Texas Living

What to Put in Your Safe-Deposit Box

By Mary O. Parker 4.13.16

You’ve got your key, your code, and your assigned number. But what should you store in your new safe-deposit box? Safe-deposit boxes work best for items you don’t usually need to access frequently, such as coin collections, heirlooms, jewelry, and birth certificates. Follow this guide to use yours effectively: 

What Should It Contain?

When deciding what to put in and what to leave out, keep in mind that you’ll only have access during banking hours. That’s why the Independent Community Bankers of America recommends holding on to passports, health-care proxies, living wills, and other items you might need on the fly. And if you’re the only one with permission to open your safe-deposit box, don’t include items your beneficiaries might need, such as your will or trust documents.

Should You Insure the Contents?

Your safe-deposit box can provide valuable peace of mind — but nothing is foolproof. Since the FDIC, National Credit Union Administration, and some banks don’t insure the contents of your box, you’ll need a policy in place to protect your most prized possessions.

“Our homeowners, renters, and Texas Ag Advantage [farm and ranch] policies automatically contain what we call a 10 percent extension for off-premises personal items,” explains Ryan Pinkston, a Texas Farm Bureau Insurance Agent in Taylor County. “That includes safe-deposit boxes and storage units.”

What’s the Right Policy?

Remember that your deductible will apply and is subject to the restrictions of the policy.

“That’s why,” says Pinkston, “it’s a good idea to schedule certain items — like jewelry, furs, and coins — on a personal articles floater policy. Not only can they be insured for either the current market or appraised value, but a personal articles floater policy provides your best coverage and a lower deductible.”

Call your Texas Farm Bureau Insurance Agent to learn how a property insurance policy can protect your valuables, and learn more about protecting your property with a home safe.

Coverage and discounts are subject to qualifications and policy terms and may vary by situation. © 2016 Texas Farm Bureau Insurance