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June 2008 |
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Getting Organized: Do You Need a Safe Deposit Box? The popular image of safe deposit boxes is that they are for rich people who fill them with jewels and bonds. Really, they are for anybody who has important documents and perhaps some valuables. Safe deposit boxes cost about $25 to $75 dollars a year and they can be an important part of one's financial organization. And there is probably no safer place than a fire-proof bank vault for your important items.
Yes, those things are probably replaceable at a certain cost and a serious inconvenience. But what about your homeowners policy? This is probably the most compelling reason for a safe deposit box. The documents that will help you after a total loss of your home should not be in your home. For instance, if you have renters or homeowners insurance, then you should have a list (preferably with photographs) of the items in your home in case you need to make an insurance claim. This list will do you no good if it's destroyed in a fire or flood. That would be a perfect item for a safe deposit box. If you don't want to spend the money on a safe deposit box then at least give your homeowners policy and home inventory to a family member living elsewhere. Also suitable for a safe deposit box are the following: the deed on a home, appraisals, car title, adoption papers, insurance policies, annuities, bonds, certificates of deposit, passports and many more. Things that should not be put in a safe deposit box are wills and powers of attorney. If you should die, your wishes might be locked up in a safe deposit box for a long time |
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