It is [also] impossible to insure gold stored in your home without disclosing what you own and obtaining a current appraisal, increasing the number of people who have knowledge of precious metals in your place of residence.
Chicago, IL (PRWEB) January 28, 2013
Even though safe deposit boxes at financial institutions are commonly used for gold storage, those financial institutions, the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) do not insure safe deposit box contents, contrary to a commonly held belief. SDBIC the premier provider of safe deposit box insurance is now partnering with banks and credit unions to offer insurance to their box renters.
With 2012 marking the 12th straight year of gains for gold as reported by Monex, investors of all types continue to buy gold coins, bullion, silver, and other precious metals. This trend is creating an increased demand for safe storage of those valuables because many investors choose to physically take custody of their precious metals rather than storing them in a remote facility.
“Taking physical custody allows you to inspect for quality, can be useful for estate planning, plus it is more rewarding to see, touch, and feel your investment,” stated Jerry Pluard, CEO of SDBIC. “But storing gold at your home, whether in a safe, a secret hiding spot, or even buried in your yard is risky. Theft, fire, flood, and other natural disasters all represent a threat. It is also impossible to insure gold stored in your home without disclosing what you own and obtaining a current appraisal, increasing the number of people who have knowledge of precious metals in your place of residence.”
Judian Leidman understands the issue well; he was victim to one of the largest coin heists in recent U.S. history, when thieves stole more than $2 million worth of his vintage coins. “The best way to protect your valuables is to not tell people you have them, and to also keep your coins locked up in the bank,” he advises. Jeff Clark, a contributing editor at GOLD magazine, agrees, “The easiest and simplest way to store gold is in a safe deposit box at your local bank.”
But no storage location is 100% secure. Traditionally one of the major drawbacks to storing precious metals in a safe deposit box at a financial institution has been that neither the institution nor any government agency insures the contents of the box.
Today with SDBIC’s new patent pending insurance, product, gold and precious metal investors can store their valuable purchases in a safe deposit box at their local bank or credit union, and insure it through SDBIC, without providing an appraisal or disclosing what is being stored in the box.
The insurance attaches to the box rather than to a specific piece of property, so everything in the box is insured under the policy. Neither SDBIC nor the financial institution knows what is in the safe deposit box, preserving the box holders’ privacy and confidentiality. The box holder selects the amount of coverage desired. In the event of a burglary, robbery, fire, or disaster - natural or man-made -, an investor’s gold, precious metal, or any other property in the box is protected up to the selected amount.
Confidentiality and privacy is maintained throughout the process. SDBIC does not ask for the full box number or require social security information. In most instances, the financial institution does not know which box holders have coverage, or how much insurance is being carried. This is typically paramount to gold and precious metal investors.
Many banks and credit unions are now offering their box holders the option to purchase insurance through SDBIC. “We welcome the opportunity to educate and provide added security to bank customers, which ultimately reflects on the service provided by that financial institution,” concluded Pluard.
The affordable SDBIC insurance may be purchased directly by any box holder at http://www.sdbic.com. Customers may also visit one of the banks participating in the SDBIC program to rent a box, and create their insured safe haven, where their gold and other valuable property - including important personal papers - can be stored in complete privacy and be fully insured.
Founded to fill a void in the insurance market, SDBIC’s mission is to promote the benefit of using a safe deposit box as a personal safe haven, where property can be stored and conveniently insured at an affordable cost without disclosure of the contents in the box.