Thursday, September 13, 2012
Every person reading this probably has some form of treasure, a valuable personal item, whether it be jewelry or family photos. There a variety of options that a person can choose from when it comes to storing these valuable objects. Unfortunately, there is not a completely secure option to choose from. For example, if a person chooses to place his or her valuables in a safe-deposit box, there is always a risk that the bank's employees could misplace the owner's personal items or these items could vanish during bank mergers. In fact, this past year about $15 million in personal property went missing in safe-deposit boxes.
It is important to remember that unlike personal accounts, the contents of safe-deposit boxes are not insured by the FDIC. To prevent a loss that might occur, a person might want to consider purchasing home owner's insurance to cover the costs should the client's property go missing. On that note, a person might also want to consider getting his or her valuable items appraised, making an inventory of all of the items that a person places in the safe-deposit box, and taking photographs of items. A person might also want to consider placing items in waterproof containers before they place those items in a safe-deposit box. Finally, a person might want to continue paying his or her rent on time to prevent that person's items from reverting to the state.
In contrast to tangible items, some professionals think that home safes are perfect for important documents, such as wills. Experts strongly recommend that a person consider purchasing a safe and bolting it to the floor or wall for added security.
See Rachel Emma Silverman, How to Make Safes Safer, The Wall Street Journal, Sept. 10, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.