Family Jewelry, gold, coins and sensitive documents such as certificates, deeds, and titles are most common items found in safety deposit boxes. Learn more about deposit boxes go to Investopedia.
Is what you are storing, worth storing in your vault box?
Critical items such as passports, or original copies of living wills and powers of attorney should not be stored in your vault box. These items need to be on hand in case of emergency, where you may not have the time to go during bank hours to retrieve them.
Make sure to have backup copies of any important documents, whether physical or digital in a safe place. notify next of kin as to where these items can be found.
For any valuable items like jewelry and gold, it’s a smart idea to keep them in waterproof containers such as plastic zipper bags, in case of a natural disaster involving water. Tag and identify your items with labels, including your name and phone number.
When renting a vault box, be sure to keep up with your rental payments. Late payments may lead to extra fees, and frequent delinquency may even result in your vault box contents being forfeited to the bank or the State for auction. Always keep an inventory list of things in your lock box.
Bear in mind that the contents of a vault box are not insured by the bank itself. You must purchase your own insurance policy for your valuables. The FDIC does not cover for loss or damages to the vault box’s contents, whether from theft or natural disasters.
Who has access:
Also be aware that access to your vault box will be limited to the open hours of the bank. Plan your storage with that in mind, as you never know when you may need to retrieve your valuables on short notice.
Have a trusted co-signer who has authorized access to your vault box in the event that you are unable to retrieve your personal items yourself.
Most of these tips apply even if you opt to use a personal home vault box instead of renting one from the bank. When installing a safety box at home, be sure to keep it concealed from view and don’t talk about it to your friends or neighbors. This information should only be shared with those of close confidence.
Our offer for you
The Jewelry & Coin Mart can evaluate your items or your estate so you know what you have. This will assist you in planning what to let go and what to stash away. We can also provide written appraisals to add to your insurance policies, for added security of your most important valuables.
Come in to see us or call for an appointment. We are located at 757 W. Golf Road in Schaumburg call us at 847-839-9500.