A Guide to Avoiding Safety Deposit Box Mishaps

For the modern urban dweller, a safety deposit box is probably the safest place to keep valuable items, especially essential documents, such as land title deeds, insurance policies and, of course, birth certificates. The system works by two separate locks that need different keys, one which is held by the client and one that the security company holds, and the box can only be opened with both keys simultaneously, thus ensuring that the box can never be opened unless the customer is present.

A Unique Key

There is a strict protocol that must be followed, and the customer key that comes with the security box is indeed the only one is existence, and furthermore, the key cannot be copied, and should the customer lose their key, the only way to get to the contents is to have the lock drilled out, which, of course, must be paid by for the key holder. The key must be kept in a very safe place, and you need to remember where that is. If you are looking for safe storage, Australasian Vaulting Industries has a highly secured safe deposit box in Sydney, and with locations in the suburbs, you won’t have far to go.

The Right Contents

There are certain things that cannot be kept in a safety deposit box, and the security company would certainly give you a list of materials or items that cannot be stored. Ideally, you would store any insurance policies, land title deeds and other important documents, and maybe your passport, if you don’t travel often. Your Last Will & Testament belongs in your safe deposit box, and all of these documents can be photocopied, and then you can leave the originals in the safest place of all, your deposit box. Read several references for more details about what type of items are suitable for a safety deposit box, which might make things clearer.

Power of Attorney

Whatever is in your safety deposit box, it will not be able to be accessed if you were to suddenly pass away, and for this reason, you should give a trusted family member power of attorney, just in case. Valuable company contracts and lease agreements might be stored, and if anything were to happen to you, it could cause many difficulties.

Suitable Location

When you do need to visit your valuables, you shouldn’t have to drive half the day, so try to find an established security company that have premises within a reasonable distance. If you live in a city suburb, the chances are there will be one nearby, and a Google search would be the best way to locate the right provider.

Under Insured

When making enquiries with the security company, ask how much the deposit box is insured for, as the value of your items might well exceed the limit. Typically, a safety deposit box would be automatically insured for $10,000, and there would be policies available for much higher amounts, and while their premises would have state of the art security, you really can’t afford to take any chances.

The security company would be well-versed in their industry, and would be happy to answer any questions you might have, and provided you are careful, your valuable possessions will be in very safe hands.