Does the increased $250,000 FDIC and NCUA insurance coverage limit automatically raise the insured amount of my safe deposit box contents?
The substantial increase from $100,000 to $250,000 in FDIC and NCUA deposit insurance does not apply to safe deposit box contents. Renters should be aware that FDIC and NCUA have never insured valuables stored in a box. These box contents are not considered insured deposits under the law and federal law mandates that government agencies can only insure deposits maintained in a deposit account.
If renters are concerned about insurance protection, they should check with their own insurance agent for their options. Many insurance companies charge much lower insurance premiums if valuables are protected inside a financial institution's safe deposit vault.
"No Insurance" signs and disclosures are also needed and currently being used nationwide. Displaying carefully worded lobby and desk signs, that clearly state; "No Insurance is Provided on Safe Deposit Box Contents" is strongly recommended. These signs provide consumers with correct information, clear up consumer's biggest safe deposit misunderstanding and could protect your institution if a disaster or loss occurs.
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The substantial increase from $100,000 to $250,000 in FDIC and NCUA deposit insurance does not apply to safe deposit box contents. Renters should be aware that FDIC and NCUA have never insured valuables stored in a box. These box contents are not considered insured deposits under the law and federal law mandates that government agencies can only insure deposits maintained in a deposit account. 