Most middle-class home owners probably don't consider themselves to be rich. However, a quick inventory of the family home or apartment usually produces easily stolen valuables such as:
Jewellery - including heirloom pieces.
Collectibles - stamps, coins etc.
Silverware - especially small items like cutlery and serviette rings.
Medals, possibly from past generations.
Gemstones - for a special gift occasion
Securities, title deeds, wills etc.
Family records - birth, marriage and death certificates (targets for identity fraud)
While these items are usually insured in case of loss, most people want to avoid the loss altogether, as the real value to the owners are the memories attached to them.
Home Safe
A home owner looking to protect valuables would enquire about home safes - their cost, security level, methods of installation and placement. Of course, the more valuables to be stored, the bigger the safe required, which increases the cost and difficulty of suitably locating it.
Safe Deposit Box
This is a rental service provided by most banks and financial institutions. It protects privacy as no-one, not even bank officials, knows the contents except the person who signs the rental contract. The deposit box is stored in a concrete or steel safe or vault protected by sophisticated alarm systems and security procedures.
Things to Consider When Making a Choice
Some questions to ask when deciding between a security safe for the home and a safe deposit box:
What is the most secure in case of fire or natural disaster?
If I need to get my valuables quickly, what is the most convenient?
What happens to my deposit box if the bank goes bust?
Is my deposit box automatically insured by the bank?
Does having a home safe make my house a target for thieves?
What would my insurance company prefer me to do?
If I pay my rental fees on a deposit box, does this guarantee I won't get robbed?
What if I can't access my deposit box through e.g. illness or incapacity? How can my family get access?
The prudent home owner considers all scenarios before making any decision, but there are several issues that could be considered drawbacks to having a safe deposit box:
Inconvenience - unable to access the contents quickly, especially over a weekend.
Not insured - the box is a storage space provided as a service, and not insured by the bank.
Not guaranteed - robbery or damage in a natural disaster, while unlikely, is still possible.
Paying twice - keeping things that don't need quick access in a deposit box, and other valuables in a home safe, increases the cost.
Home security safes meet stringent quality standards, are relatively inexpensive depending on size, and installation can be arranged by reputable and experienced people. It is hard to beat the convenience of having your valuables close at hand in a secure environment for a "once-only" cost, and all of it properly insured through your broker.
