Another Vault Raid: "Some Safe Deposit Box Owners Uninsured"

[goodasgold]

Here we go again:

http://www.theguardian.com/uk-news/2015 ... n-property

I have a great deal of respect for the folks on this board, but every time I cite another raid on safe deposit boxes, with the loss of EVERYTHING by uninsured owners, PPers here post messages saying they can't be bothered with insurance because "the chance of a robbery is small."

Live and learn, folks. Or, in the case of people who fail to insure their safe deposit box, it is "live and not learn." Banks do NOT insure the contents of your safe deposit box; the bank doesn't know or care what is in your SDB, and the bank is NOT responsible for your losses if the SDB is robbed.

The choice is up to you. The relatively small annual fee to insure your safe deposit box is a minor expense, in my humble opinion.

[Xan]

Just because such robberies do happen (and it's good and helpful to know that they do, so thanks) doesn't mean that the chance of a robbery is worth worrying about.

Wikipedia lists two fatal wolf attacks in North America in the last ten years.  Does that mean I should go around worrying about being eaten by wolves?  Just because it does happen sometimes doesn't mean that it's worth worrying about, or buying insurance against.

[dualstow]

I'm not worried about wolf attacks, but I'm thinking about getting insurance for my gold. At least the deposit box is free. I'll just have to see how expensive the insurance is.

[Greg]

I was just thinking about this, if the bank doesn't know what you're putting in your box, you could technically put a robot in there that:

1.) can drill/open its way out of your box
2.) drill its way into other people's boxes, searching for valuables
3.) leave the scene when it has the ability to.

That way it looks like your own box was stolen from as well. The perfect crime!

[dualstow]

Greg, I'm ashamed that only non-funny, practical answers are coming to mind:

1) wouldn't it leave evidence of the box it drilled from the inside, leading police to you?
2) if you're smart enough to do this, you should be working on the Mars Rover instead.
3) This just sparked a memory of something I haven't thought about for a long time.  I think the band Public Image Limited wanted to design an LP record that was sandpapery enough to damage other records on either side of it. It was impractical, either because it would also ruin the needle, or the record producers were having none of these shenanigans.

[goodasgold]

Wikipedia lists two fatal wolf attacks in North America in the last ten years.  Does that mean I should go around worrying about being eaten by wolves?  Just because it does happen sometimes doesn't mean that it's worth worrying about, or buying insurance against.

Thieves, unlike wolves, are hungry for safe deposit boxes. And we have a lot more thieves than wolves wandering the streets.

[sophie]

I'm talking to my homeowner's insurance company about adding a rider for stuff stored outside my apartment plus an umbrella policy.  Both those would apply to a safe deposit box.  There is a limit on the policy for coverage of jewelry which I think would include gold coins, so I'll have to ask them about that as well - but perhaps the umbrella policy would cover it.

Has anyone successfully gotten safe deposit box insurance?  I understand about the analogy to lightning strikes, wolf attacks etc, but it is an uncomfortably large slug of wealth we are talking about.

[barrett]

Has anyone successfully gotten safe deposit box insurance?

No but I did get a notice from Chase Bank yesterday regarding my safe deposit box, saying, among other things, "You agree not to store any cash or coins other than those found to have a collectible value." Hmm.

[ochotona]

I got a quote from Hugh Wood Inc. to cover $50,000 in gold coins, premium was $156 / year, 0.31%. Proposed storage location was a bank safe deposit box in Texas USA.

[goodasgold]

I'm talking to my homeowner's insurance company about adding a rider for stuff stored outside my apartment plus an umbrella policy...
Has anyone successfully gotten safe deposit box insurance?  I understand about the analogy to lightning strikes, wolf attacks etc, but it is an uncomfortably large slug of wealth we are talking about.

As mentioned by Ochotona, Hugh Wood Inc. (http://www.hughwood.com/) specializes in insurance policies on stamps, coins, etc., and can probably give you a better quote than a non-specialist insurance company.

[dualstow]

Very timely: I just got paper mail today, a postcard from my bank, saying that a specialist from an auction house is going to be on site to evaluate all those "treasures" in my safe deposit box.

The card begins: "UNLOCK YOUR BOX" and has a huge old-style key below.

I know the auction house and figure they have nothing to do with criminals, but this still made me nervous today. : - )
I'll pass!

[MachineGhost]

No but I did get a notice from Chase Bank yesterday regarding my safe deposit box, saying, among other things, "You agree not to store any cash or coins other than those found to have a collectible value." Hmm.

That's pretty stupid considering collectible values are higher than buillion!

[sophie]

I got a quote from Hugh Wood Inc. to cover $50,000 in gold coins, premium was $156 / year, 0.31%. Proposed storage location was a bank safe deposit box in Texas USA.

I asked State Farm for a quote, so we'll see how it compares.  The agent wasn't quite sure how to handle gold coins, which isn't too promising.  However, they do routinely provide insurance for things like jewelry kept in safe deposit boxes.

[Xan]

No but I did get a notice from Chase Bank yesterday regarding my safe deposit box, saying, among other things, "You agree not to store any cash or coins other than those found to have a collectible value." Hmm.

That's pretty stupid considering collectible values are higher than buillion!

Really weird.  Maybe the bank wants anything that's "money" to be on deposit rather than in the boxes?

[murphy_p_t]

No but I did get a notice from Chase Bank yesterday regarding my safe deposit box, saying, among other things, "You agree not to store any cash or coins other than those found to have a collectible value." Hmm.

That's pretty stupid considering collectible values are higher than buillion!

Maybe they don't know how to assess the risk of gov't seizure, the most likely claim?