What are Safety Deposit Boxes?

What Are Safety Deposit Boxes?

When it comes to keeping your valuable possessions safe, the floorboards in your bedroom just won’t cut it. If you want to keep your priceless possessions safe from loss due to theft, flooding, fire damage, and tampering, or if you want to keep your wealth away from potential economic distress or third-party intrusion, your best bet is a safety deposit box.

In this article, we’ll answer the question, “What are safety deposit boxes?” and discuss why you need to get one.

Safety Deposit Boxes Defined

A safety deposit box is an individually secured container usually held within a larger vault in a guarded facility. They are used to house anything of value including, but not limited to, precious metals, family heirlooms, pieces of fine art, luxury goods, important documents, and even computer data.

Safety deposit boxes are often used to secure properties from damage due to fire and flood, from theft, and to secure one’s wealth. Up until recently, safety deposit boxes were housed in banks vaults, credit unions, and post offices. However, today there are private vaulting facilities all over the world.

Security and Safety Deposit Boxes

The number one benefit of safety deposit boxes is the security and safety they afford the individuals using them. A lot of boxes today can withstand fire and flood as well as hurricanes and tornadoes. They are also armed with security features that help prevent forceful opening and unauthorised access to the box.

Safe deposit boxes in private facilities offer far greater security than those found in homes and in banks. They provide security and safety for your valuables along with absolute and total privacy.

Depending on which service provider is available to you, private Australian safe deposit box facilities offer top-notch security measures that ensure the all-around protection of your treasured items. Some of the standard measures you can expect include receiving a unique security key and lock for your safe deposit box, CCTV monitoring, and biometric scanners.

Moreover, private facilities are often housed in buildings that use the finest and best materials, not only the construction of their vaults but also in their building itself.

In addition, safety deposit boxes also offer better protection for your wealth should you decide to store hard assets like bullion and jewellery or stock and bond certificates because of their independent nature. These facilities are outside the banking system and are therefore safe from bank runs.

Things You Can Store in Safety Deposit Boxes

There is a wide range of items you can store in a safe deposit box. As a general rule, however, you should at the very least store personal possessions that you cannot afford to lose. This includes:

– Collectables, coin and stamp collections, first edition item such as Books, Toys, Records

– Negotiable investment instruments like bonds, stock certificates

– Family heirlooms, Jewellery, Diamonds, Medals

– Bullion (Gold, Silver, Platinum, Rare earth metals)

– Foreign currency

– Artwork, Paintings, carvings, and figurines

– Irreplaceable family items, Pictures, cutlery, crockery

– Vital backup drives and data files from your PC

– Cryptocurrency Key Chains

Bear in mind that you can only access safe deposit boxes in private facilities if you pre-arrange it first. So it’s best to avoid storing items that you would need to access immediately.

Your Best Option for Safety Deposit Boxes in Brisbane

At Private Vaults Australia, we ensure the protection of your valuable items with multiple layers of state-of-the-art security and complimentary insurance of $20,000 to get you started.

For more info on ‘what are safety deposit boxes?‘, contact PVA or read the PVA blog for more interesting news, tips and ideas to guide you.