Advice from those who have bank safe deposit box

[Kanger]

Originally Posted by SteelerFan65

Safety deposit boxes are in vault. They need two keys to open- the one the person has and the one bank has. They do not keep copies of individual's keys as only that person has them. I would be surprised if robber gets into bank vault these days versus a teller stick up! Just my thoughts..keeping in your home a lot more dangerous.

Wait if I lose my copy key it's game over for me?

[HL65]

Originally Posted by ddnyc77

I want to know where Ken's safety deposit box is located and the box number. and oh where the key is kept..... just kidding, you got a great collection.

Thanks!! And fortunately I have them in the right kind of boxes- in vault!! Not lock boxes which I highly recommend you avoid! Spend the extra money and do it right!

[HL65]

Originally Posted by kanger

Wait if I lose my copy key it's game over for me?

No- they would call a locksmith I am sure....

[Watch Professor]

If you want insurance on your safe deposit box, you have to take out your own.

[fishingbear]

For what it's worth; I have found over the years that a quality fire proof gun safe is a great place to store any valuables such as watches, gold, insurance policies, wills, etc...
I have mine wired for a dehumidifier(for guns) and a watch winder.
The safes are more convenient than running down to the bank and I don't have to transport valuables.

[GradyPhilpott]

I have a small box (long and skinny) and while I forgot how much it cost, it is way cheap.

The bank is very close to my apartment (less than a mile), so dropping by there every week or two to switch out watches is no problem and rarely takes as much as ten minutes.

I go to the bank at off-peak hours and that helps a lot.

This arrangement works very well for me and provides considerable peace of mind.

[centerfield]

I have one at a large national bank, live in Dallas, and it's $60.00 a year but I get it free with my checking account.

[Christiaan]

Originally Posted by Speed

$40 a year sounds pretty cheap. That might be the rate if you are in a small town...I am thinking quite a bit more in a city - like $20-$40 a month.. These services are not money makers for branch banks where space is at a premium.

I live in a decent sized suburb outside of Chicago and my bank has offered me their largest box (10 X 15 X 21) for $125 per year.

[Christiaan]

At a certain point it's more cost effective to have a large safe in your home (assuming you have room). A decent gun safe with extra shelving costs approx $1000 delivered.

[le_baroudeur]

One only rolex, kept on my wrist, is THE ONLY safe solution!

[Kanger]

Originally Posted by le_baroudeur

One only rolex, kept on my wrist, is THE ONLY safe solution!

I wish I could do that. But I have some watches that are just impractical to wear on a daily basis.

[Phillips]

I pay $135 a year for mine put you will need your own insurance. I've never head of bank robbers going into individual safe deposit boxes.

[TKJR]

Lurker here, first post because I know all about the topic of vault insurance.

I insure jewelry through Jeweler's Mutual which has been adequate for me. Their plans for normal jewelry are based on the appraised value and your location. They do offer vault insurance for pieces that are normally kept in safe deposit boxes. The rate is 25% of the sticker price of insurance, and there is no deductible. You need to email Jeweler's when you want to take the item out of safe deposit, and need to specify the exact dates the jewelry will be out of the box. You can only take jewelry out of the box a maximum of six times per year.

I have an enormous safe deposit box whose fee is paid by the difference between the regular insurance cost and the vault insurance cost. I'd rather have good pieces secure so that there is no possibility of theft from a cleaning lady, building maintenance, etc., so the box is perhaps the best money I spend.

When I buy my Sub-C, however, I will not be using vault insurance, as that won't leave my wrist!