When you need a place to store your valuables, deciding between a home safe or a safe deposit box can be a difficult decision. The truth is, both home safes and safe deposit boxes have pros and cons, and each may be better suited for certain valuable types. Here are a few things to know about the benefits of a home safe vs. a safe deposit box:
Weighing Costs
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Whether you purchase a home safe or a safe deposit box, you’ll have to spend some money. The cost of a safe deposit box will vary depending upon the institution, as well as the size of the box, but usually ranges from about $30 to $75 a year. The cost of a safe, on the other hand, is a larger one-time upfront cost. The amount of money that a safe will cost depends on the quality and size, ranging anywhere from $100 to above $5,000. While the latter cost may seem excessive, it may actually be cheaper over time if you plan on keeping your safe deposit box at a bank for years to come.
Ability to Access Valuables
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Another thing to consider when weighing the pros and cons of a home safe vs. safe deposit box is your ability to access your valuables. Some things you will certainly want to be able to access at all times without the hassle of having to travel to a bank. For example, original Social Security cards, birth certificates, passports, cash, spare keys, and jewelry may require quick access. If these are some of the valuables you plan to store, a home safe deposit box is more ideal.
Insurance on Valuables
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Many people believe that if they put things in a safe deposit box, it will be insured through the Federal Deposit Insurance Corporation (FDIC). However, this is not true; the FDIC only covers deposit accounts, which means your safe deposit box is not insured.
On the other hand, the things in your home safe are insured assuming that you have homeowner’s insurance. You should speak with your homeowner’s insurance company about the possibility of seeking additional insurance on certain valuables.
Contact a Home Safe Professional Today
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If you have questions about home safes, the professionals at A-1 Locksmith have answers. View our comprehensive collection of home safes for sale today, or call us now for more information about storing valuables at home.
