Are your papers safely stored?
If there were a disaster and your home were destroyed, what information would you need to rebuild your life? This is the purpose of the safe deposit box – to protect your valuables in case of a disaster.
The safe deposit box – it’s not just for jewelry
Important papers that can’t easily be replaced can be stored safely at the bank in a safe deposit box.
- Make copies of everything for your home records.
- Keep a list of all the contents in your safe deposit box in your filing system so you know what is in there.
- Update the list as you add and remove items.
Important documents include:
- Wills
- Titles (home, car, etc.)
- Passports – unless you use them frequently
- Family records: birth certificates, death certificates, marriage certificates
- Social security cards
- Insurance policies
- Stock/Bond certificates
- Health history – vaccination records
- A list of credit cards and their information
Other items to include:
- Video of your home for insurance purposes
- Backups for your computer files
- CDs or negatives of photos
- Coin collections
- Jewelry
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I don’t have a safety deposit box, but I’ve considered one of those hefty home safes (that are fire and water proof). But they’re super pricey. My question about safety deposit boxes is what happens if the bank burns down or has a similar “disaster” as your home. I guess it’s much less likely to be broken into, but in general it’s a lot less accessible too (only at certain hours, requiring a wait time and not on certain days). So over the course of say 5-10 years, which is more economical? A safety deposit box or your own home safe?
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I think the bank vault is fireproof. I have duplicate copies of papers there and and home so if something happened to the house “knock on wood” they are in another location. I think that is the most important purpose. I think it is typically $50-$80 a year for a small one…sometimes you get one free with a certain type of checking account.
I know those home safes are really expensive.