A safe deposit box is a smart financial tool

A safe deposit box is an individually secured metal container that can be rented from your financial institution. They’re used to store valuables that are not easily replaced, such as jewelry, important documents and family heirlooms. What makes a safe deposit box such a valuable asset is that it stores your belongings outside your home and is only accessible by you. Here we’ll dive into how crucial safe deposit boxes can be in the event of a natural disaster.

Why safe deposit boxes matter after natural disasters

If something were to happen to your home, such as a fire, a flood or a burglary, the first thing you worry about is if anyone is hurt. But the second is typically if any of your valuable belongings are damaged or stolen. This concern completely goes away if these items are kept in a safe place away from the home. 

Though it’s the same quality that makes safe deposit boxes appealing, their location can also be a downside. Because the box can only be accessed by the primary renter or officially designated co-lessees by visiting the bank during open hours, access is limited and immediate retrieval of the items inside may not always be possible. Home safes are sometimes preferred since they offer fast, on-site retrieval, but they cannot provide the same protection from natural disasters and theft.

A safe deposit box is an easy way to keep your valuables locked up, in a place where they won’t be touched if your home is affected by a natural disaster. In the case of a fire, your kids’ birth certificates won’t be burned; if a flood takes over, your external hard drive won’t be damaged; and if an earthquake destroys your house, the vase that’s been in your family for generations won’t shatter. 

What to store — and what not to store — in a safe deposit box

You should be somewhat picky with what you store in your safe deposit box because of your limited access to it. It’s recommended to store mainly essential documents and valuables. The documents may include birth certificates, passports, social security cards, marriage certificates, property deeds and titles, bonds and stock certificates, bank account information, investment certifications and any external hard drives or USB drives that may contain backup data. The valuables may include rare coins and stamps, gold bars, one-of-a-kind family photos and family heirlooms such as letters between ancestors and priceless jewelry. 

There are also many items that are prohibited from a safe deposit box. These include firearms, illegal substances, perishable goods and hazardous materials. Items that you are allowed to put in but you aren’t advised to store include letters of instruction, wills or other end-of-life documents, medical directives, insurance policies, spare keys and cash. These are best kept in your home safe to allow for quicker access. 

Choosing, using, and accessing a safe deposit box with CB&T

Most California Bank & Trust (CB&T) branches offer traditional safe deposit boxes, though the sizes and annual rental fees may vary depending on location. The standard rate for each box typically ranges from $35 to $550 annually, but if you hold a CB&T Gold Account, you qualify for a free 3x5 or smaller safe deposit box or a discount of up to $20 on a larger one. It’s also important to note that CB&T does not insure the items in your safe box.  

CB&T recommends that renters keep a list of what your safe deposit box contains. This is especially helpful after a natural disaster, as it can help you easily determine which of your items were affected and which remain safely in the box. When renting your safe deposit box, you should also designate someone as a co-lessee. If you’re no longer able to access the box, this will make it much easier for your family to gain the content inside without a court order.