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When/why did you start using a safe deposit box?

  1. bazamu wincer, not a bidder Jan 19, 2016

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    For those in the forum that keep certain pieces in a safe deposit box at the bank, when did you start doing so? There are times when I've felt that it's necessary and others where I waffle and think to myself that it's not entirely necessary.

    If you do use one, why do you do it and what are the typical pieces that you keep there instead of with you?
     
  2. fbd223 Jan 19, 2016

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    When I was about to go on vacation, and didn't want to leave $10k worth of watches and jewelry in my apartment for two weeks.

    Normally my wife and I go drop of the jewelry the weekend before we leave on a trip.

    Other than that we just keep those important document there...
     
    Buckeyes#1 likes this.
  3. CanberraOmega Rabbitohs and Whisky Supporter Jan 19, 2016

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    In Australia, they are fairly cheap. I pay about $225 per year. However, bank safe deposit boxes are rare as hens teeth - you basically have to inherit them! so I got mine when I inherited it!
     
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  4. ulackfocus Jan 19, 2016

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    Once the value of most watches got above the amount I make in one paycheck, it was time to find a safer (pun intended) place to store them while away or not wearing certain ones.
     
    Kim likes this.
  5. cicindela Steve @ ΩF Staff Member Jan 19, 2016

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    If it will help out, you can send your excess watches over here and I will put them in my box
     
    kkt, Scarecrow Boat, NT931 and 2 others like this.
  6. CanberraOmega Rabbitohs and Whisky Supporter Jan 19, 2016

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    Thanks for your selfless offer!
     
  7. styggpyggeno1 ΩF Enforcer ....and thread killer Jan 19, 2016

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    The day (long time ago) I realized the combined value of the watches had reached the level when risk mangement would be very unwise not to do. That is - do not store all of them in one place. I spread risk by dividing the collection in several parts on different locations.

    At what amount of cash would you start to be uncomfortable with having it laying around in sock drawers at home? Apply to watches. Act accordingly.
     
    Edited Jan 19, 2016
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  8. bazamu wincer, not a bidder Jan 19, 2016

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    I'm inherently risk averse, so I think I'm quickly getting to that point.
     
  9. Rman Jan 19, 2016

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    I keep most of my watches in the deposit box. I always have a roll of selections I enjoy for 2 weeks to a month and then visit the box and rotate. Keeps things safe, and also fresh.
     
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  10. Stewart H Honorary NJ Resident Jan 19, 2016

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    I got mine when I decided to transfer half of my collection (value wise) to the other side of the world.
     
  11. Davidt Jan 19, 2016

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    Interesting.

    I have some of mine listed on the house insurance but have been considering a safety deposit box in town.
     
  12. noelekal Home For Wayward Watches Jan 19, 2016

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    Since I work all day at a desk 20 yards from my three safe deposit boxes, it's a matter of convenience.
     
  13. dsio Ash @ ΩF Staff Member Jan 19, 2016

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    My safe deposit box is about 50M away from my watchmaker and used to be about 200M from my office so all worked out very well, now its just a train trip into the city but feels a lot safer than having that many Omegas laying around.

    Home insurance doesn't even cover one watch let alone all the others.
     
  14. igatomic Jan 19, 2016

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    I've had mine ever since the collection usurped the house insurance. I priced out a rider, but found the safety deposit box to be a much more cost effective solution. It also can't flood, and the humidity and temperature are constant as well.
     
  15. jordn Wants to be called Frank for some odd reason Jan 19, 2016

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    I keep all of my watches on my person at all times. All challengers welcome :whistling:
     
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  16. gemini4 Hoarder Of Speed et alia Jan 19, 2016

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    I have a two points to add to the conversation.

    1) If possible, only use a bank vault in a stand alone bank, i.e. A bank whose structure is not attached to any other stores or business. Unless thieves are going to come in with guns blazing, the common method of vault robbery is to come in from a neighboring basement during a weekend. This is exactly what happened last year in the London vault burglary.

    2) Be aware that bank and bank vault offer NO INSURANCE at all. In case of burglary, you must have your own insurance in place. For Americans, there is a rather inexpensive carrier, backed by a major insurance company, offering this type of bank vault coverage. It is a fraction of the price of other types of insurance and should be used as a supplement to normal homeowners coverage. Perhaps other carriers write this coverage elsewhere. Here is the link

    https://safedepositboxinsurance.com/
     
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  17. nickw Jan 19, 2016

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    How about significant safes and monitoring at home?
     
  18. Willem023 Jan 19, 2016

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    Have used a safe for the last 15-odd years or so, merely to protect valuables from fire- or water damage.

    Recently moved to the African continent and stopped using my in-house safe altogether. Especially when going up country or away to the EU, US or Asia, the safe is empty.
    Too many stories of staff not only emptying the safe during a break, but at a friends house, the whole build-in safe was pulled out of the wall during their leisure-weekend at the coast :( :mad: Only 3 of their staff were involved......:thumbsdown:
    So much of my valuables (including some watches....:() are still in the EU, others I won't tell you...:whistling:
     
    Edited Jan 19, 2016
  19. CajunTiger Cajuns and Gators can't read newspapers! Jan 19, 2016

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    How is a bank immune from flooding?
     
  20. ethanross Jan 21, 2016

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    second.