Uninsured Jewelry and Collectibles
It’s not unusual to keep heirloom jewelry, rare coins or similar items in a safe deposit box. If they’re properly insured, that is. If not, you should know that the FDIC doesn’t cover what’s inside a safe deposit box, nor does the bank itself, unless your agreement explicitly stipulates this.
Wells Fargo, for example, clearly states that the content of its deposit boxes isn’t insured and recommends box owners to “purchase an appropriate policy from the insurance company of your choice.”
Standard insurance for homeowners provides some sort of coverage for personal property stored off-premises but the limits are usually low when it comes to valuables like collectibles or jewelry. In some cases, the limits can be raised but it’s best to contact your insurer and ask for more information. You could also opt for a personal articles floater, an additional policy that provides added coverage for specified valuables.
