In an earlier blog post, we advised against keeping your will or other legal documents in a safe deposit box. A July 19, 2019 New York Times article calls into question whether it even is a good idea to keep valuables in a safe deposit box. It describes several instances of missing or stolen items and points out how difficult it is to recover the value of any lost or stolen items.
A typical box rental contract states: “The bank’s liability for any loss in connection with the box for whatever reason shall not exceed ten (10) times the annual rent charged for the box.” Many bank’s put even lower caps on damages. So, think twice before depositing valuables for “safety”.