Safe deposit boxes are secure containers located within a vault. These secure boxes are rented by individuals, businesses, and superannuation funds for storing valuables. Common items stored in safe deposit boxes include:
- Important documents: Birth certificates, wills, passports, property deeds.
- Jewellery and precious metals: Rings, necklaces, diamonds, cash, gold and silver bars and coins.
- Heirlooms and collectibles: Artwork, rare books, family keepsakes.
Safe deposit boxes offer a secure alternative to storing valuables at home, especially for those concerned about theft, or damage. Let’s explore the advantages and disadvantages of using a safe deposit box to help you decide if it’s the right solution for your needs.
THE BENEFITS OF SAFE DEPOSIT BOXES
Safe deposit boxes provide a powerful layer of security for your valuables. Private vaulting solutions offer a formidable defence against theft, while the dual-key access system ensures only authorised individuals can access their belongings. Let’s explore the key benefits of using safe deposit boxes to safeguard your most important possessions:
- Enhanced Security: Vaults are constructed with reinforced concrete and steel, making them highly resistant to break-ins and physical attacks. Additionally, sophisticated security measures are in place, including alarms, surveillance cameras, and access control systems.
- Privacy: The contents of your safe deposit box are completely private and can only be accessed by authorised personnel
THINGS TO CONSIDER BEFORE GETTING A SAFE DEPOSIT BOX
While the system is secure, there are considerations that should be taken into account:
- Costs: Vaults charge an annual rental fee for safe deposit boxes, which can vary depending on the size you choose. This ongoing expense is a factor to consider when evaluating your security needs. Consider the value of the items you plan to store and weigh it against the annual rental fee.
- Limited Access: Unlike a home safe, you cannot access your safe deposit box 24/7. Vaults typically have limited operating hours during which you can visit the vault and access your belongings. Carefully consider your access needs prior to opening a safety deposit box.
- Non-Payment Consequences: If you fail to pay the annual rental fee, the vault will eventually restrict access to your box. To prevent this from happening, set up automatic payments or a calendar reminder to ensure you don’t miss a payment.
SAFE DEPOSIT BOXES VS HOME STORAGE
When it comes to safeguarding your valuables, deciding between a safe deposit box and home storage is a crucial choice that depends on your specific needs, lifestyle, and the nature of the items you wish to protect.
Safe deposit boxes, typically located in vaults, offer high security against theft, and damage, ensuring privacy and a specialised environment for valuable items.
However, they come with limitations such as restricted access during vault hours, rental and insurance costs.On the other hand, home storage provides the convenience of immediate access and the flexibility to customise your storage setup. Here are some important comparisons between the two:
- Security: Safe deposit boxes offer a significant advantage in security. Vaults employ top-tier security measures, including alarms, surveillance cameras, and professional guards In contrast, a home safe, while offering some protection, is more vulnerable. Thieves can target home safes through forced entry or by simply taking the entire safe if it’s not bolted down properly. Additionally, home fires can easily destroy the contents of a standard home safe.
- Privacy: Safe deposit boxes provide superior privacy. Vaults maintain strict confidentiality regarding the contents of your box. Only authorised personnel can access your safety deposit box. On the other hand, storing valuables at home poses a greater privacy risk. Anyone who gains access to your living space, whether through theft, a guest, or a repair person, could potentially discover your valuables.
- Convenience: Home storage offers the advantage of convenience. You have 24/7 access to your belongings, which can be important if you need to retrieve an important document outside of vault hours. Safe deposit boxes, on the other hand, have defined vault’s operating hours.
- Cost: What are the implications of not paying for a safety deposit box? When looking at expenses, storing valuables at home is a more economical choice if you own a safe. There are no recurring rental charges linked to storing valuables at home in a safe, but there may be additional expenses like insurance to factor in. However, acquiring a high-quality home safe initially can be costly, and it might not provide the same level of security as a vault
SERVICES OFFERED AT FORTIS VAULTS
At Fortis Vault, we take pride in providing a wide array of services aimed at guaranteeing the highest level of security and convenience for your valuable belongings. Our cutting-edge facilities are designed to cater to a range of storage requirements, offering tailored solutions for storage of items such as jewellery, documents, bullion, collectibles, coins, and bank notes.
THE FINAL TAKE
Safe deposit boxes provide a secure and confidential option for safeguarding valuables, especially for priceless documents or valuable items. Nevertheless, restricted access and continual expenses are key factors to bear in mind. Evaluating the pros and cons can assist you in determining if a safe deposit box suits your security requirements. Fortis Vaults presents a range of safe deposit box sizes tailored to your specific needs. Reach out to us now to talk about your security concerns and discover the ideal solution for safeguarding your valuables.
