Personal Finance

Safety Deposit Box

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  • Jul 1st, 2013 9:27 am
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Sr. Member
Jul 2, 2008
610 posts
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Toronto

Safety Deposit Box

Recently got a sdb at rbc. Couple questions.

Are the contents insured by the bank? Do I need to contact my home insurance provider to see if it covers, chances are the bank won't get robbed but what about floods / fires ...

Thanks
13 replies
Deal Expert
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Feb 11, 2009
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^The SDB's are Fire/Water proof.
Realtor (Investment Properties) - CPA, CA
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Nov 23, 2005
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Did you not get any type of an agreement or anything when you got the deposit box??
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Dec 5, 2008
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boyoflondon wrote: Did you not get any type of an agreement or anything when you got the deposit box??
All your answers to your questions are in the paper you signed when you opened the SDB at RBC.
Member
Jul 29, 2007
229 posts
19 upvotes
The bank does not insurance of the contents of the box as they do not know what is in the boxes. It could be gold or it could be ashes. Take pictures of what is in the box and get insurance accordingly. The boxes in house in a metal box which is suppose to be fire proof I am not sure of waterproof in a flood I don't see anything that makes it waterproof. When you get the box you are given a copy of the contract and you are suppose to initial their copy to show proof that you are aware of the terms and conditions.
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Dec 11, 2005
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deal_with_singh wrote: ^The SDB's are Fire/Water proof.
SDBs that I have are certainly not water proof and will not protect the contents from a flood of the bank... they SHOULD be OK from fire but like others have said nothing is guarenteed.

What I use my SDB for is simply my dropoff for my off-site hard drive backup
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Member
Jul 29, 2007
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It is fireproof to some extend, however if the fire is fiery please be prepared for charred papers and smoke damaged to your contents. It is not 100 percent fire and waterproof. Get extra insurance for your own contents
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Feb 19, 2010
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winterslush wrote: It is fireproof to some extend, however if the fire is fiery please be prepared for charred papers and smoke damaged to your contents. It is not 100 percent fire and waterproof. Get extra insurance for your own contents
"If the fire is fiery"?!?!? :eek: :lol:
Deal Addict
Dec 31, 2009
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I can't speak for every branch, but I know my TD branch told me my SDB was fire and water proof. It's not the SDB itself - it's the ENTIRE ROOM. However, my rep pointed out that nothing is insured by them and they do not guarantee anything.

Honestly, do you guys think that little metal box is fireproof? :facepalm: Come on. Think about it. Any fire surrounding that box is going to heat up the interior contents like they were sitting in a roasting pan in a gas oven set at "crematorium". Even if the fire is licking at only the smallest end of the box, anything in it is going to heat up. And it won't be long until it gets to the point where any papers inside will ignite and/or any electronics begin the melting process.
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Jul 1, 2007
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Your SDB (contrary to popular belief) is NOT covered by insurance or anything of that sort for theft, etc... you need to have personal homeowner's insurance to cover that sort of thing.
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Jan 3, 2013
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Sniper001 wrote: Your SDB (contrary to popular belief) is NOT covered by insurance or anything of that sort for theft, etc... you need to have personal homeowner's insurance to cover that sort of thing.
So your home insurance extends to your banks safety box?
Member
Jul 29, 2007
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If the bank's money is all burnt in a fire their insurance covers it. Do you have insurance for the contents of your box?
Member
Jul 29, 2007
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coachpotatoarmchairQB wrote: So your home insurance extends to your banks safety box?
To a certain extend check your home insurance. If you are using the box to store jewellery, gold coins, stamps and what have you. You need to get extra insurance coverage.

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