Valuable documents, jewelry, collectibles, cash, and even your favorite t-shirt are items that are often stored in a safe at home or in a safe deposit box in a bank. Both storage options have advantages and disadvantages, depending on what you want to store. None of these options are hundred percent safe against events such as natural disasters.
Burglaries, fires, and floods represent major threats to the valuables stored in any type of safe, either at home or in a bank. Home safes support different temperatures and time periods in a fire. Not a safe at home or in the bank can remain impervious to long term. A bank teller can be constructed to remain tight in a short period of time. If theft is the primary concern, a box of bank security might be a safer option. It is unlikely that your deposit is subject box in a bank robbery. If a thief invades your home, a safe can be a priority on your list of goals.
Items that are stored play an important role for the best choice of storage options. Items such as passports, insurance policies, or emergency money easily accessible are candidates for a safe home. No need to go to the bank or wait until they open offices to access your stuff. Documents that are not urgent or jewelry that rarely use could be better than staying in a bank safety deposit box.
A bank deposit box has a fixed cost each year. The cost varies by institution. You can also choose the bank for different sizes of safes. A large box usually requires a higher fee. You should expect to pay around $ 30 a year for a safe medium size. Visit a bank of your choice to get a more accurate estimate of prices. Initially, home safes cost more but you eliminate the annual fee. The cost of a safe for your home depends on the size, safety and temperature that can withstand. Eventually a safe at home will save you money since you only pay once.
Insurance coverage for items either for a home safe or bank vault will be refunded if damage occurs. The contents of the safe at home are usually covered by insurance for housing. Ask your insurance agent about adding additional insurance coverage for high value items such as jewelry and collectibles, to ensure they are fully covered. Items stored in a bank safety deposit box are not under the protection of the Federal Deposit Insurance Corporation (FDIC). Ask your insurance agent if your homeowners’ policy covers items stored in a bank.