When it comes to protecting important documents and valuables, both a fireproof home safe and a safe deposit box can offer peace of mind. In many cases, using both provides the best protection.
A quality fireproof safe is a good choice for documents you may need to access quickly, such as passports, birth certificates, insurance policies, tax records, estate documents and a copy of your home inventory. Some safes also protect against water and theft.
However, not every safe offers the same level of protection. If you plan to store digital media such as flash drives, memory cards or external hard drives, make sure the safe is specifically rated to protect those items.
A safe deposit box can be a better place for valuables and documents you don't need to access regularly. This may include precious jewellery, stock certificates, savings bonds, original estate documents and digital backups.
Because access to a safe deposit box is limited to your financial institution’s hours and policies, it is generally not the best place for anything you may need immediately.
For added protection, consider keeping original important documents in a safe deposit box and copies in your home safe. Redundancy can help protect you if your home is affected by fire, water damage or theft.
Most importantly, don't assume valuables are automatically covered by your home insurance policy simply because they are stored in a safe or safe deposit box. Jewellery, collectibles and other high-value items may require additional coverage.
If you are unsure whether your valuables are properly insured, talk to your insurance broker. Gibb Insurance Brokers can help you review your coverage and determine whether you need additional protection.
Call us at 519-736-8228 if we can help you.