes—plus burglary and robbery, terrorist attacks and more

COSTS LESS:  You choose the coverage amount, starting at $25/yr for $5,000 coverage

SECURE:  World Class partner in AXA-XL , one of the top 3  largest insurers in the world


  • Use the purchase module right here or visit our Purchase Coverage page
  • Call us toll-free at 844-426-9467 and we can complete the process for you over the phone


  • Name, DOB, address, phone and email address
  • Name of financial institution, branch location (select from list provided)
  • Last 2 digits of your box
  • Select coverage amount/annual premium amount
  • Payment information (check, money order, e-check, Visa, MasterCard or Discover)


  • Policy documents are e-mailed the same day (or mailed if preferred)
  • Coverage becomes effective at 12:01 a.m. the next day
  • Contents added to your box are automatically covered up to your existing coverage limits
  • Coverage can be modified or canceled at any time through your online account


Customer & Partner Testimonial

  • SDBIC makes it very easy for anyone to insure their valuables. Great coverage at a great price, they provide polite and personal customer service and provide peace of mind that a bank cannot. 

    Deepak Sharma