Your Safe Deposit Box checklist in 2022 and how it works
Safety Deposit Boxes, otherwise known as safe deposit boxes or SDBs, have re-emerged in our society as a secure way to protect your possessions and valuables, build wealth and secure a future for yourself and further generations of your family. With increased ways for you to take control of your financial well-being, and an increase in widespread natural disasters and crime rates, SDBs have been re-established as a home base for security against uncertainty.
You & your business
Whether you are looking for secure storage for yourself or for your business, we all have at least a handful of items, which if we lost our lives would be adversely affected. We all know that there is more than just a few items that are vital and highly valuable, so what other items and documents should you consider? In this article, we explore your safe deposit box checklist and what items are conventionally stored in a SDB. The following list will help you identify the items you need to store in your safe deposit box:
The ultimate storage solution today, SDBs and privately-owned secure storage facilities have a renewed relevance by the fact that these services may offer unparalleled security and privacy, unmatched by your traditional bank hosted SDB.
What are they for?
SDBs can be used for a range of purposes including, but not limited to:
• Personal safety and protection –
If you are living in a flood prone area, then storing important documents such as passports, birth certificates, marriage certificates and wills in a safe deposit box is a great idea. This way, if you lose everything else, you still have something to show for it. You could also keep any medical records, insurance policies and copies of deeds in here too.
• Saving money –
Many people save a certain amount of money per week into a safe deposit box. They do this through regular deposits in order to reduce the risk of losing their savings due to inflation. Of course, you’ll want to make sure that you only invest in high quality cash investments, like gold or silver.
• Protecting assets –
If you are planning on investing in property, then keeping your title deed in your safe deposit box is a good idea. It protects your ownership rights of the property from being disputed later down the track.
• Securing your finances –
A lot of people opt to keep their life insurance policy in a safe deposit box. Some even go one step further and keep their entire life insurance policy in a private vault. As long as they have access to the combination, no one can get hold of the policy without them. For example, if someone were to steal your house keys, they wouldn’t be able to access your safe deposit box containing your life insurance policy.
• Protection against theft –
Thefts happen all the time. However, many thefts are random acts of violence where the thief has nothing better to do with his/her time. That means that if you had your passport stolen, then you won’t be able travel anywhere until you replace it. Not having your life insurance policy stolen would mean that you could continue to work and earn money while waiting for your claim to be settled. By keeping your personal belongings in a safe deposit box, you’re protecting yourself from thieves.
• Documentation –
Keeping important documents in a safe deposit box will help you to avoid having to spend hours searching for them after an emergency. If you need to prove your identity or income in court, then you can easily produce your birth certificate or pay slips from your safe deposit box.
How Does a Safe Deposit Box Work?
A safe deposit box is essentially a small room within a private facility which contains a lockable door. Inside the box there is usually a safe (a type of strongbox) which stores valuables. The safe is always locked away from public view, so no one can walk in and see what’s inside. In addition, the safe itself is covered by insurance, meaning that in the event that anything was to happen to the contents of the safe, the insurer would cover the cost.
It may not sound much different than other forms of security, but the difference lies in the fact that most private facilities offer safe deposit boxes at very reasonable prices. This means that everyone can afford to store valuable items in these vaults.
What are the 3 major Benefits of Using a Safe Deposit Box?
• Security –
One of the main benefits of using a safe deposit box is its security feature. Your possessions are kept in a very secure location, making it difficult for anyone else to gain entry. You don’t need to worry about leaving your home unattended if you decide to visit a friend or family member because you know that your valuables are safely stored inside their safe deposit box.
• Peace of mind –
Another benefit to putting your belongings in a safe deposit is peace of mind. When you leave something valuable in a place where others can access it, you run the risk of losing everything when they take off with it. With a safe deposit box, this doesn’t happen; your property stays safe even if you aren’t around to watch over it.
• Convenience –
Finally, the convenience factor comes into play. In the case of Private Vaults Australia, Once you have registered for their high security back of house area and opened a Safe Deposit Box, you can have unlimited access to your goods at any time during opening hours, so your goods will always be close at hand.
Where are they?
Most commonly SDBs are put to use by those of us who live in areas that often come under threat by floods and fires. SDBs have also become a key component for those who choose to take control of their superannuation and manage their own self-managed super fund, as secure storage, thorough documentation and added insurance are required by law.
Closer to the cities, some have turned to SDBs as a measure to protect their home contents from theft – and often choose to lease an SDB for short-term periods while away on holiday or out of town or even move their valuables to an SDB to bring down their home content insurance. Then of course, having a SDB all year round is the preferred option for most people.
Get Inspired with these SDB Checklist Ideas Below is a list of items that you want to consider storing in a SDB. Included are items that are valuable to you personally, as well as items that fall under the categories of personal records, electronic records, legal records and business records. Get your checklist HERE!
– Collectibles – Coins – Stocks Certificate and Bonds – Rare Stamps – Medals – Jewellery – Precious Metals – Other valuable items Personal Records:
– Birth Certificates – Health Information – Immunisation Records – Adoption Paperwork – Marriage Licenses – Divorce Paperwork – Custody Agreement – Death Certificates – Army/Navy/Public Service Records and Awards – Vehicle Titles – Lease Agreements – Photographs/ Video Evidence of Home Contents – Household Inventory – Property Deeds and Warranties – Bank Account Numbers – Investment Account Numbers – Academic Transcripts – Pet ID information Electronic Records:
– Digital Library of Family Photographs – Hard drives, USB Drive, CDs, DVDs and Other Storage Media – Digital Music Library – Education Enrolment Transcript – Other Digital Records Legal Records:
– Passports – Copies of Driver’s Licenses – List of Credit Cards and Account Numbers – Copies of Insurance Policies – Power of Attorney Paperwork – Last Will and Testament – Trust Related Documents – Tax returns – Contracts and other Legal Paperwork – Insurance Information
– Tax File Number (TFN) – Australian Business Number (ABN) – Australian Company Number (ACN) – Blueprints – Architectural Designs – By-Laws – Patents, Trademarks and Copyright Paperwork – Tax Returns – Insurance Information
Preparation makes perfect
Preparing to Make the Move Creating your own checklist will help you get your head around what is valuable enough to warrant secure storage in a SDB, but there are some other considerations that will help.
If you have included any important original documents on your SDB checklist that you still require from day to day, then you will need to make a certified copy that have been witnessed and signed by a Justice of the Peace or solicitor. It is best to have 4 to 6 copies, so you never need to touch the original, and once all the copies are used you still have your original to make further copies.
Another important task is to video all your homes possessions (best done yearly) to have a record for your insurer should anything happen. You will be surprised how this cut’s through the many issues when making a claim.
But what size?
One other thing that creating a SDB checklist will do is give you an idea of what size box you will require, as SDBs come in varying sizes depending on who is providing the service.
You must also keep in mind, items that shouldn’t be stored in your safe deposit box include: illegal firearms, illegal substances and narcotics, or any item that is related to a crime or a criminal offence, liquids of any nature.
Secure Storage for Your Convenience Private Vaults Australia (PVA) is a secure storage gold and silver bullion dealer based in Brisbane, where you can secure a safe deposit box for as little as the price of a cup of coffee a week and receive complimentary $20,000 insurance on any size SDB.
At PVA, we’re here to help. To learn more, contact PVA or read the PVA blog for more interesting news, tips and ideas to guide you.
2 Months Free, No long term commitment necessary.* Limited spots available.
My background involves the ownership of many businesses including owning and running multiple Chiropractic offices but mainly focused in Nerang on the Gold Coast for 30 Years.
I have a passion for accumulating and holding Bullion and have done so for many years. My extensive Business skills and Bullion knowledge makes it easy to assist others buying, selling and storing their Bullion.
Peter and Cassie work together to assist anyone from the experienced Bullion Investors to the complete novice. They are here to answer any questions to help you.