Guarantee of the FDIC Does Not Cover Safe-Deposit Boxes
Do you assume that everything you have in your friendly bank on the corner is insured? Then you'd better think again.
While the Federal Deposit Insurance Corporation (FDIC) does cover your checking account, money market accounts and IRAs up to $100,000 per named account, that FDIC insurance does not extend to what you may have stashed in a safe-deposit box.
Your bank has no idea what may be squirreled away in your box. So, unless proven negligent, the bank can't be held liable if anything is stolen from it or damaged due to a natural disaster.
If you do like to keep that 10 karat diamond ring or that collection of rare stamps and coins under lock and key, check your homeowner's or renter's policy to see if you're covered.
If you aren't, or your policy only covers a nominal amount, call your insurance agent and ask about a "floater" policy. The "floater" may be a little pricey, but remember the value of what you want to protect.
Bank failures are on the rise and we want to help you protect your money! Check out these articles to learn more:
Insurance
Debt Management
Invest Wisely
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