Insuring Safe Deposit Box at Bank?

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Insuring Safe Deposit Box at Bank?

Postby wastenot » Sat Dec 29, 2012 6:55 pm

How many Bogleheads insure the contents of their bank safe deposit box? Of those who do, what insurance companies offer competitive quotes?

It is my understanding that banks do not insure the contents of the safe deposit boxes on their premises.

In my bank deposit box I keep some gold coins and the ownership stock certificate for my coop apartment in New York City, which reportedly must be in the possession of the apartment owner in order for a bank to issue a mortgage. If I sell the apartment in the future, I will be in trouble if I cannot produce the stock certificate.

Thank you.
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Re: Insuring Safe Deposit Box at Bank?

Postby earlyout » Sat Dec 29, 2012 7:17 pm

Have you checked your homeowner's insurance policy? Many policies cover your belongings when they are outside your residence.
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Re: Insuring Safe Deposit Box at Bank?

Postby wastenot » Sat Dec 29, 2012 8:23 pm

[quote] Have you checked your homeowner's insurance policy?/quote]

Yes, but the policy does not include holdings in a bank safe deposit box.
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Re: Insuring Safe Deposit Box at Bank?

Postby umfundi » Sat Dec 29, 2012 8:37 pm

the ownership stock certificate for my coop apartment in New York City

How much hassle / time / expense would it take to replace this? Where I live, it would take an hour at the Registrar of Deeds office, and maybe $5 for the copy.

What's to insure?

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Re: Insuring Safe Deposit Box at Bank?

Postby sscritic » Sat Dec 29, 2012 8:43 pm

wastenot wrote: the ownership stock certificate for my coop apartment in New York City, which reportedly must be in the possession of the apartment owner in order for a bank to issue a mortgage. If I sell the apartment in the future, I will be in trouble if I cannot produce the stock certificate.

What would you insure it for? Two and one-half cents, two for the paper and one-half for the ink? I remember there was this thing called Sandy that did some damage in NY, perhaps it even destroyed some important papers (some by fire, some by water damage). My assumption is that you would be able to get duplicates issued for most important papers. I know you can get your water soaked I bonds replaced. If it cost $50 to get a replacement, I guess you could insure the paper for $50, but I doubt an insurance company will insure your piece of paper for $1 million. I think you can only insure up to your loss, and I doubt that you would lose your home if you lost that piece of paper. But I don't know a lot about NY; while others think CA is strange, I find the way they do things in NY just as strange.

Maybe you should double check some of those reports; perhaps the situation wouldn't be as dire as you have heard. I know of this thing called google, so I took a chance.
“First, don’t panic,” said Stanley Simon, a Manhattan real estate lawyer. “The stock certificate and proprietary lease are only pieces of paper, and if they are lost, there are procedures in place to deal with that.”

That was from the definitive source of all information NY, the NY Times.
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Re: Insuring Safe Deposit Box at Bank?

Postby prudent » Sat Dec 29, 2012 8:47 pm

For the coins, you can get insurance through Hugh Wood Inc. Insurance is cheaper for members of the American Numismatic Association and the cost savings for members can more then cover the membership cost.
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Re: Insuring Safe Deposit Box at Bank?

Postby 2b2 » Sat Dec 29, 2012 10:10 pm

wastenot,
Your coop's managing agent (if applicable) should be able to replace your stock certificate if it is lost, stolen, or destroyed.
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