Caution about Bank Vaults

As many of you may already know, the Midwest has been hit by some of the worst flooding in decades, with many lakes and rivers cresting well above flood stage, and many homes, businesses, streets and property left underwater, some for weeks. Our heart goes out to all who have had these problems, but this article goes a little beyond, to add a warning for the future to think about so that there is not a greater harm done to those that have been unfortunate enough to have property and homes ruined by these floods. Most people believe that if you put belongings in a bank vault, you're safe, protected, and insured by the bank, but this is mostly UNTRUE! If you believe that your belongings are insured, I suggest that you go ask your bank about this. Bank vaults are designed to be secure, and this is mostly true, but not necessarily in the event of a disaster, such as the horrific flooding that we have had in the Midwest. There is an article in the Chicago Tribune, dated April 26, 2013, written by Lisa Black that brings a very powerful point home. She reports that a bank in Northfield, Illinois, among others, had the unfortunate mishap that their safety deposit box room ended up under water. Think about what we keep in a bank vault that needs to be water free! Many of us keep our important papers in a bank vault, some keep money and jewelry, others keep mementos and keepsakes, but what happens when these are ruined by a natural disaster, such as the rank smelling water that ended up in the vault of this bank? Yup, you guessed it, you're not insured. The banks do not carry insurance, and most people, believing that that are covered and completely safe, do not carry supplemental insurance as a rider on their homeowners or renters policy. This is a disaster waiting to happen; the contents of a safety deposit box as a general rule are not insured by the bank. It is highly recommended that you take out insurance on whatever is in a safety deposit box. Of course this coverage is not very expensive because the perception is that it is in a secure and safe area, and will not be handled very often, that's the good news. Now think about the jewelry that you keep in your safety deposit box. Can anything be ruined by the flooding or other natural disaster? You bet! Most jewelry is probably fine if it gets wet, but not all. Soft stones and natural materials may be ruined by chemicals in the water, such as the ink that may run from the papers in the vault, ruining pearls and such. This brings me to another thought. Not too many people are told this, but never leave pearls or other materials that need moisture in a bank vault. Not only are they susceptible to damage from a flooding disaster because of running ink and chemicals, but normally, without the disaster, bank vaults are highly de-humidified to keep papers and other valuables in good shape, but what does this do to jewelry that needs moisture? You got it, it dries them out, and pearls and opals, just to mention a couple of popular types of jewelry need moisture, so a bank vault will ruin them without the disaster!!