Many of us believe that storing our valuables in a bank's safe deposit box is the safest choice. However, recent tragedies have revealed that safe deposit boxes are often targeted first during burglaries. In this blog, we'll discuss alternatives to safe deposit boxes, their drawbacks, and more.
What Are Safety Deposit Boxes?
Safety deposit boxes, also known as safe deposit boxes or simply deposit boxes, are secure storage containers provided by banks and financial institutions. They are typically located within the bank's private vaults and come in various sizes. They can be rented by individuals or businesses.
To access a safety deposit box, the owner must have the appropriate authorization, usually in the form of a key or access card provided by the bank. Also, use strict security measures, like fingerprint scanners or guards, to make sure only authorized people can get in.
The contents of the box are kept private and confidential, with only the owner or authorized persons allowed to access them. They're commonly used to store valuable items such as jewelry, important documents (like deeds, wills, or birth certificates), rare collectibles, or sentimental possessions.
Are Safety Deposit Boxes Safe?
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Yes, but there are still risks. If someone is determined to break in or if there's a major disaster, your box might not be safe.
Why Do You Need to Use Alternatives?
Safety deposit boxes have been a useful storage option for years. However, they do not provide as much safety as most people think. Here are 4 reasons why you need to search for an alternative for a safe deposit box:
1) High Costs
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Banks usually charge rental fees for safety deposit boxes, and the cost can vary depending on the size of the box and the bank's policies. Over time, these fees can add up, making these boxes an expensive option for long-term storage. Also, if you forget to pay the rental fee, the bank may seize the contents of your box, causing further financial loss.
2) Accessibility Issues
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Another reason to consider alternatives to safety deposit boxes is the limited accessibility. Since safety deposit boxes are typically housed within private rooms of banks, you can only access them during business hours. This can be inconvenient, especially in emergencies or when you need urgent access to your belongings.
3) Insufficient Loss Coverage
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Contrary to popular belief, banks do not insure items stored in a safety deposit box. So, if your valuables get lost, damaged, or stolen, the bank won't compensate you. To get insurance for what's in your box, talk to your renter's or homeowner's insurance agent. But remember, this might cost you more on top of what you pay yearly for the box rental.
4) Seizure of Content
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Another concern with safety deposit boxes is the possibility of the bank seizing the contents. If you fail to pay the rental fee or if the bank suspects illegal activity, they may legally seize the items in your box. This could result in the loss of your valuable belongings without warning. The items in the box will pass into the state's possession and are usually auctioned off.
What Makes A Good Alternative To A Safety Deposit Box?
Looking for a good alternative to a safety deposit box? Here's what you should look for:
- It should have security features like strong encryption or durable construction.
- It should keep everything organized and easy to find
- It should provide 24/7 accessibility.
- It should offer convenient access to your loved ones.
- It should be budget-friendly while being discreet.
- It should be able to protect your valuables from fire and water damage.
The Best Alternative to Safety Deposit Boxes
By now, you know that bank safety deposit boxes are not as secure as you might have thought. It's better to have safe deposit box alternatives that are always available to you. Here are 4 alternatives to bank safe deposit boxes:
1) Diversion Safes
Diversion safes provide a unique method of concealing valuables by replicating everyday items. These safes are the ideal for hiding jewelry, priceless artifacts, cash, and other valuables since they can be hidden in plain sight without raising suspicion.
These safes are designed to feel and look just like an actual object. They are weighted to feel like typical objects as well, so even if the safe is handled, the thieves won't be able to access the contents until they carefully inspect it and take the top or bottom off. Common examples include fake books, soda cans, or household items with hidden compartments. Look for diversion safes made from durable materials and with realistic designs to ensure effective concealment.
If you want reliable diversion safes, check out Travah. Travah offers a variety of diversion safes, including safes that look like water bottles and hairbrushes.
2) Fireproof Document Bags
Fireproof document bags are specially designed to protect important documents from fire damage. They are typically made from high-quality, fire-resistant materials such as fiberglass or silicone-coated fabric and can withstand temperatures up to 1,000 degrees Fahrenheit. They come in various sizes to accommodate different document sizes and are ideal for storing passports, birth certificates, and property deeds at home. Look for bags with reliable fire ratings and additional features such as waterproofing for added protection against water damage.
If you're looking for a fireproof document bag that can handle it all, check out Travah fireproof document bag. The multi-layered fiberglass construction keeps your belongings safe even in the blazing heat. It can withstand temperatures of up to 1100 °F and is water-resistant.
3) Burglar Fire Safes
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Burglar-proof fireproof safes are designed to protect valuables from both theft and fire damage. They are designed with heavy-duty materials such as steel and are attached to concrete or wood floors. They also come with advanced locking mechanisms to deter burglars and are typically rated to withstand high temperatures for a specified period during a fire.
When choosing a safe, look for reliable ratings like UL (Underwriters Laboratories) certifications. Also, check whether they can maintain their internal temperature when the external temperature is high. They're perfect for storing valuables like jewelry, cash, important documents, and electronic devices at home or in the office.
4) Digital Storage
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An additional storage solution to a safety deposit box is digital storage. This means keeping copies of important documents and files on your computer, an external hard drive, or in the cloud. It's handy because you can access your files from anywhere with an internet connection.
To keep your files safe, use encryption software to stop unauthorized people from getting in. This method is great for protecting documents like financial records, contracts, and photographs.
FAQs
Can I store firearms or ammunition in alternative storage options?
It depends. Check the specifications of alternative storage options as some may not be suitable for firearms or ammunition storage.
Are there any risks associated with digital storage?
While rare, data breaches are a potential risk with digital storage. Use reputable encryption software and keep security measures updated.
Can I insure the contents of alternative storage options?
Check with insurance providers to see if contents stored in alternative options can be covered under existing policies or if additional coverage is needed.
Summary
The demand for a physical bank safety deposit box and a private vault is dwindling as digital and cloud storage grow. Many American banks aren't even placing them in their new branches. Therefore, the time has come to consider a safe deposit box alternative. The above options are guaranteed to keep your valuables safe and secure from theft, fires, and floods.
If you need a reliable diversion safe, check out Travah. Our products are designed to keep your valuables hidden in plain sight while shielding them from prying eyes. Shop with us today.