The year 2016 was devastating for some safe deposit box holders. In New York, thieves cut holes in the roofs of three banks and brazenly emptied hundreds of safe deposit boxes, leaving the victims’ pillaged boxes on the roof and strewn around the vault.
A stealthier thief in Florida picked safe deposit boxes in several banks, emptying the contents without damaging the box or leaving any visible sign of the theft.
These are not isolated incidents. On average, there are between 15-18 robberies or burglaries involving bank vaults every year according to the FBI. Millions of dollars of jewelry, cash, gold and family heirlooms are stolen, leaving devastated box holders dealing with unrecoverable losses.
Still the safest
Despite these occurrences, law enforcement agencies, FEMA, the American Red Cross and AARP all recommend safe deposit boxes to store valuable items, heirlooms, and documents. A safe deposit box in a vault is superior to home storage even with a safe. Why? Because a residence is almost 20 times, more likely to be robbed than a safe deposit box at a bank. And with rental costs starting at around $30 a year, safe deposit boxes remain one of the best values offered by a financial institution.
Today, most people who rent a safe deposit box assume the bank or a federal agency insures the contents. This is not true, and unfortunately, too many people learn this the hard way.
A standard homeowners policy provides limited coverage for some items in a box but excludes losses from flood and other risks. They may also have a high deductible.
Specialty insurance designed to cover and protect everything inside of a safe deposit box – including cash, gold and important papers such as wills, titles, deeds, photos and digital backups, is now available. There is no deductible, and risks such as terrorist attacks, hurricanes, and earthquakes are covered.
And because you do not need to identify what is stored inside the box to obtain coverage, you can maintain your privacy.
So, despite there being some high-profile break-ins, a safe deposit box is still the best place to store your documents, family heirlooms, and other valuables. But because nothing is 100 percent foolproof, it’s important to do your research, select the right bank and secure the contents of your box through SDBIC. – (BPT)
How To Know That Your Valuables Are Secure In a Safe Deposit Box
Atlantic Building Inspections has been providing Residential Home Inspections Pre-Purchase/Pre-Listing, Commercial Inspection, Chinese Drywall Visual Assessment, Mold Sampling, Four Point Insurance Inspections and Wind Mitigation Inspection to home buyers and home sellers in the Miami, Miami Beach, Coral Gables, Palmetto Bay, Coral Springs, Hialeah, Aventura, Pembroke Pines, Ft Lauderdale, Florida areas since 2000.