Finding the safest and most secure place for storing your valuables always remains one of the top concerns. Your valuables could include important documents, cash or jewelry. For most of us, the valuables are the savings of their lives. You cannot afford to lose them in any situation.
The article talks about two of the safest ways to keep your valuables secure. If you are in a dilemma regarding the storing of your valuables, this will help you decide whether to use safe deposit or home safe. It will also help you to clear any confusion regarding which material to be stored where and which one suits your need the best.
Safe Deposit Box or Home Safe : How To Determine Where To Keep Valuables
Determine whether to store your valuables in a bank’s safe deposit box or at your home in safe can be confusing. Each option has its points of convenience and accessibility. One option can be much more preferable at one time and the other at another time. Consider the following points to arrive at a conclusion for the same.
1. How Often Do You Use Your Valuables?
The first point to be considered should be the frequency of usage of your valuables. You might know that if you keep your valuables in a safe deposit box, you cannot access them anytime. A home safe can be accessed anytime as per your convenience.
So, the valuables which you use on a daily or frequent basis, it is better to store them in a home safe. If the valuables are used only on rare or special occasions, it would be better to keep it in a safe deposit box in a bank.
2. Will You Need Them During An Emergency?
There can be certain items which you might need during the time of emergency. Such valuables could be cash or documents or any other paper works. If you keep them in a safe deposit box, you should be aware that banks have their timings when you can visit to access your safe deposit box. There can be a situation that you need something that is kept in the safe deposit box but it is not the visiting time.
In such cases, determine the need for your valuables. Ascertain every possible situation when you could require your valuables or documents. Then decide where to keep them; in a home safe or a safe deposit box.
3. How Valuable Are They?
The safe deposit box offered by banks is no doubt more safe and secure than a home safe. If the value of your items is high or they are irreplaceable, then you should consider them keeping in a safe deposit box.
Similarly, if the valuables are of comparatively less value, then you can consider keeping them in a home safe. But make sure that your home safe also has high security and is almost as safe as a safe deposit box. Valuables are important, no matter what their value is.
4. How Much Is Your Home Safe Secure?
You should always be assured of the safety and security level of your home safe. If you even have a little suspicion about the security level of your home safe, store your valuables in a safe deposit box.
Determine the durability of the home safe. Ascertain whether they can be broken by a thief or a burglar. Then only decide whether you should keep your valuables in the home safe or you need to have a new one with more security and safety features.
5. Are The Valuables Legal?
Needless to say, such items should not even be kept by you. Firearms, ammunitions, hazardous materials, explosives or permitted drugs in owned even in a legal manner should be first verified with the bank.
Few banks do not allow such items to be stored in safe deposit boxes. If caught, it can lead to a legal action against you. If you own such things in a legal manner it is better to keep them in your home safe. If you wish to keep them in a safe deposit box, make sure your bank has provisions for them.
6. Are You Planning To Go Out For A Longer Duration?
If you have a large amount of valuables with you, you might be always worried about their security. This worry increases in case you are going to be away from your house.
If you are going or planning to go away from your house for an extended period then it is better that you keep your valuables in a safe deposit box. This will ensure more security and safety.
If going away from your house for a couple of days keeping your valuables in your home safe would work.
7. Are Your Valuables Insured?
Insurance can reduce your risk of loss due to any unforeseen unfortunate event. If your valuables are not insured then it would be preferable if you keep them in a safe deposit box. In case they are insured and you are fully assured of the security level of your home safe then you can choose to store your valuables in your home safe.
8. What To Store In Safe Deposit Box?
In a safe deposit box, you should always store your valuables which are of a higher value, you do not use frequently or regularly, emergency needs or if you are going to leave your house for an extended time.
The valuables which should be preferably stored in a safe deposit box are as follows:
- Important documents and papers such as diploma certificates, property papers, wills, transcripts, deeds, contracts, financial documents, documents which cannot be replaced and certain copies of few documents.
- Do not store anything which you might need in an emergency as you will be able to get them during the opening hours of the bank.
- Store jewelry or other valuables which you do not use on a frequent or daily basis.
What To Store In Home Safe?
There are certain items which can be kept in a home safe. It depends upon their value, need and usage. The things which should preferably be stored in a home safe have been provided to you below:
- Any insurance documents, attorney documents, copy of wills or certain original documents which you might need at the stretch of your hands.
- Few personal items which you want to have access to all the time such as old photographs, jewelries etc.
- Legally owned firearms, ammunitions and weapons can be stored in a home safe. Make sure that they will be out of reach from anyone else.
- Any amount of cash.
- Passports, valuables which are not insured and other identity documents.
What Is A Safe Deposit Box?
A safe deposit box is a secured container held within a bank vault. It is also known as a security deposit box. It is one of the various services offered by the banks or credit unions. It is usually a metal box which you can rent to store your valuables. The safe deposit boxes are fully secured and safe.
In order to rent a safety deposit box of a bank, you should have an account in that particular bank. The bank will ask you for your bank id and signatures for the verification process.
Whenever you rent a safe deposit box, the bank gives you a key to operate your deposit box. One key is held by a bank employee, to access the box.
Generally, the banks do not use the keys held by them without your permission. Also, in the case where the bank uses some kind of keyless system, you can use your fingerprint or other kinds of security method to access your safe deposit box.
A safe deposit box is rented on your name. You also have the option to add other people who can access the box other than you. Before adding the names, make sure that they are the trusted ones. They will have equal rights and access to the box and its contents.
Before you rent a safe deposit box make sure that no authority has the power to insure the things you will keep in that. Also, you should be aware of the fact that in case you fail to pay the rent of the box, the banks usually possess the right to seize the materials stored in the box and turn them as unclaimed property.
The banks rent safe deposit boxes in return for a fee. Generally, the fee is nominal but may vary depending on banks. Safe deposits box is more secure and harder to break. The vault, where the safe deposit boxes are located, is a well-secured area, with alarm systems, high-security locks and cameras.
What Is Home Safe?
A home safe is a steel or metal box which is designed purely for the purpose of securing your valuable items. Home safes are lockable and secure. They cannot be easily broken r damaged.
The safe which you chose can be fire resistant, dust and water resistant or a smart safe. Home safes also come with various locking methods such as key, password, fingerprints, combination or electronic locking.
Home safes come in various shapes and sizes. You can get one for yourself after determining all the factors and your requirements.
You can determine by ascertaining the value or size of the material you wish to store in the safe. There are varieties of home safes available in the market. You can purchase one depending on your budget and needs.
Frequently Asked Questions (FAQs)
In case you lose the keys of your safe deposit box, you need to make a request to the bank for issuing a new key. The bank will charge a nominal fee for providing you with a new key.
Yes, the banks have certain provisions for the items which cannot be stored into safe deposit boxes. A few compulsory items which cannot be stored includes firearms and ammunition, weapons or drugs.
3. How Much Fee Is Required To Be Paid For Renting A Safe Deposit Box?
The fee charged for renting a safe deposit box depends on the banks. Different banks may charge different rates.
Yes, most of the banks have the policy to insure the items stored in the safe deposit box. In case you fail to pay the rental payment on time, the banks have the authority cease and to turn down the items stored in your safe deposit box.
The write-up aimed to provide you with the complete information with regards to storing your valuables. Your valuables are important for you and we know that. Keeping them safe and secure is also important. Remember that you do not have limited options. If you are still not sure and cannot arrive on a decision, go through the determiners once again. It will help you to clear your confusion. There are pros and cons for everything in this world, so you cannot only expect to have good things about everything you wish to have. You only need to find out the best one which can help you solve your problems.