Safe Deposit Box

Each policy provides $3,000 of coverage for your important papers such as: titles, wills, deeds, immigration papers, passports, discharge orders, or other important documents or personal mementos. This coverage provides discretionary funds to assist you in obtaining or finding replacements for these items.

Anything you can place in a safe deposit box that is legal for you to own or possess is covered. Whether it is gold, silver, other precious metals, diamonds, cash, currency, gold certificates, bank notes, coins, bonds, securities, jewelry, rare books, stamps, historical documents, lithographs, drawings, sports memorabilia, fine art, antiques, firearms, or any type of collectable; it is covered subject to the limits purchased.

Partially or not at all. There are significant limits on the amounts of coverage limits that are available for property typically stored in a safe deposit box (usually about $1,500), and numerous types of properties like gold, precious metals, cash and coins are not covered at all under a homeowner's policy. You are oftentimes not insured against floods or perhaps even hurricanes under your homeowner's policy. If you use a rider to insure your property, while you may be able to obtain higher limits, all of the other homeowner policy coverage limitations apply, and you must itemize the property being stored in the box and provide third party appraisals for coverage to be effective. The rate for the coverage together with the cost of the appraisal of stored items is almost always higher than the cost of purchasing Safe Deposit Box Insurance Coverage.

Yes, limits up to $1,000,000 are available. Please contact SDBIC if you desire limits above $50,000 at 224.227.6181 or email us at [email protected].

Safe deposit boxes are the best storage option to protect your valuables. Unfortunately, they do not protect you against burglaries, robberies, flood, fire, hurricanes, or other man made or natural disasters. When these events occur, they damage or destroy the contents of safe deposit boxes more often than people realize. 

The cost depends on the coverage limit you select. Just choose the amount of coverage limit and find the corresponding premium cost in the pricing schedule. It is relatively inexpensive, with insurance starting at $25 annually for $5,000 of coverage. There is no deductible so there is no out-of-pocket cost when a loss does occur.