Posted: 02/02/2012
If you're paying for a safe deposit box at a bank, a fireproof safe in your home is actually a better option, at least according to some financial experts.
That’s because the contents of a safe deposit box are rarely insured.
The items in your home are covered by your homeowner’s policy.
Plus, the FDIC won't insure the cash in your box.
It only insures the deposits in bank accounts.
And as far as your important documents go, the bank is not an ideal place.
That’s because a bank is only open certain hours and the boxes are typically sealed when the bank receives a death notice.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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