Unable to find any safety deposit boxes available to rent in banks. What other options are there for safely storing these assets ?#personalfinance #investments #gold #jewellery
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Is that headline supposed to be racist?
Edited. Didn't mean it that way.
Let me guess. Malyali people store jewels?
Lockers are available with lesser known banks . Open accounts with them
I just read that contents of the locker are not FDIC insured. Is that correct ? If yes, is storing in a locker just to avoid storing at home ?
All of our nicer jewelry is specifically insured and worn in a semi-regular fashion. So really doesn’t make sense to put it in a safety deposit box somewhere. Out of curiosity, do you have a large/high value collection and/or is it used for investment vs personal use? Just trying to understand the use case as I’d probably need $100k or more to worry about storage. If you do have a large amount of jewelry one suggestion is to talk to your insurance broker about options - I’m assuming you have it insured. They may have specific policy stipulations and/or pricing based on how it is stored. In addition to them making a storage recommendation you can also ensure whatever you’re doing is going to work/make sense in their pricing structure.
It's not greater than 100k, but they are family heirlooms. So do you just store them at home ? What kind of insurance do you get for these ?
I just have a rider on our homeowners policy for specific items. It’s a little more comprehensive than typical homeowners coverage so it covers things like loss, theft, even if a stone comes out of a setting and I believe it has a different deductible than the normal policy. I just had our insurance broker put it together. There’s obviously some sentimental value in what we have (wife’s engagement ring for instance) but it’s not heirloom stuff that couldn’t be replaced. If you have specific one off things that you don’t regularly wear and are truly irreplaceable a safety deposit box may be a good call. I’d likely also insure those items as well. All that said, a good home safe that is secured to the floor in a closet is going to keep your items safe from 99.9999% of thieves. Most home burglary is crimes of easy opportunity so they aren’t safe cracking.
Hole in the basement underground