All About Home Safes

As you might imagine, I get quite a few emails from companies telling me about this new product or that new service. I am not interested in the vast majority of these (some are even contrary to what I write about, a clear indication that the sender has never read the blog) and usually simply just delete the message. But a few weeks ago I received a press release from SentrySafe. Since I have been thinking of upgrading my home safe (I'm starting to run out of room in the small one I have now), I emailed back on a whim and asked, "Do you have samples of your new safe for review?"

Turns out they did. A couple weeks later, a safe was delivered to my house. Specifically, it was a Combination FIRE-SAFE® model number SFW123DTB. My first impression is that it's a very sweet safe. And while I haven't had much time to try it out, I can tell that I'll like it (it has everything I was looking for in a safe.) It even provided an unexpected benefit -- hauling it into and around the house was a good workout. ;-)

As I communicated with the email contact, he offered me the chance to interview a product manager at SentrySafe about safes in general and my safe specifically. And no, I'm not getting any money for this -- I am truly interested in the topic both personally and as a larger issue (I'd read that sales of safes are growing dramatically. That said, if someone at SentrySafe wants to pay me, I'm up for it. :-) I'm more than willing to be a paid spokesperson for something I like and use.) I figured I'd never have a better chance to find out what I wanted to know about safes, so I emailed him some questions (below in red) and he responded (below in black). I've also inserted my thoughts on his responses below in italics. Here goes:

I'd like to know a bit about safes in general -- who should have one, the various purposes people use them for (documents versus gold bars versus guns, etc.) and so on.
 
Anyone who has something valuable to protect - whether of monetary value or sentimental value – would benefit from owning a FIRE-SAFE®.  The most common use for safes is to store personal or family documents, legal records, financial and household records, family keepsakes, jewelry and low values of cash.  Also on the list, but a little less common, are forms of digital media storage (CDs, DVDs, USB flash drives, etc.), business related items and photographs.
 
These products are designed to protect the above contents exceptionally well.  As a matter of practice, however, we don’t recommend storing a high dollar amount of cash or precious metals in a residential safe product because we don’t want to send the message that our safe owners are holding that type of value in their homes.  Nor do we recommend that firearms are stored in any of our residential FIRE-SAFE® products as they are not California Department of Justice approved for that purpose.  For a complete list of warnings, please consult the owner’s manual that came with the product you are reviewing.  Individual warnings vary by product, due to different feature and performance specifications.

Not much to comment on here. I was just interested in the topic from a curiosity standpoint (since I know very little about safes) and he provided a nice summary for me.
 
What considerations should someone take into account when deciding what sort of safe to buy?

First, ask yourself what you are trying to protect.  Paper documents, coins and cash, digital media and firearms are good examples. Consumers should be careful that any safe product protects for the type of item they are looking to store.
 
Second, what are you trying to protect against?  A combination of security, fire and water protection options are available.  Consumers should be careful that reliable third-party verification exists to support performance claims.
 
Third, how much stuff are you trying to protect? There is a wide range of sizes to accommodate an equally wide range of valuables that people have to protect.  Too often, consumers purchase a safe only to find that they have more to put into it than they had thought, meaning they end up having to make a second purchase.  Even though it means stepping up to a higher priced item, consumers are better served in the long run to buy bigger than they think they need to accommodate their true need or to grow into the safe over time.

GREAT three-step answer IMO. Simple and quite complete.

What are the advantages of a safe versus a safety deposit box at a bank?

Advantages to owning a safe vs. a safety deposit box:

• Storage and access is maintained at home or place of business (no having to make a trip to the bank or being dependent on their hours of operation)


• Placement of a safe product can be hidden, obscured or placed where not expected to make it harder to locate


• A one-time investment for a product that can last 50 years or more (no monthly/annual bill)


• Access can be granted to multiple people, which is helpful in a business environment (typically alternates cannot access safety deposit boxes or alternates are limited in the access they have)


• Instant awareness if an attempt to breach takes place (a breach at the bank could go unnoticed or unreported for a long period of time)


• You maintain the security and monitoring of the safe instead of a remote, third-party organization that you don’t know maintaining the security and monitoring.

The first is the biggest "pro" IMO and the reason I like a home safe. Also, isn't a safe deposit box locked down when someone dies, making it difficult to access?

I actually have free safe deposit boxes available to me at a couple of banks due to my business relationship with them. But I haven't taken them up on the offer because I've seen safe deposit boxes as inconvenient. Am I making a mistake?
 
Can I get some tips for where to store the safe (it's something I ran into last night) and best practices for using it, storing the keys/combo, etc.?

Best practices for placement of a safe are:

• In an obscure location where an intruder wouldn’t expect to locate it: This may make accessing it less convenient, but it will also frustrate anyone attempting to locate a safe to try and break into it.  Remember, on average, burglars usually spend no more than 8 minutes in a residence and will usually spend that time on the easiest and quickest items of value


• On the lowest floor of the residence: In the event of a fire, where flooring can be weakened or can give way, a safe on an upper floor can fall through to the floor below. SentrySafe FIRE-SAFE® products are rated to drop either 15ft. or 30ft. while maintaining their fire resistance.  But, preventing a fall in the first place helps keep the safe more secure and avoids the threat of having the safe fall through the floor onto firefighters down below.


• Storing keys and codes is a very personal and individual decision and one that we don’t want to advise people on (so there is no prescribed place for burglars to look).  But, owners should take great care to protect access to their keys, combinations or codes.  We do, however, recommend that our owners register their products at www.sentrysafe.com where we have a combination recovery tool that will enable owners to recover their forgotten combinations and codes by computer or on their smartphones.  Key replacement can also be processed on our site or through our Customer Service department.

The biggest issue for me is where to place the thing so it's easy to see into (on the floor, I'd have to get very low to see completely in it) but also where it's stable (the thing weighs a ton. Ok it's 90 pounds, not a ton, but that's heavy enough that you can't set it on a shelf.) I haven't found a solution to this issue yet, so if you have some suggestions, let me know.

Good tip on registering the safe so there's backup combinations and keys if need be.
 
Tell me a bit about the particular safe you sent me -- what are its key (best) features and what sort of person is it best for?

The safe you are reviewing has:

• 4 large 1-inch bolts – 60% bigger than traditional safes


• Pry resistant hinge bar helps provide additional protection from forced entry


• An improved dial with larger, easier to read numbers and crisp tactile feedback to aid dialing in the combination


• Expanded 2” door pocket to accommodate CD/DVD cases or other easy-to-misplace items, along with a key rack and small storage compartment


• A multi-position shelf to enable easy organization


• Advanced fire protection – UL Classified for Fire Endurance (1 hour at 1700˚F/927˚C), to protect documents, records, and valuables stored inside from fire damage


• ETL Verified to pass a 15 foot/4.5 meter drop test to ensure contents remain intact and locked upon impact


• ETL Verified for 1 hour fire protection of CDs, DVDs, Memory Sticks and USB Drives up to 1700˚F/927˚C to protect precious media in the event of a fire


• ETL Verified water resistance up to 8 inches for 24 hours

As I said, it's pretty sweet...
 
I have read that sales of safes are up due to the economic uncertainty and more people buying gold (and needing a place to store it). Can you verify this?

Our sales this year have been strong, especially with the new products we have launched.  This is due to their relevance in the market and the great marketing programs we have supported them with.  But, I wouldn’t say that we have seen a run on safes or abnormally high sales.  When economic and political conditions worsen, some people stop spending money on safes while other, new consumers are attracted to the category, which more or less evens itself out.  But, we do see a small shift in the type and price point of what sells, trending to more of the smaller, entry level products that are more affordable.  Many people who buy gold, especially in high volumes, do so as part of their investment portfolio which is held by a third party – they don’t actually physically take receipt of that product and hold it in their homes.  But, we aren’t involved in the investment business.  What we do is help people protect and organize the important and irreplaceable things in people’s lives. 

Makes sense to me. But here's a question: have any of you recently purchased a safe for one reason or another? What was the reason?

Comments

[Sara]

I purchased a small safe at the beginning of the year primarily to store precious papers (e.g., passport, house deed) and keep them safe in case of fire. This was a purchase I had been thinking about for a while and used part of my tax refund to buy the safe I finally selected. I am happy with my purchase and feel safer having fire protection for my documents.

[Matt @Financial Excellence]

We've had a small safe for 13 years and we are quite happy with it. We might want to upgrade to a larger one in a few years but the small one has suited us very well.

[Everyday Tips]

I have the same thoughts as you regarding safety deposit boxes. My grandma had one and I had to go to it all the time for her and it was a giant pain. My bank offers them free to me also and I have not taken them up on it either as it is just too inconvenient. However, I do need to invest in a safe though, as I don't have one of those yet either.

Thanks for the inspiration to get moving on getting a safe though!

[jeffbone]

My compliments on an interesting and comprehensive discussion.

The manufacturer states that the best placement is on the lowest floor due to weight concerns, and that the safe can resist "8 inches of water for 24 hours". In light of the recent flooding in various parts of the country, I wonder if the safe manufacturers are starting to rethink the placement recommendation, or considering a new product line with greater water resistance.

[Old Limey]

I have owned a Sentry safe since 1998 and am very satisfied with it. It is not that large but adequate for my needs. If I had purchased a larger one it would have been a real struggle getting it out of the car and into the the house. It helps a lot moving it if you have a "dolly". I like the fact that it has two locks, one is mechanical, the other is an electronic combination lock. I have only had to change the battery for the combination lock once since I have had it. You can set your own password and change it as often as you want and the safe also comes with a printed combination that will open it if you ever forget the one you have changed it to. The combination that will open it no matter what should be kept in an obscure, hidden, place that only you know about, and even if someone found it they would have no idea what the significance of the few digits on a small piece of paper was. I wouldn't recommend placing the safe in a damp location because dampness is not good for long term storage of paper. I also keep some silica gel capsules in mine and so far it has prevented the musty odor that you may otherwise get. Fortunately where I live the humidity seldom goes over 55%.

A colleague I used to work with spent some time years ago in the military in the old Panama Canal zone and the humidy was so high there that they used to each have a box with a light bulb burning in it just to keep their boots, money, and documents from getting mildew, so beware if you live in a very humid area without A/C.

[MC]

I guess I'm still puzzled about what people are keeping in their home safes?

Maybe if you run a business where you need a place to keep large amounts of cash overnight? Or if you have really valuable jewelry that you also wear frequently....? Or if you live with people you can't trust? None of this applies to me.

I do have a small fire safe at home for a few documents, but it could easily be carried away--it's just in case of a fire. In it are copies of my families passports and birth certificates in it, copies of deeds, information regarding my insurance companies.

The actual passports are in my desk because we use them frequently and I want to know asap if they are stolen so I can replace them (easy if you have copies). The other actual documents (will, titles) are at the bank where they'll be safe against pretty much anything. My lawyer and my sister have keys to the deposit box and are instructed to access it in case I die--this is pretty easy to set up through the bank.

[Lurker Carl]

We use two home safes to store car titles, real estate deeds, financial information, birth/marriage/death certificates, emergency cash (not an emergency fund), 10 years of income tax returns, non-costume jewelry, old coins. We need to get a third safe for document storage; birth certificates, death certificates and income taxes have grown substantially in volume over the last decade.

[Old Limey]

@MC
For me, a safe wouldn't be much use if it could easily be removed by an intruder. Mine would be very difficult and time consuming to remove and even then would require the use of some tools. I keep all of our most important documents, passports, citizenship papers, birth & marriage certificates, trust deeds, DMV auto ownership certificates, my wife's most valuable jewelry, and some CDs and flash drives containing the photographs of all of our overseas trips since the age of digital cameras. There's no cash whatsoever in our safe. I am a big believer in money working for me and cash doesn't earn anything.

[Nashville]

Thank you, FMF, for a very informative and timey report. For a couple of months now, I have been thinking of getting a good safe in which to house my valuables. You must have been reading my mind and gave me the information I was seeking. Thanks again.

[Danielle]

We have a very old, very large safe where we store valuables. Thanks for the kick in the pants to put my important documents in it, it's something I've been meaning to do!

[jim]

I don't own a safe, but I should probably get a small fire safe for important documents at least.

jeffbone: I would assume that if flooding is a big concern then a simpler water tight container inshould do the trick. I *think* the safes are 'water resistant' primarily so they can endure the water that firefighters spray on a burning house and I don't think enduring floods is the primary goal there. Also a rash of recent weather events doesn't really change anything. Floods or hurricanes happen every year and its not like theres any real change in the long term likelyhood that anyone will or won't get a flooded house.

[Lurker Carl]

Our reasons for keeping cash is emergencies. Having money at hand is priceless when accessing your accounts is too slow or impossible due to events beyond your control.

[FMF]

FYI, one way we deal with the water issue is by keeping $1 gold coins in our safe as back-up cash. Even if they get wet, they are good, and it would have to get very, very hot to melt them.

[Lowdown]

One other disadvantage of a safe deposit box is that if you die, it can't be opened without a court order. At least in New York State.

[patriotic american]

Another disadvantage that few people are aware of in regards to safety deposit boxes is that the terms give the government the right to get into your box and take its contents such as stock certificates,bonds and currency in the event of a declared "emergency" that they get to declare.