Where is Safe Deposit Box Insurance coverage currently available?
Coverage is currently available in all states except KY.
Why have I never heard of Safe Deposit Box Insurance coverage in the past?
Safe Deposit Box Insurance Coverage is a new, patented insurance product designed to provide safe deposit box holders the maximum amount of insurance protection for the lowest possible cost, while maintaining absolute confidentiality and privacy. It is affordable and convenient to purchase. While banks, credit unions, and private vault services strive to provide a safe and secure environment in which to store your valuable property, they simply cannot protect against all risks. Many banks and credit unions are making Safe Deposit Box Insurance Coverage available to their customers. These banks and credit unions recognize there is a gap in the insurance market that leaves their box renter's valuable property exposed to loss.
Do banks or credit unions or any goverment agency insure the contents of my Safe Deposit Box?
No they do not. Rather the risk of loss is on you. In your safe deposit box rental agreement, you will find this type of exclusionary language:
"The contents of your safe deposit box are not protected against loss under any insurance maintained by the bank. We recommend that you arrange to have the contents of your box insured."
Also, this is what the FDIC provides on its consumer website:
"No safe deposit box, or safe, is completely protected from theft, fire, flood or other loss or damage. Consider taking precautions... Remember that, by law, FDIC insurance covers only deposit accounts. Also, do not expect the bank to reimburse you for theft or damage to the contents of your safe deposit box. If you want protection for the valuables in your safe deposit box, talk to your insurance agent."
Until SDBIC, the limited coverage available in the market excluded many items, required disclosure of contents, and was costly to maintain.
Are the contents of my Safe Deposit Box covered by my homeowner’s policy?
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 also 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.
I thought the property in my Safe Deposit Box was safe and secure. Why do I need coverage?
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. On average, there are approximately 5,000 bank robberies and burglaries annually. During the first three months of 2012, fires at four banks left the vault and boxes cooking in the smoldering rubble for days. In the fall of 2012 Superstorm Sandy flooded numerous banks and vaults across the northeast. Whether it is hurricanes along the cost, floods in the Midwest and southeast, tornados in the plains, mudslides in the west, or fires there are risks wherever you live. There has been an incredible rise in the price of gold, silver, platinum, and diamonds over the last decade. Jewelry which was worth a few thousand dollars five years ago is now worth well over ten thousand dollars. Why risk suffering a devastating loss of valuables without any insurance protection, when for only a few dollars a year, you can be fully protected and have peace of mind?
What property is covered by Safe Deposit Box insurance coverage?
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.
What if I mainly keep important personal documents in my bank or credit union 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.
Can I purchase coverage directly from SDBIC if my bank or credit union does not make it available?
Yes, you can purchase the coverage directly from SDBIC on the website at the Get Coverage Now page or by calling us at
224-227-6181. To complete the purchase; you need to know the name and location of your bank or credit union, the last two digits of your box number, your date of birth, and the amount of coverage you would like to purchase. The insurance will automatically renew each year, until you notify us that you are no longer renting your box.
Can I add or remove property from my Safe Deposit Box without notifying SDBIC?
Yes. One of the unique features of Safe Deposit Box Insurance Coverage is that the insurance covers all content present in the safe deposit box that is legal to own. So anything that is in the safe deposit box at the time of a loss (even if it was placed there during the term of the policy), is automatically covered up to the coverage limit you selected. Of course, if the total value of the box contents is higher than the coverage limit you selected; you should consider increasing the amount of coverage you are carrying on the safe deposit box. You can change the limits you are carrying by logging into your account and going to the Account Preferences screen, then select I would like to change “My Coverage Limits on the Current Box”, or by calling a customer service representative at 224-277-6181.
What information is required for me to obtain Safe Deposit Box insurance coverage?
You need to know the name and location of your bank or credit union where the safe deposit box is located and the last two digits of your box. You also need to provide your contact information including your date of birth. You do not need a list of the property, appraisals, or any other documentation relative to the contents in your safe deposit box. You simply select the coverage amount and pay the corresponding premium. You have protection and peace of mind.
How secure and private is the information I provide to SDBIC?
Very secure and completely private. SDBIC employs industry leading technology to protect your information. More importantly, we limit the amount of personal information we require to obtain coverage. The amount of insurance protection you select is not reported to any agency or entity other than to our A rated insurance company, which is underwriting the coverage limits. In the event of a loss, we do not report any loss payments to federal or state agencies.
How do I determine the amount of coverage to carry on my Safe Deposit Box?
You should estimate the value of the contents you intend to keep in the safe deposit box at any one time. Keep in mind that the rise in value of precious metals such as: gold, silver, and platinum, typically used in jewelry, and watches has increased dramatically over the last five years causing significant appreciation in the value of those items. If you believe precious metal prices will continue to rise, then you may want to increase your estimate of value. You would not be happy if there was a loss and you have underinsured the contents of your safe deposit box given how affordable coverage is under the pricing schedule. Remember, there is no deductible, so there is no out of pocket cost when a loss occurs.
If I have more than one Safe Deposit Box: Do I need to insure each Safe Deposit Box separately?
Yes, you need to obtain a policy for each box. If the total value of the property in your safe deposit box exceeds the available limit, you can split your property into two safe deposit boxes and insure each for the needed limit. For example, if you have $200,000 of property in one safe deposit box; you can split the property and insure each safe deposit box for the $100,000 limit.
How much does Safe Deposit Box insurance coverage cost?
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.
What events does Safe Deposit Box insurance coverage insure against?
Burglary or robbery, fire, explosion, mudslide, flood, tsunami, tidal wave, terrorist attack or act of war, hurricane, tornado, landslide, water or sewerage from the plumbing or sprinkler system, and other man made or natural disasters
Does Safe Deposit Box insurance coverage insure against earthquakes?
Coverage is not provided for breakage or damage to property caused by earthquake tremors. Damage caused by other covered perils such as fire, gas and electrical explosions, robberies, or water damage incidental to the earthquake are covered.
What if I go to my Safe Deposit Box and some of my property is missing?
Immediately report the missing item to your bank or credit union. If there is evidence of a forcible robbery or burglary of the vault and your individual safe deposit box the loss will be covered (even if the robbery or burglary was assisted by a bank employee). If the property in the safe deposit box was removed by your bank or credit union, was legally seized by a government agency, or taken pursuant to a court order; coverage does not apply. If there is no evidence of forcible entry into your safe deposit box, and it appears there was some unauthorized access to the safe deposit box; coverage does not apply. If there is no explanation for the missing property; coverage does not apply.
Is property I remove from the Safe Deposit Box insured by Safe Deposit Box insurance coverage for any period of time?
No, the coverage limit only applies to the property that is physically in the safe deposit box and vault at the time a covered loss occurs. If the property has been removed from the safe deposit box or vault prior to the occurrence of a covered loss; there is no coverage for that item.
Do I need to own the property in the Safe Deposit Box to insure it with SDBIC?
Any property owned or lawfully in your control is covered subject to the coverage limit purchased; when it is in your safe deposit box.
Do I need to be the named renter or lease holder on the Safe Deposit Box to insure it with the SDBIC?
Yes. The insured named on the policy must be a named renter or lease holder on the bank documentation for the insurance coverage to be effective. Up to one additional contact can be provided at the time of purchasing coverage.
When does the Safe Deposit Box insurance coverage become effective for an online purchase?
Insurance coverage becomes effective once you have completed the online application and payment has been received. Once coverage is in effect, you cannot file a claim for a flood or hurricane related loss occurring during the first 14 days from date of coverage.
When does the Safe Deposit Box insurance coverage become effective for a purchase by Mail or Fax?
If you prefer to mail or fax a completed application form to SDBIC, processing time is generally 2 business days from the time your written application is received by our office for successful issuance of your insurance policy. Insurance coverage becomes effective once we have successfully processed your application and payment has been received. It is important to provide current contact information on applications submitted through regular mail or fax, in order for SDBIC to complete the process. Once coverage is in effect, you cannot file a claim for a flood or hurricane related loss occurring during the first 14 days from the effective date of coverage.
Do I need to reapply for Safe Deposit Box insurance coverage each year if I paid by Credit Card?
No, you will receive an email notice from SDBIC thirty days before your coverage expires; advising you that your safe deposit box coverage will automatically renew for another year. You will be alerted if there was a change to your annual premium. The premium cost will be placed on your credit card. Your insurance coverage will remain in place and continue to renew annually until you tell us to discontinue your coverage. You must notify SDBIC if your credit card information has changed to avoid having your coverage lapse.
Do I need to reapply for Safe Deposit Box insurance coverage each year if I paid by Check?
No, you will receive an email notice (if we have your email on file) or an invoice in the mail from SDBIC thirty days before your coverage expires. This notice will advise you that your safe deposit box insurance coverage will automatically expire; if payment is not received. If you prefer to pay by check, you will be required to subject a check, with a copy of the invoice to SDBIC prior to the policy expiration date, in order for insurance coverage to remain in place. For your convenience, we strongly encourage that you set up an online account with us. Then you have immediate access to your policy and easy payment options once you login to our site.
How does SDBIC determine the amount of my covered loss following an insured event?
In the event of a covered loss, you will be asked to submit a proof of loss statement setting forth the amount of the loss (Claim Form). You will be paid the lesser of the full coverage limit that was in place at the time of the covered loss, or the cost of repairing or replacing the damaged contents in the safe deposit box.
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What should I do if a covered loss has occurred at my bank or credit union that involves my Safe Deposit Box?
Do not remove any property from the safe deposit box until directed by your financial institution or an authorized representative of SDBIC. Immediately notify SDBIC of your covered loss at 224-227-6181.
Are coverage limits above $50,000 available?
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@example.com