Securing Your Valuables
Safe deposit boxes remain the best option–both the safest and cheapest–for storing valuables and are universally recommended by federal, state and local law enforcement, and relief agencies such as FEMA, and the American Red Cross. Statistically, your valuables are 40 times more likely to be taken or damaged at home when compared to a safe deposit box.
You can also save money on your homeowners or renters insurance by placing valuables in a safe deposit box as opposed to storing them at home.
It is important to understand, however, that property in safe deposit boxes is not insured by any financial institution or federal agency.
This year alone thousands of safe deposit boxes have been damaged and property destroyed or taken as a result of natural disasters, burglaries and other catastrophes, which no vault or box can protect against. Family heirlooms and assets acquired or received over a lifetime are suddenly gone and box holders have no recourse or insurance. As a result, box holders should maintain inexpensive insurance on their box.
A Tongue-in-Cheek Quiz on Secure Storage
Hopefully, this quiz will bring a smile and also be of value.
1. If you have a safe deposit box, congrats! You’re taking advantage of the single best service, for the cost, that any bank or credit union offers. It’s also what the smart folks at the FBI and FEMA recommend for secure storage. With 20 points, you are on your way to a perfect score.
2. If you don’t have one, well you should. Aside from the obvious ability to secure important documents and valuables or even keep a stash of cash; going into a high-security vault with walls of glistening safe deposit boxes is a really cool experience. You join the likes of James Bond, Jason Bourne, and many other interesting characters whose most precious items and secrets are stored in those boxes. It is an empowering experience –all for the cost of a meal! For now, 0 points– don’t worry you can catch up- well maybe.
3. Have a home safe? It’s kind of like falling asleep at a prayer service. Nice try, but not much help. Why not wrap your safe with nice paper and put a bow on it for the burglar? All your valuables are in one little box which can be opened in less than 5 minutes with a drill or pry bars. If those jokers on Storage Wars can do it, how quickly can a professional? Fast, Jimmy Johns Fast! Also, let’s hope you never have to evacuate your house because of a disaster- good luck carrying all those valuables and important documents with you –because the last place you want to leave them is in that safe at your house. 15 points for effort but 5 off for execution so overall 10.
4. No valuables to protect? In Mr. T’s words- “You be a fool!” Our most valuable asset is our personal, identifiable information- that which makes us unique in this digital world. If that info is compromised, your life can be forever altered. Use a cloud-based Digital Safe Deposit Box, something uber-secure with a mobile app so you always have access. Give yourself 10 points if you use one. If you also have a physical safe deposit box you are a rock star! Bonus 10 points for you.
5. Keep an inventory of your valuable items. Use that ubiquitous apparatus appended to your hand- your smartphone – to take photos of all of your valuables and important documents whether in a safe deposit box, a safe or under your mattress. (By the way, if you ARE using a mattress to store valuables- stop reading, you have failed this quiz and been expelled from class!) Take photos regularly. Those pictures can be circulated to a network of police departments and pawn shops to try and recover items and will help with your insurance claim. If you have current digital photos of your valuables- 10 points.
6. Got Insurance? I am sure Kim Kardashian has some advice on this subject. 10 points if you have insurance, any insurance. If your valuables are in a safe deposit box and your coverage is through you homeowners, 5 points off because you’re probably paying way too much for very little coverage. If you are storing cash or gold in a home safe – it’s probably not insured at all so, 5 points off. If you’re using a safe deposit box with insurance through a specialty carrier requiring no disclosure, you’re the Tom Brady and Lady Gaga of secure storage! You should be in the Super Bowl every year!
7. It’s the little things that matter! Like under inflated footballs or great lip-syncing, it’s what sets us apart from others. Here are a few small things you should still be doing with your insured safe deposit box:
Visit your box at least once every three months (2 points)
Never tell or show anyone at the Bank what’s in your box (2 points)
Inventory and take photos and of your box contents each time you visit and update the list when you remove or add property, (Like any quiz important subjects like this are tested more than once) (2 points)
Don’t store the box key in your wallet or purse, except on the day you’re visiting the box (2 points)
Always have someone additionally named in the rental agreement and make sure they know where the box is located. Unless you want that person accessing the box while you are still of sound mind and body, do not give them a key or tell them where the key is stashed in your home (2 points)
Hurricane season, spring flooding, live in tornado alley, going out of town, use the box to temporarily store other items of value – because your homeowners excludes coverage for some of those perils (2 points)
Ok, how did you score? I will let you self-score which is what I loved to do when I was in college – always seemed to do better. Wonder why…?
This is an important, all be it a somewhat “dry “topic. The key thing to remember is that we are the experts in Secure Storage. If you have any questions, please call us at 224-227-6181 or email us at email@example.com. We here to help , and in the process share a good laugh!
ABOUT OUR INSURANCE-
IF YOU’RE INSURING JEWELRY THROUGH A RIDER ON YOUR HOMEOWNERS OR RENTERS POLICY – WE CAN SAVE YOU TIME AND MONEY
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, one of the top 3 largest insurers in the world
HOW TO SIGN-UP FOR COVERAGE
- 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
INFORMATION NEEDED DURING SIGN-UP PROCESS:
- 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)
WHAT HAPPENS NEXT?
- 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
Almost $1.8 billion in jewelry and gemstones are stolen in the US each year, according to FBI statistics.
Jewelry represents one of the most commonly stored items in a safe deposit box. And upwards of 60% of consumers have NO insurance coverage for their jewelry or collectibles.
Given the infrequency of wear with high-value pieces or inherited collections and risk of home burglaries, storing and insuring your valuables is the smartest and most cost-efficient thing to do.
Jewelry, diamonds, gems, pendants and more….simply store it and insure it.
Homeowners Cost & Coverage Comparison
You do the math: SDBIC’s insurance covers far more and costs significantly less than any comparable homeowners’ policy you can find in the market today. Insuring valuables under your homeowner’s policy requires full disclosure of the items, as well as costly, inconvenient appraisals, and upon a loss you also pay a deductible.
Plus, whether your valuables are kept at home or stored in a safe deposit box, homeowners oftentimes does not provide the full protection one assumes. For example, off-premise flooding is not covered with many homeowners’ policies.
With SDBIC there are NO disclosures, appraisals or deductibles. SDBIC also covers damage due to flooding.