Safety Deposit Box questions

[Directly]

This bank vault stored potentially $100,000 plus worth of vintage football cards--mother nature said sorry no more ! This bank vault didn't save them from the flood! Check for any potential unexpected dangers as flooding.

[BruceinGa]

After hearing stories of banks being flooded I took a second look at my bank. It's is situated on a hill so a natural flood is doubtful. A burst pipe might be a different story.
I have one large box, 10"x10"x20" and just last week I rented another at another bank, half the size of the first.
I made the decision to go with safe deposit boxes after seeing the cost of collectable insurance.

[Kenny Cole]

Originally Posted by BruceinGa

After hearing stories of banks being flooded I took a second look at my bank. It's is situated on a hill so a natural flood is doubtful. A burst pipe might be a different story.
I have one large box, 10"x10"x20" and just last week I rented another at another bank, half the size of the first.
I made the decision to go with safe deposit boxes after seeing the cost of collectable insurance.

Me too. I have the same size SDB and have filled it to capacity, so I need to rent another one,. $90 a year is better than the coverage price and, as a lawyer who exclusively handles insurance issues, the carrier is likely to screw you anyway if its a big claim IMO. I don't like the fact that the cards aren't instantly accessible but I have scans and the bank is't that far away, I thought about it quite a bit but I decided that was the best option for me. Other people might reach a different decision.

[ejharrington]

One question: are PSA / SGC slabbed cards waterproof?

[silvor]

Originally Posted by ejharrington

One question: are PSA / SGC slabbed cards waterproof?

No

[silvor]

Originally Posted by Directly

This bank vault stored potentially $100,000 plus worth of vintage football cards--mother nature said sorry no more ! This bank vault didn't save them from the flood! Check for any potential unexpected dangers as flooding.

In fairness, if my cards were in my house the same thing would have happened, right?

I understand nothing is 100% safe. Just trying to reduce my risk. It really doesn't flood here unless you are by a river (which I am not). Theft and fire are the biggest concerns. And keeping them in a fire safe, not sure that is good. My neighbor got robbed, and the first thing they went for is the safe. Got in and stole everything.

[Leon]

You can always put your cards in large Zip Lock baggies in your safe deposit boxes, just in case of water. I have done that before. But never a problem with a Bank Safe deposit box and that is where I kept my collection when it was more valuable.

[Bieg]

This company insure whatever is in your Safe Deposit box for an agreed amount. When my wife was looking to ensure her collection we discovered this company. Safe Deposit boxes are not insured by the FDIC so you are on your own. They don't care what is in the box. Whatever is in it if destroyed or stolen will be covered for whatever the agreed amount is.

https://safedepositboxinsurance.com

[T206Collector]

I love my SDB. I keep a few desiccant packages in there for good measure.

[calvindog]

I have a 1300 pound safe bolted to the ground as well as a giant safe deposit box. I feel better about the safe deposit box as the bank is less likely to be robbed or flooded than my house.

[NiceDocter]

Just a note about semantics..... the bank will correct you if you call it a "Safety Deposit Box" since they don't imply any degree of safety with your rental.... its just a SAFE deposit box which means its located in the safe..... FWIW

[baseballfan]

I didn't read all the responses but if your father is the only name on the box and he dies you will be allowed into the box without an estate being opened. The cards may very well be deemed your fathers property and subject to inheritance. If both your names are on the box you may have to pay inheritance tax on half of the contents. These are PA estates laws so I would check Minn law and how it may effect the box contents if your father dies.

I had a box for years never had a problem. Just didn't have enough in it to keep it.

Good luck with it