Why use a safe deposit box?
Safe deposit box use is on the rise. People are increasingly seeing the need to store valuables in an external location, where they benefit from heightened security in the hands of professionals.
Storing items in a safe deposit box frees you from anxiety about important and valuable items all being kept in your house, where they are at risk from burglars, fires and flooding.
However, safe deposit boxes aren’t suitable for all valuables, so it is important to know which items to keep in safe deposit boxes and which are better kept at home.
We have outlined why to choose a safety deposit box for your valuable items, what items to store, and what to look out for when making decisions when renting your safe deposit box.
Safe deposit boxes vs home safes?
So you might be wondering; why can’t I just buy a stand-alone safe to keep in my home? Then I can have access 24hrs a day?
Keeping items of value in your home might feel like a safe option, as you can monitor their security yourself and have instant access if necessary. However, here are some features of a safe deposit box which makes them preferable to home safes in many scenarios:
- Not in your home in case of accident or disaster causing damage e.g. fire, flooding
- Under tight security from professionals
- Protected from burglary of your home
- Legally protected in the case of your death
- Cost effective security- you only pay for the space you need
- Family members will know where to find important papers
What to keep in safe deposit boxes:
Gold Bullion is considered by many to be one of the most secure ways to invest your money, as gold maintains its value. If you have some savings which you decide to secure in the form of gold bullion, storing it your own home is not advisable. It makes it too accessible to burglars, and if stolen would lead you to lose a great deal of money. On top of this, declaring unsecured gold bullion within your home insurance would cause your premium cost to soar. Safe deposit boxes in an external location are therefore the best option for the secure storage of your gold.
Safe deposit boxes are the preferred choice for many collectors, whether their collections are of rare stamps, coins, artwork or historical artifacts. Often these items need to be kept under specific environmental conditions to maintain their value and quality; conditions which might not be available in your home or workplace. Safe deposit boxes are designed to maintain these items in the conditions which will best preserve their value.
Everything is digital these days, so many of us have taken to backing up copies of our important documents and photos in a digital format to keep them safe. Storing hard drives and memory sticks which hold files of value to you outside your home is an excellent way to guarantee they won’t get lost, damaged or stolen, so a safe deposit box can be the perfect solution, offering 24/7 professional security.
We all have those items which would be heartbreaking to lose, whether it’s family heirlooms, wedding photos or jewellery. Keeping these items in your home puts them at risk of damage during fires or flooding, theft at the hands of a burglar, or loss. Safe deposit boxes can therefore put your mind at ease, offering a protected space for these sentimental items whilst offering you personal access to them 7 days a week.
Copies of important documents
It is hugely important to have copies of important documents, which might include business agreements, Wills, Powers of Attorney, degree certificates and health documents e.g. lists of vaccinations. It is necessary to keep these documents safe in case of anything happening to the originals, so having backups protected in an external location is the logical move to cover yourself.
Inventory of household items
Keeping a comprehensive list of the items in your household can be important for insurance reasons, and in case of fire or flood damage, it is important to keep this list in a secure location away from your property. A safe deposit box is ideal in that your inventory will have 24hr protection and you will be able to access it in the unfortunate event of any damage to your home.
Things to consider…
Items needed in an emergency?
You shouldn’t be placing items inside which you might need in an emergency, as although these boxes have 24hr security, you will not have 24hr access.
How much space do I need?
You should also consider how much space you will need, and whether you might want more space in the near future, as there are several options when it comes to the size of safe deposit boxes.
Which company to trust?
You also need to choose a company you can trust, who have a good reputation and modern safe technology of the highest quality installed, as well as experienced staff to help you in your use of your box. It is also vital that they are SDA approved, so make sure to check here for SDA approved safe service facilities near you.
How to access?
When choosing your safe deposit box service, make sure you are fully clued in in terms of the form of access used. To make sure you are getting the right service for you, it is important that you are entirely happy with the way you will be accessing your most valuable possessions e.g. Will you need to look after a key? Or is it code operated?