Unfortunately not. Safe deposit boxes are water resistant, fire resistant, and are usually found within the most secure area of a financial institution -- its vault, making them somewhat burglar-resistant. They are not impervious to all dangers, however.
There was one famous case where a bank had a water leak and water got into the vault by coming through the electrical outlets. In other instances, floods and hurricanes have caused water to penetrate vaults and seep into safe deposit boxes. We recommend that you utilize watertight plastic containers (test them first!) and/or sealed plastic baggies to protect paperwork, photographs, stamp collections, and anything else that could be damaged by water. If there is advance notice of flooding or a hurricane, you may even want to retrieve your box contents and take them to higher ground until the water danger is over.
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