As more records, photographs and financial information move online, it may seem like physical storage is becoming less important. However, some valuables cannot be protected with a password or saved to the cloud. A safe deposit box offers a secure place to store important documents and irreplaceable possessions that need protection beyond what a home filing cabinet can provide.
Added Protection for Important Items
Safe deposit boxes are stored inside a bank’s secured vault, offering an additional layer of protection from theft, fire and other unexpected events. While home safes can be useful, they may still be damaged, misplaced or targeted during a break-in.
A safe deposit box may be a smart choice for items that would be difficult—or impossible—to replace, including:
- Birth, marriage and adoption certificates
- Property deeds and vehicle titles
- Family heirlooms and valuable jewelry
- Collectibles and rare coins
- Important business records
- Copies of insurance policies
- Digital backups stored on external drives
Keeping these items away from your home can also reduce the risk of losing everything in a single event.
Physical Security Still Matters
Digital storage provides convenience, but it also comes with potential risks. Accounts can be hacked, passwords can be lost and files can become corrupted. Cloud storage is helpful for creating accessible copies of important records, but it may not fully replace the need to protect original documents and physical valuables.
A well-rounded security plan can include both digital and physical storage. Important files may be scanned and backed up online, while original documents and irreplaceable items are secured in a safe deposit box.
Greater Privacy and Organization
Safe deposit boxes can help keep sensitive materials private and organized. Instead of storing valuable documents in different drawers, closets or filing cabinets, you can keep selected items together in one secure location.
This can be especially helpful when organizing family records, preparing an estate plan or protecting business documents that are not needed regularly. Creating a written inventory of the box’s contents and informing a trusted person of its location can make important information easier to manage when needed.
What Should Not Go in a Safe Deposit Box?
Because safe deposit boxes are generally accessible only during bank hours, avoid storing anything you may need immediately. This can include passports needed for upcoming travel, original medical directives, powers of attorney, cash, medications or the only copy of a will.
It is also important to understand that the contents of a safe deposit box are not insured by the FDIC or typically covered by the bank. Consider reviewing your homeowners or renters insurance policy to determine whether additional coverage may be appropriate for valuable items.
A Reliable Option in a Digital World
Technology has changed how we manage information, but physical security remains important. By combining secure digital backups with a safe deposit box for original documents and valuables, you can create a more complete protection plan.
Safe deposit boxes are available at select Republic Bank of Chicago locations. Visit our Safe Deposit Boxes page to explore available sizes, view participating locations and learn more.
