Northfield Chase: Few Hundred Safety-Deposit Boxes Flooded

When Northfield’s Chase bank notified William Hielscher to inventory the contents of his mother’s safe-deposit box, one of the few hundred at the bank that were exposed to last week’s flooding, he was surprised the bank asked him to sign a release stating the bank was not liable for losses, Chicago Tribune reported. 

While banks and Federal Deposit Insurance Corp don’t insure the contents of safe-deposit boxes, some industry experts say banks need to better inform people upfront about safe-deposit boxes’ liability policies and advise people to insure items in their safe-deposit boxes through a homeowners’ insurance policy; other tips include storing items in waterproof containers and keeping copies of important documents separate, Chicago Tribune reported.

Related Coverage

• Cook County Seeks to be Declared a Federal Disaster Area
• Amazing Photos of April's Floods in the Chicago Area