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Where to keep valuables
A safe deposit box and a fire-retardant safe are valuable tools for storing important, personal items. But which one is the best for irreplaceable, valuable items, documents or extra cash?
The answer depends on how quickly you or someone else needs access to those items and how irreplaceable those items are.
What to put in a safe deposit box
A safe deposit box is a secure place for things that are irreplaceable or needed infrequently. Some say the rule of thumb is “if I lost this item or documentation, would I be in big trouble?”
Keep items such as insurance policies, property deeds, a coin collection, heirloom or infrequently worn jewelry, stock or bond certificates in the box, experts say. Other items include a DVD or other media with documentation of your household inventory for insurance purposes and irreplaceable family photos (either the actual photographs or media containing scanned images).
What not to keep in a safe deposit box
Large amounts of cash should never be kept in a safe deposit box. Cash kept in a safe deposit box isn’t insured by federal deposit insurance.
You also shouldn’t keep originals of your will, medical directives, a power of attorney or other documentation and items that would be needed immediately by either you or your survivors in case of your death or if you become incapacitated, experts say. (Safe deposit boxes can only be opened by co-owners or estate executors, and state laws vary on how quickly an executor can access your box.)
Keep those kinds of items in a fire-retardant safe in your home. A safe is also an ideal place to keep your safe deposit box keys.
Another piece of documentation you’ll want to keep in your safe: financial accounts information, as well as passwords and other access information to online accounts.
Safe deposit boxes can be rented at Mid American’s west and northeast branches in Wichita and at the Larned branch. Annual fees range from $20 to $50 depending on the box size. Once you rent a box, you can access it as many times as you need to during a branch’s business hours.