First Citizens National Bank offers new safe deposit box insurance

fcnb-logo copyAbout half of the 25 million people using safe deposit boxes today are unaware that the contents are not insured by the bank or the FDIC, according to a 2014 SurveyUSA poll.

That coverage gap is disappearing with First Citizens National Bank (FCNB), the first in the state to offer such insurance.

Respected groups such as the FBI, FEMA, American Red Cross, AARP, and FDIC consider safe deposit boxes to be the cheapest and most logical choice for safely storing valuable materials and documents. But disasters happen.

In the past 3 years alone, more than 50,000 boxes have been affected by natural disasters, impacting more than $1billion in property. In 2014, more than 70 burglaries and robberies were also reported.

This is why FCNB has partnered with Safe Deposit Box Insurance Coverage, LLC (SDBIC), to offer the only insurance solution in the market that covers all legal property in a safe deposit box against burglary, robbery and other man-made catastrophes. The policy also protects against all natural disasters, including earthquakes.

This insurance option doesn’t require any disclosure of contents or appraisals, both of which are costly and very inconvenient. No deductibles are paid upon a loss.

It provides up to $3,000 in every policy for replacing paper documents, such as wills or trusts or passports, as well as photos and digital storage back-ups. FCNB spokesmen said it is more comprehensive and less expensive that any comparable homeowners’ policy.

All legal property is covered, including wills, titles, deeds, photos, electronic back-up devices, gold, diamonds and more. Costs start at $25 per year.

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