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Need somewhere to place your valuable documents away from the dangerous outside world? Getting a Safe Deposit Box is highly encouraged. They are individually secured containers; Usually placed in a bank or post office within a vault or larger safe. There are a few things to consider before renting a safe deposit box but if you wanted you could skip the hassle and buy your own Eurograde safe (which also come in various shapes, sizes, and can be customisable). However, getting your own may increase the risk of theft, elemental damage and security.
Pros of a Safe Deposit Box.
Protection from the elements such as flooding, explosions, fire, and other various things which can pose a threat to your objects. They can also protect from theft due to the high security involved with the storage and locks of the boxes. You also have an increase in loss prevention meaning that when the items are in the box, you are guaranteed to not lose them.
Information can be given to family or friends in case of death, accident or law suits. The safe deposit box is in your name, but if you have a key, a family or friend (depending on the situation and with the right permission) will be able to open and retrieve the documents. You must check the regulations though!
Valuable documents (depending on what your local safety deposit rules suggest) can be varied. You are allowed to store jewellery, important files and documents (preferably copies), sometimes guns, money isn’t recommended but allowed and much more.
The Pricing for renting a box is very cheap is extremely cost effective. Around £10 a year.
Cons of a Safe Deposit Box.
Sizing can be an issue as they tend to be 15×15, which isn’t very large and only big enough to fit small or thing things in.
Although rare, if there is a robbery, you are not insured your items will not be paid for through damage or theft costs. You may have to buy insurance alongside the box and it can become costly.
Access is very limited. You do not have 24/7 access so if you are in an emergency and need the documents, it could prove very difficult. You also only have one key to the box which you have to keep track of. Possibly for years on end. Also not suitable for documents or items you will need on a regular basis.
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