Finance Quick Answers
Are the contents of my safe deposit box insured by the FDIC?
The contents of a safe deposit box are NOT insured by the FDIC, or generally by the bank where they are located. Make sure you read the contract you signed with the bank when you rent a safe deposit box, in the event that some type of insurance is provided.
If you are concerned about the safety or replacement of items you have put in the box, you may wish to purchase fire and theft insurance. Usually such insurance is part of a homeowner's or tenant's insurance policy for a residence and it's contents. In the rare event of a bank failure, in most cases an acquiring institution would take over the failed bank's offices, including locations with safe deposit boxes. If the FDIC conducts a payoff because no acquirer can be found, box holders would be sent instructions about removing the contents of their boxes.
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Monday, July 28, 2008