There is a misconception that home safes and vaults are only for gold bars, coins, and jewelry. Because of that, some families without those items forego using a residential safe and opt for bank safety deposit boxes for essentials and precious belongings.
However, according to the Grandview Equity Group Tokyo Japan financial experts, some items are better stored in a home safe than in the bank’s safety deposit box.
Why peruse a home safe over a safety deposit box?
A home safe provides a convenient and secure place to store your important documents and small valuables, offering privacy and protection from theft. Investing in a fire- and water-resistant safe ensures that these items remain protected even during catastrophic events like burglaries, floods, or house fires.
Immediate access
Original copies of critical documents should be readily accessible yet protected from fire or water damage. According to Grandview Equity Group Tokyo Japan, the bank’s safety deposit box is accessible only during branch hours and sealed upon receiving a death notice. In contrast, a home safe allows 24/7 access even during holidays or calamities.
Covered by insurance
Insurance does not cover cash stored in a safety deposit box; it only covers deposits in bank accounts. However, items in your home safe are typically covered by your renter’s or homeowner’s insurance policy, offering better protection for your valuables.
What should you secure in a home safe?
Every family has unique needs, and there may be different priorities or valuables to include in the home safe. However, putting everything in the safe may cause problems because the limited space will be cluttered. Therefore, you should carefully choose the items to store.
These are the things to put in the home safe:
Emergency fund
The home safe should contain everything you need in emergencies like fire or calamities. According to Grandview Equity Group Tokyo Japan, having readily available funds is one of the most important considerations when selecting the contents of your safe. Your safe will ensure you have funds ready as soon as possible.
These are some of the liquidity-related items you may need for emergencies:
- Cash
- Seldomly-used credit/debit cards
- Pawnable jewelry
- Safety deposit box keys
- Spare house/car keys or key cards
- Assets like gold coins
You can put all of them in one container, like a wallet, so you can easily grab them quickly when you need funds.
Documents
You can store original birth certificates and other identification documents in a safe at home. Fire, tornado, flood, or hurricane damages your house, so you must have insurance. You should have documents handy to file a claim.
These are some of the original documents you may need to keep in the safe:
- Birth certificate
- Power of attorney
- Trust papers
- Will and testament
- Estate/legacy plans
- Retirement plans
- Insurance policies
- Healthcare proxies
Home safe to keep items secure
Investing in a home safe provides peace of mind and protects your most essential items from theft, fire, and water damage. Your home safe will help you prepare for any unexpected events that come your way. Aside from that, you can rest assured that you do not need to wait for banking hours.
