5 Reasons To Use A Safe Deposit Box

 1. Your items are protected from fire, flood, or other natural disasters at home.

Natural disasters can destroy much more than the house itself. They destroy memories like photographs, jewelry, birth certificates, and other important records. You can keep your most valued possessions, copies of your important papers, and even your photographs in digital form in a safe deposit box away from the house.

2. It’s a cost-effective way to keep your valuables private and safe. 

Only you know what’s inside your safe deposit box. The cost for a safe deposit box varies depending on size. Rental fees are charged annually.

3. Your items are protected from theft at home. 

Your valuables can’t be stolen from your home if they are not there. A safe deposit box is a great way to give you that extra peace of mind – just in case your home is ever burglarized. Opt for a bank safe over a home safe. While home safes can be had for as little as $99, they’re much easier for thieves to crack. Most home safes weigh less than 100 lbs., so it is not that difficult for thieves to walk off with your safe – and your valuables. That’s not going to happen with a bank safe, which is both heavily guarded and securely constructed.

4. Your items are protected from being lost or misplaced.

If you are the type to misplace papers and other items, you might benefit from using a safe deposit box instead of trying to keep things organized at home.

5. Your family members will know where to find your important papers. 

If you have a copy of something important (like your will or insurance papers) in a safe deposit box, your family members will be able to retrieve those items if you, personally, cannot. If you rent the box only in your name, you, a power-of-attorney or agent you designate are the only ones who can get into the locked box. A safe deposit box rented jointly with a spouse, child, or friend means those people also have access. Experts say it’s wise to have a designated power of attorney to handle your financial affairs – including access to your box – in case you are unable to because you are disabled or traveling among other reasons. If you have power of attorney, getting into your safe deposit box won’t be a problem.

Source: Money Saving Guide; 2016

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