Benefits of Renting a Safe Deposit Box
Benefits of Renting a Safe Deposit Box
Safe deposit boxes stored in a private vault have many benefits over using banks or storing valuables in your own home.
| Benefit | Private Vault | Bank | Home |
|---|---|---|---|
| Natural disaster protection | ✓ | ✓ | X |
| Security from theft | ✓ | ✓ | X |
| Climate control | ✓ | ✓ | X |
| Home insurance reduction | ✓ | ✓ | X |
| Private Viewing Rooms* | ✓ | * | X |
| Custom sized boxes | ✓ | X | X |
| 100% Anonymity | ✓ | X | ✓ |
| Cour Order / Subpoena Protection | ** | X | X |
| 24/7 Emergency Access | ✓ | X | ✓ |
* Some banks have private viewing rooms.
** Farouk Ahmed Storage & Security.. must comply with court orders or subpoenas if an account is in the same name as stated on the document.
Tax and Insurance Incentives
Did you know that rental fees for your safe deposit box can be tax deductible1? Did you know that you also may be eligible for a discount on your homeowners or renter’s insurance premiums by storing your valuables with us2?
Here’s a typical breakdown:
| Description | Amount | Net |
|---|---|---|
| Personal Property Value | $50,000 | |
| Typical annual Insurance Premium ($20 per $1000 value) | $1,000 | |
| Premium if property is stored at Farouk Ahmed Storage & Security ($12 discount per $1000 value) | $400 | |
| Net Saving in Insurance | $600 | |
| Annual Safe Deposit Box Rental Fee for a 5×10 box | $360 | |
| Tax Deduction (assuming 35% bracket) | $126 | |
| Net Box Cost | $234 | |
| Net Gain to You | $366 |
Don’t risk loss of or damage to your jewelry, gold or gold coins, collectibles, personal records, financial documents, or other precious items! We can meet your secured safekeeping needs, whatever they may be.
1Please consult your tax advisor.
2Please consult your insurance provider.
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