I've been doing some purging at home, and came across a "book" my parents gave me years ago. The book is fake, and actually hollow, with space inside to store items. I have the title to my car, my Social Security card and a few other items inside that I want to keep in a safe place.
I was thinking that, while safe and nondescript, it's not fireproof and it's not convenient to grab in case of an emergency. So, I started thinking about a safe deposit box - and what else I should potentially put in one.
Like everyone, I searched the web to see what people typically put in a safe deposit box. Below are some of the items I found:
- Titles to vehicles (cars, boats, etc.)
- Passports
- Birth certificates
- Marriage license and/or divorce documents
- Adoption documents
- Flash drive with photos/video inside and outside of a home (to show possessions in case of fire/theft)
- Life insurance policies
- Estate plan documents (an attorney may have this, but just in case)
- The deed to a home (if a mortgage is paid off)
- Loan documents
- Investment documents (including stock/bond certificates)
- Extra keys to vehicles
- Smaller family heirlooms - jewelry, watches, etc.
While researching, I also discovered a variety of tips that people shared about their experiences with safe deposit boxes. Nothing bad, but things to consider before signing the contract:
- Check with your insurance agent to see what coverage you have on any items stored in the safe deposit box.
- Ask what coverage the bank/credit union provides you in the event of a fire/earthquake/etc.
- Check with the bank/credit union to see what items may and may not be allowed to be stored.
- You may want to put copies of important documents in your safe deposit box, instead of originals. Check with your attorney and/or insurance agent.
- Determine who else should have access to the safe deposit box. If you pass away, what is the process for accessing the contents?
- Is it a safe deposit box, or a self storage box? There are differences between the two.
- What is the renewal process for the safe deposit box? Is there a discount if you do an auto-renew through your checking account?
- Keep an inventory of what you have in your safe deposit box. If you ever wonder what you have there, you can reference that instead of making a special trip to the bank.
Keeping important documents and items safe can help relieve stress - just make sure you have your questions answered and feel comfortable with everything!