With the increase of identity theft, people are doing all sorts of things to keep their valuables safe, while the choices may vary, it is clear that we must do something about it. One option that seems to be picking up steam is to put your valuables in a safety deposit box, where others can’t see it or steal it. Today we will take a look at the Pros and Cons of Safety Deposit Boxes to establish whether they are for us to use.
Pros Losing valuable documents can make for a bad day, especially if those documents are difficult to replace, like birth certificates, passports and deeds for your home. In a safety deposit box, the risk of losing them is extremely small.
Cons Although the likelihood of damaged documents are rare, it is a possibility. Just think about what would happen when you experience an earthquake, or an explosion. There may be other situations that could destroy your safety net, so at the very least, double your protection with a fire safe.
Size Does Matter!
Pros Another advantage in using a safety deposit box is the fact that in the unfortunate event someone meets their demise, the family will know exactly where to look to find the important papers. Just imagine what would happen if you had to go looking for each and every document.
Cons Because of the added security, our natural reaction is to put as many things as possible in the safe, forgetting that there is a limited amount of things that we can store there.
How safe is a safe?
Pros There is no doubt that when you think about the Pros and Cons of safety deposit boxes, you have to acknowledge the cost. Although this is going to be another bill to add to your monthly budget, the safety issues are well worth it.
Cons The peace of mind that a safety deposit box will give you, because of where it is, should also be evaluated. Remember, safety deposit boxes can be robbed too.
Honey, have you seen my keys?
Pros One of the major selling points that comes with the promotion of a safety deposit box is the fact that your valuables are protected. It is a load off your shoulder when you consider the fact that unless your bank gets knocked over, leaving a gaping hole in the wall, your valuable photographs should be safe.
Cons Safety deposit boxes require 2 keys, one of which you must hold on to. Imagine what would happen if you ever lost that key.
What do you mean, they are closed?
Pros When was the last time you tried to plan a trip, but just could not find your passport? With a safety deposit box, you always know where it is and that it will not get lost.
Cons But what happens if you needed your passport on the weekend, when banks were closed?
And there you have it, a few things to consider about a safety deposit box to secure your valuables.