Hobbies And Interests
Long-term Protection
When you get a safe deposit box, this unit can stay in the family for generations (or as long as the bank branch is in operation). Because it is in one location, you can pass the contents of the box to another party with a simple paperwork change instead of having to transfer the box physically to another person. The items are also more safe from theft in the security of a bank vault as compared to a wall or standalone safe in your home. A bank employee has one key, and the owner has the other, so no one party can open the box and remove the contents. The vaults are also usually guarded by security cameras and motion sensors.
Fire-Safe Vaults and Boxes
Most safe deposit vaults are built fire-safe so that they protect your valuables in case of a catastrophe. While there is no 100 percent guarantee that the items will survive an unexpected event, the boxes and vaults are highly resilient and are usually constructed better, compared to a standard home safe.
Limited Insurance
FDIC insurance does not cover the value of safe deposit boxes the same way it does funds in the bank. But the contents of your safe deposit box are protected by the bank's insurance if you can prove that the bank is directly responsible for the loss or destruction of your items of value.