card in bank safe deposit box

[Exhibitman]

Actually, the insurance available for cards usually covers them in a SDB, and usually to the full limit of liability at each SDB you have. Insurers absolutely love it if you keep insured items in a SDB because the likelihood of loss from theft is virtually nil but the policy premium stays the same as though they were at your home.

I've had a SDB for 30+ years for my favorite/best cards. I tend to visit them once a month or so. For me it is a cheap way to be sure that any catastrophic loss at my home--such as a fire--doesn't destroy everything.

As for humidity, bank vaults are typically climate controlled. I put a few of the silica dessicant gel packs into my SDB just in case.

[T206Collector]

Originally Posted by Exhibitman

Actually, the insurance available for cards usually covers them in a SDB, and usually to the full limit of liability at each SDB you have. Insurers absolutely love it if you keep insured items in a SDB because the likelihood of loss from theft is virtually nil but the policy premium stays the same as though they were at your home.

Really? One of the reasons I stopped using Collectors Insurance was because of that exclusion. Maybe I misread it.

[MattyC]

Originally Posted by T206Collector

Really? One of the reasons I stopped using Collectors Insurance was because of that exclusion. Maybe I misread it.

I was also informed by my insurance agent that they will not issue me a policy for cards in a SDB. That said, I still prefer an SDB to home storage.

[25801wv]

I wish I had this problem.

[LEHR]

I'm not knocking anyone's choice for storing or protecting there collectibles but I've personally never understood why anyone would want to store there cards in a SDB. If you need the piece of mind that your collection is safe why not buy a nice home safe for $2-$3k and keep your collection in house? If you bought an expensive piece of art would you not hang it on your wall, or inside of your local bank vault? Again, not criticizing anyone's protection methods just throwing in my two cents.

[glchen]

Safety deposit boxes have the advantages of climate control and security over a home safe. You might say that if you have a $2-3K safe, that's pretty secure. However, I think most people would be comfortable saying on a forum that thousands of people might read that they keep their valuable cards in a SDB rather than in a home safe. Sure, you might also add that you have guns and dogs in your house, but why invite danger when you don't need to?

[drmondobueno]

I live in a very small town on the edge of the eastern sierras after living in the L A basin for over 40 years. Population 1350. No traffic lights, no banks, no doctors, no helicopters, you get the drill. Up until last week, we had less than an inch of rain for the year. Humidity can be non-existent, often under 10%. Our big worry here is fire, wind-driven wildfires. In 2011, the entire town was evacuated when a downslope wind blew a fire down a creek bed and into town, taking out 50 homes. The fire was less than a quarter mile from the home we now live in. Last year another fire started on Highway 395 and caused another evacuation warning before two air tankers were diverted from the Bay area and knocked that bad boy down. Winds were in excess of 40 mph, it could have been very bad. So we look for smoke.

The closest bank is in Bishop, 15 miles to the North. I keep a few more valuable cards there in a SDP, along with my will, passport, and gold fillings. A home safe just would not provide fire protection, so I spread the risk round a bit.

My thinking is I bought the cards to enjoy, so I do. I am not a fan of insurance, having been on the short end of policy 'exclusions' once too often. I gave up a little to get a lot by moving away from population centers and jobs, so I drive an 18 year old fishing vehicle and a trade- off of fire risk with little career opportunity. But being a semi-old fart, what do I need a boss for.