Safety Deposit Box questions

[ALR-bishop]

I was once the executor of an estate where the the deceased had his papers in a safety deposit box in a bank vault that filled with water during a flood. Fortunately his box was high up and stayed dry. Lower boxes were under water for awhile and any paper items in them destroyed. This was complicated further for even the upper boxes by electricity being out for an extended time resulting in high temps and humidity.

The other issue is what happens if there is a fire. What safeguards does the bank have in regard to the vault and the boxes. Admittedly these are rare events but because of that experience my boxes are well off the floor and I check the banks procedures for dealing with high water, from any source, fires, and electrical interruptions.

Also, you may still need insurance. My experience is banks do not offer any coverage for items in the boxes, since what is in them in unknown except to the owner(s)

I think there are prior threads in here discussing this question