Home Safe vs Safety Deposit Box

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Home Safe vs Safety Deposit Box

Postby texasdiver » Wed Jan 02, 2013 5:34 pm

I'm curious what other bogleheads think about home safes vs safety deposit boxes. I currently have both but I'm always worried about losing the little safety deposit box key or how my heirs would get into the box. The safe is just sitting on the floor and is a digital Sentry Safe about 2' square bought at Costco for a couple hundred $$. More for fire protection than theft I guess as thieves could use a hand cart to just walk out with it.

My specific questions are the following:

1. If you have a home safe, what type is it? (how big, how expensive, set in concrete? hidden? sitting on the floor? etc.)

2. What documents do you put in your home safe vs your safety deposit box?

I am thinking about looking into getting a much better safe installed at the house. Not for valuables so much as documents and things I just don't want to ever lose. This is Texas and we have concrete slab foundations. So the best solution would seem to be to have a higher end fireproof floor safe installed in say the walk-in closet of the master suite that could then be hidden under the carpet. Would need to have someone come out and install it and I have no idea what that would cost. But I expect that burying a safe into the concrete slab foundation would make it pretty fireproof and theft proof. With a really top quality safe set in the floor I'm wondering then if I'd ever need a safety deposit box.
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Re: Home Safe vs Safety Deposit Box

Postby paulsiu » Wed Jan 02, 2013 5:51 pm

I tend to like the safety deposit idea better. Whenever someone breaks into a house and they see a safe, it will immediate be the primary target since the burgler will assume that it contains something valuable. They'll try to crow bar it, steal the whole safe, etc.

If you use a safety deposit box, your stuff will be in a sea of other valuables. Robbing a bank is more difficult than robbing a house.

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Re: Home Safe vs Safety Deposit Box

Postby Aptenodytes » Wed Jan 02, 2013 6:01 pm

I have the same kind of safe at home, about four years old. It recently stopped opening and I had to call a locksmith. The locksmith advised that all safes in that price range will fail within a few years.

We have kept using the home safe, for now, but are less sanguine about its viability as a long-term option.

We keep the most irreplaceable items in the bank safe deposit box (original birth certificates, wills, cookie recipes), and use the home safe for things that are either less valuable or that we need access to more frequently (emergency cash, jewelry).

I have always assumed that banks let executors gain access to safe deposit boxes even in the absence of a key. So make sure all the right people know you have a safe deposit box and which bank/branch it is in, and you should be OK. It is worth confirming with the bank.
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Re: Home Safe vs Safety Deposit Box

Postby Gill » Wed Jan 02, 2013 6:16 pm

Losing the key isn't the end of the world. Bank safe deposit boxes are drilled open all the time, either by the owner or the personal representative of his estate. IMO, the modest fee for a bank box is well worth the price and far more secure than a home safe. Many banks give them out for free as does mine with a certain account relationship.
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Re: Home Safe vs Safety Deposit Box

Postby bertilak » Wed Jan 02, 2013 6:34 pm

paulsiu wrote:... steal the whole safe ...

Been there; had that done to me.

It was a big, heavy safe but I didn't consider that:
    There were two of them, making it practical to muscle the safe around.
    They didn't care that pushing it down the stairs would take out a few of the steps.
    They didn't care that tipping it end over end would ruin my hardwood floor.
They were damned inconsiderate!
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Re: Home Safe vs Safety Deposit Box

Postby BertB » Wed Jan 02, 2013 6:45 pm

Last year the bank where I have a safety deposit box was flooded in a 100 year storm. Afterward, the bank was closed for about a week. The folks with safety deposit boxes located on the bottom few rows (luckily, I have a highly positioned box) probably had damage to the contents of their boxes. As an extra precaution, I had enclosed all my box contents in plastic bags, although I never imagined a flood would be a possibility. My box was high and dry.

I keep auto pink slips, passports, rarely used checkbooks and extra credit cards in the box.

...just food for thought...
Last edited by BertB on Wed Jan 02, 2013 6:50 pm, edited 1 time in total.
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Re: Home Safe vs Safety Deposit Box

Postby paulsiu » Wed Jan 02, 2013 6:49 pm

In the state of PA, if you pass away no one will have access to the box. However, if the executor of the estate can provide a death certificate, the bank will give the executor access to the box. This isn't as easy as showing up at the bank, but that does mean your heirs won't be locked out forever. In addition, I have been told that the bank can also do a will search (if your heirs have the keys), but generally it is not a good idea to store the will in a safety deposit box that essentially gets locked if you pass away.

Laws may be different from state to state.

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Re: Home Safe vs Safety Deposit Box

Postby user5027 » Wed Jan 02, 2013 7:57 pm

paulsiu wrote:In the state of PA, if you pass away no one will have access to the box. However, if the executor of the estate can provide a death certificate, the bank will give the executor access to the box. This isn't as easy as showing up at the bank, but that does mean your heirs won't be locked out forever. In addition, I have been told that the bank can also do a will search (if your heirs have the keys), but generally it is not a good idea to store the will in a safety deposit box that essentially gets locked if you pass away.

Laws may be different from state to state.

Paul


I'm in PA. You are correct, except if there is a surviving spouse. When Dad died, the friendly bank manager strongly suggested to Mom that she clear out and close the safe deposit box since if she died, the bank would have to comply with state law and seal the box and inventory the contents for tax purposes.

Mom closed the box.
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Re: Home Safe vs Safety Deposit Box

Postby Atilla » Wed Jan 02, 2013 8:09 pm

Home safe here. We keep tax records, paper checks, bonds, cash, some diamond jewelry and silver coins inside. I work from home and we have a big barky dog and a strong Second Amendment philosophy when it comes to protecting what's ours. And we have a nice castle doctrine law in our state. :twisted:
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Re: Home Safe vs Safety Deposit Box

Postby Alskar » Wed Jan 02, 2013 11:28 pm

I purchased a home closet safe about a year ago. Here are some things to consider:

Safes are rated for three different kinds of peril: Burglary, Fire, and Water. Each category has a different rating system.

Most of the "safes" sold for use in the home are classified by Underwriter's Laboratory (UL) as "Residential Security Containers" (RSC) not "safes". Many, but not all of the safes on the market are approved as Residential Security Containers. Look for the UL label on the safe to see if one you're considering is UL approved as a RSC. A RSC is not as burglar-proof as a true safe with a UL "tool" (TL) rating. A high-end safe might have a TL-30 rating for example. This means that it will protect the contents of the safe from a motivated thief with appropriate tools for 30 minutes.

The vast majority of home safes will not have a UL or Intertek fire rating. Home safe manufacturers like to point to the RSC approval label and say it "pass UL testing". This is a lie. It only means it passed UL testing as a RSC. It says NOTHING about the fire rating. Most manufacturers "self certify" their safes for fire. For example, a typical safe may have a "rating" of 60 minutes, at 1200 deg F. This means that it will supposedly keep the interior below 350 deg F when exposed to a 1200 deg F fire for 60 minutes. I haven't done any testing on my own, but as an engineer and a certified skeptic, I think most of the home safe manufacturers are playing games with this testing. For example, they may lay the safe down on it's back during testing or place a container of water inside during testing. UL doesn't allow these cheats. If you see a safe with a UL rating for fire, you can be relatively certain it was properly tested. If you don't see a UL or ETL (Intertek) label showing the fire rating, you can assume the manufacturer exaggerated the claim.

Water ratings are rather rare. A few of the lightweight Sentry safes are rated for water, but not many others.

I ended up getting a Liberty Premium 20 safe (http://www.libertysafe.com/safe-premium ... ps-19.html), mostly because it was the only one I could find that would fit in the upstairs closet. I believe the 60 minute, 1200 deg F fire rating is optimistic as there are large holes in the sheetrock insulation for the hidden hinges. I have it screwed to the floor and it weighs 630 lbs so it would take a determined thief to get it open, but I'm certain it could be done in less than 30 minutes with an angle grinder and diamond blade. I liked the fact that the Liberty safe uses an S&G Titan D electronic lock. In my judgement I believe this design to be more reliable than other electronic locks that use a motor to actuate the lock mechanism. I bought a lifetime warranty on the lock just in case.

I was rather put-off by the fact that the label in the Liberty Premium 20 didn't agree with the manufacturer's datasheet in some areas like the gauge of the sheet-metal body and by the large holes in the insulation to accommodate the hidden hinges so I bought a Champion SS-12 for my sweetie for Christmas 2011 (http://www.championsafe.com/products_supershort.html) . It is smaller and lighter than the Liberty Premium 20.

In my experience virtually ALL of the home safe manufacturers are a bit sketchy. The label on my Liberty shows 11 gauge sheet-metal for the body, but I measured it and it's 12 (thinner). The literature for the Champion including their website shows internal hinges, but the safe that showed up has external hinges. I bought lifetime warranties on both of the electronic locks but had trouble getting documentation from the manufacturer that I had the warranty. They kept saying it was "on file". Not good enough for me. It would be easy to "accidentally" lose any record of my warranty when it came time to pay a claim.

Costco often has sales on decent home safes. The Bighorn series appear to be better than the Cannon series, but YMMV. The Bighorn 19ECB (19 cubic feet) is often on sale for $569. That is a very good value.

In my area, the safe dealers advertise on Craigslist. They seem to be sold by "moonlighters" that have large acreages in outlying areas where they can put large barns for their showrooms.

The Sentry safes that are sold just about everywhere are very flimsy. I could open one with a crowbar in 5 minutes. You'd be better off with the Costco Bighorn 19ECB than a Sentry in my view.

I also have a safe deposit box that contains things I really don't want stolen, like my Grandfather's pocket watch.

A few things: I safe that isn't bolted to the floor with strong screws is just a nice box that will help the thieves carry everything out in one big load. Also, you really can't rely on a safe to store magnetic media, like floppy-disks, hard-drives, etc. Remember that the fire rating of a safe is specified to keep the interior of the safe below 350 deg F. This is because paper will begin to yellow at 350 deg F. Magnetic media will be toast at MUCH lower temperatures. If you're concerned about keeping your digital data safe from fire, invest in an offsite backup service. I recommend CrashPlan. My brother backs his data up to my computer and I backup to his using CrashPlan.

Here's my conclusion: If you're willing to spend $1500 or more on a safe, you will get a decent level of fire and burglary protection. If you're not willing to spend $1500 you'd be far better off with a safe deposit box. Safes will not protect magnetic media.
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Re: Home Safe vs Safety Deposit Box

Postby hazlitt777 » Wed Jan 02, 2013 11:45 pm

Having both a safety deposit box and a floor safe may not be a bad idea.

Also, with a home safe, I prefer a good floor safe. It is hidden and out of site. It also will protect much better against fire and tornadoes, being cemented into the floor. Best to tell as few as possible about having a safe at home.

Here is a place I have done business with. The website may be helpful:
http://www.safesetc.com/floor-safes.html
Last edited by hazlitt777 on Thu Jan 03, 2013 1:22 pm, edited 1 time in total.
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Re: Home Safe vs Safety Deposit Box

Postby Grt2bOutdoors » Thu Jan 03, 2013 12:01 am

hazlitt777 wrote:Having both a safety deposit box and a floor safe may not be a bad idea.

Also, with a home safe, I prefer a good floor safe. It is hidden and out of site. It also will protect much better against fire and tornadoes, being cemented into the floor. Best to tell as few as possible about having a safe at home.

Here is a place I have done business with. The website may be helpful:
http://www.youtube.com/watch?v=Lhwo49KB-Ws


A floor safe will be of limited value if you live in a flood zone. Oh sure, the contents will be safe from robbery unless someone b and e'ing with scuba gear and underworth acetylene torch.
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Re: Home Safe vs Safety Deposit Box

Postby Alskar » Thu Jan 03, 2013 2:22 am

Grt2bOutdoors wrote:Here is a place I have done business with. The website may be helpful:
<link deleted>

Did you mean to link to a blatantly political rant by Ron Paul in violation of the forum rules? :shock:
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Re: Home Safe vs Safety Deposit Box

Postby hlfo718 » Thu Jan 03, 2013 10:23 am

We have a safety deposit box to keep some important paper documents and passports. We think is well worth 100 bucks a year. But never thought about putting them in a plastic bag for water protection. Will probably go there this weekend to do that.
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Re: Home Safe vs Safety Deposit Box

Postby texasdiver » Thu Jan 03, 2013 1:11 pm

Original poster here...

I've done some more online research into Safes and have found this additional information.

1. Although it seems illogical to me, it appears that there are few if any floor safes that are fireproof. I fail to understand the logic to this frankly. In any fire, heat rises due to convection and if we are talking about a cement slab foundation there is nothing below the floor level to combust. So a safe buried within a concrete foundation would seem to be the best place to find fire protection. However most if not all of the fireproof safes on the market seem either to be stand-alone safes or wall safes. Why one would want to put a fireproof safe into a wooden wall that will combust as opposed to a concrete foundation that will not is beyond me but perhaps there is something about house fires that I do not understand.

2. I'm not really worried about flood protection. My subdivision is on the highest point in my county and I'm at a pretty high point in the subdivision so it is basically downhill in every direction. The local river would have to rise by over 250 ft for our house to flood. Nevertheless, using sealed dry bags or zip lock bags for important documents does seem prudent. if there actually was a fire the fire department would likely deploy extraordinary volumes of water to put it out and all that water is going to find its way into a floor safe for certain unless it is water tight and that water tightness is unaffected by fire.

3. The best bargains for safes seem to be the big gun safes like those currently on sale at Costco. I'm not really looking to store guns or valuables, mainly just to use the safe as good place to store documents and materials that we don't want to lose or misplace (photo albums, etc.). The one disadvantage to putting in a big gun safe is that it becomes on obvious target for thieves who will think it contains all the good stuff. If I'm gone on vacation for a week or two (which we occasionally do) I hate to think that some thieves would be coming back with hammers, drills, and what not to destroy the safe thinking it is full of guns and gold or some such. That's why I was originally thinking that a hidden floor safe would make the most sense, especially as there are no guns involved.

4. About 5 years ago when we lived in a different subdivision we had a real scare when a big grass fire nearly took out our neighborhood. It was stopped by the highway but had it jumped the road our 50 house subdivision would have been ashes. Since then (and after seeing Katrina) I have kept a "go folder" of all of our important documents so that if we ever had to evacuate I would have one single accordian folder to grab that has everything we would need for temporary relocation. Perhaps it should all be in a safety deposit box but in a major disaster that might be difficult to get into as well. Plus, my wife is nervous about storing passports in a bank as she has most of her family in Chile and feels the need to be able to fly down on a moment's notice if necessary if something happened to her mom or something. She wouldn't want to wait until Monday for the bank to open, especially on a holiday weekend.

I guess I should probably go talk to a local locksmith and safe dealer and see what they recommend.
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Re: Home Safe vs Safety Deposit Box

Postby Aptenodytes » Thu Jan 03, 2013 1:19 pm

texasdiver wrote:3. The best bargains for safes seem to be the big gun safes like those currently on sale at Costco. I'm not really looking to store guns or valuables, mainly just to use the safe as good place to store documents and materials that we don't want to lose or misplace (photo albums, etc.). The one disadvantage to putting in a big gun safe is that it becomes on obvious target for thieves who will think it contains all the good stuff. If I'm gone on vacation for a week or two (which we occasionally do) I hate to think that some thieves would be coming back with hammers, drills, and what not to destroy the safe thinking it is full of guns and gold or some such. That's why I was originally thinking that a hidden floor safe would make the most sense, especially as there are no guns involved.

What some people seem to do is keep two safes -- one is relatively easy to find, medium-to-low quality, and contains decoy valuables. The other is well hidden, higher quality, and has your real valuables. That's too much for me, but might be appropriate for you.
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Re: Home Safe vs Safety Deposit Box

Postby hazlitt777 » Thu Jan 03, 2013 1:23 pm

Alskar wrote:
Grt2bOutdoors wrote:Here is a place I have done business with. The website may be helpful:
<link deleted>

Did you mean to link to a blatantly political rant by Ron Paul in violation of the forum rules? :shock:


I apologize about that. I don't know how I did that other than posting that link on facebook and accidently posting it here. I corrected my original post.

Here also is the correct link:
http://www.safesetc.com/floor-safes.html
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Re: Home Safe vs Safety Deposit Box

Postby SurfCityBill » Thu Jan 03, 2013 1:30 pm

I discontinued my safe deposit box years ago. I found it inconvenient and costly. I went with a basic 2' x 2' home safe which is anchored to the concrete slab in an inconspicuous corner of the garage with a cardboard box covering it. It is mostly for fire protection but unless a thief is planning to spend some time rummaging through every box in the house and then spending time going through the garage chances are he won't find it. If he does then he has to figure a way of removing it from the slab or just breaking in to it right there. For all that effort he'll get a few car titles, a marriage license, and a couple of other non-valuable, non-negotiable odds and ends.
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Re: Home Safe vs Safety Deposit Box

Postby Phineas J. Whoopee » Thu Jan 03, 2013 2:45 pm

Aptenodytes wrote:
texasdiver wrote:3. The best bargains for safes seem to be the big gun safes like those currently on sale at Costco. I'm not really looking to store guns or valuables, mainly just to use the safe as good place to store documents and materials that we don't want to lose or misplace (photo albums, etc.). The one disadvantage to putting in a big gun safe is that it becomes on obvious target for thieves who will think it contains all the good stuff. If I'm gone on vacation for a week or two (which we occasionally do) I hate to think that some thieves would be coming back with hammers, drills, and what not to destroy the safe thinking it is full of guns and gold or some such. That's why I was originally thinking that a hidden floor safe would make the most sense, especially as there are no guns involved.

What some people seem to do is keep two safes -- one is relatively easy to find, medium-to-low quality, and contains decoy valuables. The other is well hidden, higher quality, and has your real valuables. That's too much for me, but might be appropriate for you.

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Re: Home Safe vs Safety Deposit Box

Postby Grt2bOutdoors » Thu Jan 03, 2013 2:47 pm

Alskar wrote:
Grt2bOutdoors wrote:Here is a place I have done business with. The website may be helpful:
<link deleted>

Did you mean to link to a blatantly political rant by Ron Paul in violation of the forum rules? :shock:


Did you mean to blatantly link my username with that of another member. One should be mindful of their own actions before pointing fingers. :shock: In other words, don't be so quick to hit the submit button.
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Re: Home Safe vs Safety Deposit Box

Postby user5027 » Thu Jan 03, 2013 3:52 pm

Aptenodytes wrote:What some people seem to do is keep two safes -- one is relatively easy to find, medium-to-low quality, and contains decoy valuables. The other is well hidden, higher quality, and has your real valuables. That's too much for me, but might be appropriate for you.


Similar to carrying a decoy wallet with a few one dollar bills and library cards in it to hand over to the thief.
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Re: Home Safe vs Safety Deposit Box

Postby texasdiver » Thu Jan 03, 2013 3:52 pm

Aptenodytes wrote:
texasdiver wrote:3. The best bargains for safes seem to be the big gun safes like those currently on sale at Costco. I'm not really looking to store guns or valuables, mainly just to use the safe as good place to store documents and materials that we don't want to lose or misplace (photo albums, etc.). The one disadvantage to putting in a big gun safe is that it becomes on obvious target for thieves who will think it contains all the good stuff. If I'm gone on vacation for a week or two (which we occasionally do) I hate to think that some thieves would be coming back with hammers, drills, and what not to destroy the safe thinking it is full of guns and gold or some such. That's why I was originally thinking that a hidden floor safe would make the most sense, especially as there are no guns involved.

What some people seem to do is keep two safes -- one is relatively easy to find, medium-to-low quality, and contains decoy valuables. The other is well hidden, higher quality, and has your real valuables. That's too much for me, but might be appropriate for you.


Well, I already have the cheap safe. I could leave it sitting around as bait with nothing in it but rocks if I installed something higher quality and hidden. Or better yet, some of those explosive dye packets if they can be purchased some place and put in a safe to go off if the door is opened or the safe is cut open.
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Re: Home Safe vs Safety Deposit Box

Postby Aptenodytes » Thu Jan 03, 2013 4:02 pm

texasdiver wrote:
Well, I already have the cheap safe. I could leave it sitting around as bait with nothing in it but rocks if I installed something higher quality and hidden. Or better yet, some of those explosive dye packets if they can be purchased some place and put in a safe to go off if the door is opened or the safe is cut open.

From what I've read the recommended strategy is to let the thieves think they've stolen something of value to you, to prevent them carrying out revenge vandalism or damaging searches for the real safe. They might bust open the safe on site rather than haul it away.
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Re: Home Safe vs Safety Deposit Box

Postby Flashes1 » Thu Jan 03, 2013 5:15 pm

Aptenodytes wrote:
texasdiver wrote:
Well, I already have the cheap safe. I could leave it sitting around as bait with nothing in it but rocks if I installed something higher quality and hidden. Or better yet, some of those explosive dye packets if they can be purchased some place and put in a safe to go off if the door is opened or the safe is cut open.

From what I've read the recommended strategy is to let the thieves think they've stolen something of value to you, to prevent them carrying out revenge vandalism or damaging searches for the real safe. They might bust open the safe on site rather than haul it away.


So what would you suggest to leave the thieves as something of value? I'm thinking fake diamonds or gold? Or something else?
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Re: Home Safe vs Safety Deposit Box

Postby tyrion » Thu Jan 03, 2013 5:22 pm

Flashes1 wrote:
Aptenodytes wrote:
texasdiver wrote:
Well, I already have the cheap safe. I could leave it sitting around as bait with nothing in it but rocks if I installed something higher quality and hidden. Or better yet, some of those explosive dye packets if they can be purchased some place and put in a safe to go off if the door is opened or the safe is cut open.

From what I've read the recommended strategy is to let the thieves think they've stolen something of value to you, to prevent them carrying out revenge vandalism or damaging searches for the real safe. They might bust open the safe on site rather than haul it away.


So what would you suggest to leave the thieves as something of value? I'm thinking fake diamonds or gold? Or something else?


Some cash you can afford to lose - remember, this is not likely to be lost but you want it to be convincing if you're actually storing things of value in your other safe. Or if you are forced to open it under duress.
A piece of jewelry or two (nothing irreplacable).
Leftover prescription drugs.
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Re: Home Safe vs Safety Deposit Box

Postby btenny » Thu Jan 03, 2013 6:23 pm

Small safes in walls or small stand up safes melt in big fires. Burglers steal them. Even big gun safes that go in the garage melt in big fires. I know from our friends who lost everything in a big forest fire that home safes are almost worthless. That is why insurance companies make you give them itemized lists for jewelry and then take out special insurance. My friends could not even find the remains of their safe. It was a small floor model. Same for another guy who lost his gun safe. It melted into a big pile of twisted metal. In this fire even forged metal tools were bent and twisted so fires get HOT......

So convert any pictures you have to digital media format and store the media and all wills and life insurance policies and birth certificates and other special documents and so forth in a bank safety deposit box. Then make plan to keep one key off site far away from your home at your kids house or a friends house or some such special place.

Good Luck
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Re: Home Safe vs Safety Deposit Box

Postby G12 » Thu Jan 03, 2013 6:48 pm

This thread made me smile. The Costco coupons showed up and I said to my wife that we could get a safe to replace the bank deposit box. She said no way. The biggest box at the bank is $90/yr. We have a lot of silver and gold in it, plus an external hard drive that contains a copy of my music collection which is 392 GBs (57,000+ songs) and a lot of financial info and documents. The music alone is worth > $45k + an awful lot of labor that I would never replicate, and if a home safe was stolen or in a fire and melted the contents the $90/yr would have looked ultra cheap. YMMV.
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Re: Home Safe vs Safety Deposit Box

Postby user5027 » Thu Jan 03, 2013 6:58 pm

G12 wrote: The music alone is worth > $45k



I wonder where that goes on the PA Estate Tax form.
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Re: Home Safe vs Safety Deposit Box

Postby sscritic » Thu Jan 03, 2013 7:05 pm

I don't have a home safe. I do have a safety deposit box or two where I keep diamonds and pearls.

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http://www.totallyfuzzy.net/ourtube/pri ... f92c3.html Prince
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Re: Home Safe vs Safety Deposit Box

Postby G12 » Thu Jan 03, 2013 7:56 pm

user5027 wrote:I wonder where that goes on the PA Estate Tax form.


No idea, I live in the onerous state of GA where one now needs a crystal ball to determine whether to opt in to the new vehicle ad valorem tax scenario, in which one pays a one time large lump sum at purchase or stay in the old/existing annual assessment system. Vehicles purchased from Jan, 2012 thru March, 2013 have the option to stay with the old system or the go into the new system. 5 yrs is roughly breakeven, don't know if the wife's new VW will be with us 5-years or not. :wink: Worries, worries. Beginning April 1st the lump sum is mandatory. The optionality is killing me.... :beer For roughly an additional $300 + the sales tax paid at purchase credited to the lump sum tax, the new system is winning me over at the moment. Back to home safes and deposit boxes. It also takes some muscle to lift the XL deposit boxes up to and out of a high slot if a lot of metal items are contained therein. My wife couldn't lift it.
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Re: Home Safe vs Safety Deposit Box

Postby norookie » Thu Jan 03, 2013 8:12 pm

:wink: Be safe!
Last edited by norookie on Mon Jan 28, 2013 1:42 pm, edited 1 time in total.
" Wealth usually leads to excess " Cicero 55 b.c
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Re: Home Safe vs Safety Deposit Box

Postby sscritic » Thu Jan 03, 2013 8:21 pm

norookie wrote:A home safe inside a bank safety deposit box. I had to add to the levity in this thread :wink:

Don't forget to cement it in so it can't be stolen from your safety deposit box.
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Re: Home Safe vs Safety Deposit Box

Postby Rubiosa » Thu Jan 03, 2013 8:44 pm

Home safe or bank safe deposit box?

You need answer only one question. If a criminal awakened you at night and ordered you to open your home safe, would you?

The correct answer is "yes," and the logical conclusion, therefore, is " get a bank safe deposit box."
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Re: Home Safe vs Safety Deposit Box

Postby G12 » Thu Jan 03, 2013 8:48 pm

sscritic wrote:Don't forget to cement it in so it can't be stolen from your safety deposit box.
:thumbsup :happy
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Re: Home Safe vs Safety Deposit Box

Postby texasdiver » Thu Jan 03, 2013 9:22 pm

Rubiosa wrote:Home safe or bank safe deposit box?

You need answer only one question. If a criminal awakened you at night and ordered you to open your home safe, would you?

The correct answer is "yes," and the logical conclusion, therefore, is " get a bank safe deposit box."


My answer would be "dude, there's nothing in there but papers but I'll open it and show you."

If I had a half million in diamonds or gold then yeah....I'd put it in the bank.
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Re: Home Safe vs Safety Deposit Box

Postby Noobvestor » Thu Jan 03, 2013 9:26 pm

Rubiosa wrote:Home safe or bank safe deposit box?

You need answer only one question. If a criminal awakened you at night and ordered you to open your home safe, would you?

The correct answer is "yes," and the logical conclusion, therefore, is " get a bank safe deposit box."


I dunno, the Boglehead in me says 'diversify' so you don't anger the thief *or* get robbed totally blind. Win/lose/lose/win?
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
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Re: Home Safe vs Safety Deposit Box

Postby rjbraun » Thu Jan 03, 2013 9:35 pm

Aptenodytes wrote:I have the same kind of safe at home, about four years old. It recently stopped opening and I had to call a locksmith. The locksmith advised that all safes in that price range will fail within a few years.

We have kept using the home safe, for now, but are less sanguine about its viability as a long-term option.

Did you buy a new home safe, or are you still using the one the locksmith had to come over to open?

In response to OP, I have a home safe (bolted to the floor). I also have a safe deposit box that is provided *free* from the bank as part of my overall account. The box came in handy when I renovated my place several years ago. Once the renovation was completed I went to the bank and emptied the box of all the jewelry, etc.I had stored for safekeeping. Everything now resides in my home safe. In addition to jewelry the home safe holds cash, checkbooks, passports and similar stuff I don't want to get into the wrong hands. I still keep the (now empty) bank box. It doesn't cost me anything and I'm reluctant to give it up since I think they can be kind of hard to come by. I use the home safe mainly to keep all my important stuff in one place that is secure enough. The profile of a thief I am most concerned about would be someone with access to my place like a maintenance worker, service person, etc., rather than a burglar. But I have been concerned about the safe malfunctioning, thereby creating a big hassle to recover its contents, especially one day when I am pressed for time because I have to grab my passport for an international flight. Hence, Aptenodytes' comment is starting to make me worry!
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