When protecting valuable items from getting damaged, many individuals typically think the best place to store the valuables is at the bank, in a safe deposit box. But according to MoneyWatch, consumers may be better off storing certain items at home rather than at a financial institution.
That’s because items held in a bank’s safe deposit box aren’t always insured, but valuables stored at one’s property are typically protected under a standard homeowners insurance policy. A renters insurance policy also generally covers valuables, the source notes.
This is why it may be in consumers’ best interests to buy their own fireproof safe and house some of their prized possessions at their property. Virtually anything can be stored in them, but examples include jewelry, passports, birth certificates, spare keys, car titles, wills, bank account information and property insurance information.
Homeowners should be aware, however, that property insurance covers belongings up to a certain amount. They may need to secure additional coverage for more costly items, making an umbrella insurance policy ideal.