Insurance Insights: Outside the Box
People who choose to store valuables in safe deposit boxes may find that they are not as safe as they seem. Depending on the bank’s policy, safe deposit users may not receive compensation for valuables that are stolen; damaged; or destroyed by fire, flood, or earthquake. It should also be noted that because many vaults are not climate-controlled, they may be poor places to keep items that could be damaged by heat and humidity (such as stamp collections). These and other valuable collections may be better off at home where they can be enjoyed and protected under a property endorsement to a homeowners policy, which can be purchased in amounts that are consistent with the value of property being insured.
We know your home is one of your biggest treasures and protecting it is one of your biggest concerns. Make sure you are covered no matter what perils your home and family may face. If you have any questions about insurance, please give us a call. Unlike major insurance companies, we have access to multiple carriers, so we can shop around to find the best coverage options that fit within your budget. You can trust our experienced, professional agents to answer all of your questions and work with you every step of the way.
Quick Tip: The Federal Deposit Insurance Corporation does not insure the contents of a safe deposit box.