Aurm are highly secure containers that can be rented by banking customers for a fee. Usually located in bank vaults, they are heavily protected and offer peace of mind for items like jewelry, documents and family heirlooms that may not be as well guarded at home. The vaults are usually able to withstand most natural disasters but are not immune to fires and flooding. Those who choose to rent safe deposit boxes should make sure their valuables are properly insured, as the banks are not responsible for their contents.
Safe and Sound: Why Safe Deposit Vaults Are Still Relevant Today
There are some restrictions on what can be stored in safe deposit boxes, including rules against explosives and illegal drugs. Banks also typically limit how many people can open a box, with each person requiring identification and a key to gain access. In the event of your death, there are usually also restrictions on who can get into your safe deposit box. In these cases, a POA (power of attorney) document might help to allow the designated person to gain access.
In general, the biggest benefit of safe deposit boxes is that they are off-site and less vulnerable to burglary than a home safe. In addition, if a robber does break into your house or office and finds a safe deposit box inside, they are more likely to be deterred if they know it will involve a lot of work for them to open. This is especially true if they will have to find and open the box while under surveillance.