The value of a fireproof safe
It’s a misconception that the most secure place is a bank safety deposit box. In fact, a fireproof safe in your home is protected from fire and water damage and is likely insured by your homeowner policy as well. Most safety deposit boxes are not insured and may only be fireproof. Therefore, when it comes to protecting your most valuable papers and small items of value, a fireproof safe is important.
It is always an opportune time to ensure that your valuables and important documents are organized and protected in your home. To help you in preparing the contents for your fireproof safe, refer to the below general checklist of what you should consider keeping in it for protection and easy access in the event of an emergency.
- Passports, social insurance number cards and original birth certificates for all family members
- All current insurance policies and agent contact information – Property insurance, life insurance, etc.
- Safety deposit box keys
- Key papers related to investments – Investment and bank accounts, retirement plans, and associated contact information.
- Real estate documents – the titles for the homes/properties you own and any other related documents
- Important legal documents – Powers of attorney, living wills, health care proxies, for all family members and also for any persons by whom you have been chosen to act on their behalf.
- Wills – Copy of Wills for all family members and any Wills in which you are designated the executor.
- Family photos – Consider backing up your valuable photos and/or scanning old images to CDs or an external hard drive in case of fire.
- Valuables – Jewelry, coins, cash, etc.
- Spare keys and titles to all vehicles.
Additionally, provide your executor or a trusted family member or friend with the location of your safe and the combination to ensure they can access the information at the appropriate time. If you have any questions or would like more information, please do not hesitate to talk to your Advisor.