03 Jan What you should know about safety deposit boxes and your fine jewellery
I often hear. “I don’t need insurance. I keep my most valuable jewellery in the safety deposit box.”
Keeping fine jewellery in the safety deposit box can provide peace of mind that your jewels are not in your home and as vulnerable to theft. It may save you money on insurance annually but safety deposit boxes are not 100 percent safe and should not be used as an alternative to insurance for your fine jewellery items. The bank does not keep a record of your contents. They are not aware of what you are keeping and if you wish to be covered for these items you must speak to your insurance agent and have the items added to your policy. A article by the Globe & Mail outlines how fire, flood, natural disasters and theft can still pose a risk to your items kept at the bank. https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/insure-whats-in-your-safe-deposit-box-theyre-not-invincible/article30198863/
Properly document your jewellery items in the safety deposit box with an appraisal report. Don’t keep the only copy of your appraisal with the item in the box. Store copies in a safe place at your home or office. You may choose to take the risk and not insure all of your jewellery items but at least you will know the exact details of what you have stored. If there is an item you can’t afford to lose then insurance is a MUST even when being kept at the bank.
I have clients who alternate their jewellery monthly or seasonally and transport it to and from the bank as they choose to wear it. Remember your jewellery is also at risk during transport.
For more blog posts visit http://www.stjewelleryappraisal.com
Have a brilliant day!
The Blonde Gemologist