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How safe are safety deposit boxes?

post #1 of 4
Thread Starter 
I don't want to leave my mom's jewelry in the house while we are gone so I was thinking of taking pictures of each piece and putting it in a safety deposit box. She was devastated the first time almost all her jewelry was stolen.

I would be even more angry and devastated if it happened again, because it can never be replaced on either account.

Does anyone have a safety deposit box? How safe are they? Are you the only one that has a key? How much is it?
post #2 of 4
The price of safe deposit boxes varies by bank and size.

It's been a while since I had a safe deposit box, but they are a good idea. They are fire proof. You are given a key to the box. And unless things have changed, the bank also has a master key. My box required that both keys be used to access it.

I used to keep jewellery, my Will, original documents such as birth certificate and insurance appraisals in it.

I highly recommend them. They really aren't that much when you consider the security you get for your valuables.

I think a safe deposit box for the jewellery while you are a way is an excellent idea.
post #3 of 4
If they are important items, I would get seperate insurance on them too
post #4 of 4
The boxes aren't fire PROOF or water PROOF. They are safer than leaving them in the house. If you bought a safe for home they still could be carried out or broken into. Check out your local banks and see if there is a camera in the safe box room/vault. Also ask about their procedures in letting customers in the box. You would want them to ask for ID. Put your father on the box and had a deputy. A deputy can get in the box if you are unable to. Ask about in case of death. It can get tricky due to death but other than that is the safest place. It is not covered by bank insurance.

Nat---I am pretty sure insurance companies won't cover stollen goods if it is in the safe box under homeowners right? You would need a separate policy for jewerly.

Bxes are tax deductable but double check in the IRS site since I am not a tax advisor.
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