Among Friends

[ChynnaBlue]

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@151949 wrote:

How could you file a claim against the contents of a safetyu deposit box when you would have no proof of what is in there ? No one would pay on it. And my DH specifically asked if it was floodproof when we moved here to the seashore and they said as long as the door is closed  - in other words - if the bank is not open. 

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I wouldn't believe that. I used to be a certified floodplain manager and I don't really buy anything is "floodproof." Even when we used the term "floodproofing" as floodplain managers, it didn't mean there was no chance at all of something being damaged or ruined by a flood. 

Here's what the FDIC has to say about it:

"No safe deposit box or home safe is completely protected from theft, fire, flood or other loss or damage. Consider taking precautions, such as protecting against water damage by placing items in plastic containers or zip-lock bags. And, don't keep identifying information on or near your safe deposit box key, such as the box number and the bank's name, in case of loss or theft. Remember that, by law, FDIC insurance covers only deposit accounts. Also, don't expect the bank to reimburse you for theft of or damage to the contents of your safe deposit box. If you want protection for the valuables in your safe deposit box or home safe, talk to your insurance agent."

https://www.fdic.gov/consumers/consumer/news/cnfall09/five_things.html

And I recommend looking up the many, many news articles about flooded safe deposit boxes. It happens and the losses can be substantial.

[happygolfcartrider]

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@sidsmom wrote:

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@Abrowneyegirl wrote:

@sidsmom  Some bank safe deposit boxes are fire-proof some are not, you must ask, not assume.

Ours are fire-proof with a fire suppression system.

If your bank vaults safety deposits boxes in cement lined basements, etc you also have greater layers of protection against natural disasters,etc.

The level of protection and the price vary widely.

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@Abrowneyegirl

You are correct. Never assume.  

Even though a safe deposit box is so elaborately lined...something that would make King Tut envious...insurance should still be purchased to protect those safe deposit box items for natural disasters.

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I tried to get insurance on ours ans told there is no such thing since there is no proof of what is inside. I would like to know if there is a company that will insure a safety deposit box. 

[151949]

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@happygolfcartrider wrote:

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@sidsmom wrote:

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@Abrowneyegirl wrote:

@sidsmom  Some bank safe deposit boxes are fire-proof some are not, you must ask, not assume.

Ours are fire-proof with a fire suppression system.

If your bank vaults safety deposits boxes in cement lined basements, etc you also have greater layers of protection against natural disasters,etc.

The level of protection and the price vary widely.

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@Abrowneyegirl

You are correct. Never assume.  

Even though a safe deposit box is so elaborately lined...something that would make King Tut envious...insurance should still be purchased to protect those safe deposit box items for natural disasters.

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I tried to get insurance on ours ans told there is no such thing since there is no proof of what is inside. I would like to know if there is a company that will insure a safety deposit box. 

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There is no such thing as insurance on the contents of a SDB -as I said before - they would require proof of the contents and that the contents had not been previously removed.

[Nannerbelles]

I work at  a bank and just so you know you can put anything you want except maybe a firearm in a safe deposit box.  Nothing in there is covered by any insurance because the bank has no idea what is in the box.  We were always told to turn the other way when people were accessing their safe deposit box if they didn't want to go to a private room because it wasn't any of our business to know what was in there.  I did see a man that did have a fire arm in his box and I reported him to bank security. 

[Tinkrbl44]

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@Nannerbelles wrote:

I work at  a bank and just so you know you can put anything you want except maybe a firearm in a safe deposit box.  Nothing in there is covered by any insurance because the bank has no idea what is in the box.  We were always told to turn the other way when people were accessing their safe deposit box if they didn't want to go to a private room because it wasn't any of our business to know what was in there.  I did see a man that did have a fire arm in his box and I reported him to bank security. 

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@Nannerbelles

Interesting point I never considered before.  Can you explain why you can't put a firearm (unloaded) in a safe deposit box?   Actually, I would think it would be a good place to keep it if you didn't have a safe in your home.  TIA

[HouseMouse]

Thank you so much to all who replied.  I guess it is still unsettled that its a good idea to put very much cash in there    There is really no safe place expect a bank account