Banks are not insured. Chinese Americans: Who can we ask for compensation?

Banks are not insured. Chinese Americans: Who can we ask for compensation? It is not common for bank safes to be robbed. This time, the robbers broke through the roof of East West Bank and raped down to steal the belongings of customers' safes...

Banks do not insure Chinese Americans: Who can they ask for compensation? It is not common for bank safes to be robbed. This time, the robbers broke through the roof of East West Bank and rappelled down to steal the contents of customers' safes. One Chinese American lost more than 100,000 in cash. It was like a mute eating coptis, and it was so painful. The picture shows a simulation of masked robbers robbing a bank safe and tying the bank clerk to the ground. It is not the plot of the East West Bank case. slideshow The "Spider Thief" broke through the bank roof, descended from the sky and robbed East West Bank customer safes. The bank and the victims suffered heavy losses. What’s worse is that “in principle, insurance companies do not cover safe deposit boxes of bank customers,” and the claims are “out of nowhere.” It is reported that the Chinese customer who was injured in this unfortunate incident lost more than 100,000 in cash and may have no way to seek compensation and is crying without tears. Chinese people living in the East District had more than 100,000 yuan in cash stored in a safe at the Rowland Heights branch of East West Bank, but the bank safe was stolen and disappeared. The cash included my savings from many years of business, part of which was entrusted to my family in Taiwan and Mainland China, and part of which was an inheritance that the elderly at home planned to leave to my grandchildren. For some reason, I did not deposit it in a bank account, and I was worried that it would be unsafe to leave it at home, so I rented a safe in a bank. However, "I never expected that bank safes are also not safe." David Lin, a senior insurance broker who represents many large insurance companies, said that bank customer deposits are usually insured and claimed by the FDIC; however, more than 90% of insurance companies do not insure bank safes because it is difficult for insurance companies to monitor the value of insured items in safes provided by banks to the public. In other words, once a bank safe is stolen, people usually will not be compensated by the insurance company. As for whether the bank itself provides insurance for customers (self-insurance), it depends on different banks. David Lin said that people’s valuable property insurance is most commonly insured through homeowner’s property insurance (HO3), which covers robbery, theft, fire, wind damage and even personal belongings lost overseas. If people buy the cheaper DP3 house insurance, it usually only compensates for fire and other natural disaster losses. Robbery, theft and outing losses are difficult to be compensated. However, David Lin said that any type of home insurance has a certain claim limit, and not all items can be 100% compensated. Senior insurance broker Shi Zhenfa said that house contents insurance compensation amounts are usually lower than people think. For example, for jewelry, including gold, diamonds, jewelry, watches, furs, etc., the compensation amount is usually 5,000 to 10,000 yuan; for valuable antiques, the compensation amount ranges from several thousand to 10,000 yuan; for firearms, it ranges from 500 yuan to 5,000 yuan; for commercial office supplies, it ranges from 2,000 yuan to 20,000 yuan; and for valuable documents, including stocks, securities, credit cards, etc., it ranges from 1,000 yuan to 5,000 yuan. Cash compensation has the lowest amount, usually ranging from 200 yuan to 1,000 yuan. Insurers said that in the past one or two years, the number of home insurance claims in the San Gabriel Valley has soared, setting a new record in more than ten years. In areas such as Arcadia, Rowland Heights, Haggang, Northridge, and Porter Ranch where Chinese Americans are concentrated, the number of burglary claims has increased significantly. The gangsters are so rampant that they break into empty doors in broad daylight, or they have plans to "wait and wait" in residential areas with great fanfare. A Chinese home in Beiling was broken into by gangsters not long ago. The owner had just gone out for 20 minutes, and all his valuables had been looted when he returned home. A Chinese owner of a restaurant in Rowland Heights recently lost $400,000 in cash stored in the basement of his home, and the Mexican cleaner who had been employed by his family for many years disappeared. Even if you store your valuables in a bank, they are still vulnerable. Lawyer Deng Hong said that he has represented many cases in recent years, all of which were committed by bank thieves, including employees stealing managers' safe keys and drivers stealing customers' belongings. Banks with deep pockets often become targets of gangsters, making bank safes "less and less safe." Since the current law does not require banks to provide safe deposit box insurance, Deng Hong suggested that people should diversify risks and not store all valuables in the safe of the same bank. Before storing valuables in a bank safe, it is best to ask the bank's insurance policy, such as whether the bank guarantees compensation and the maximum amount of compensation. People also need to register valuables, such as cash, jewelry, jewelry, etc., one by one, and copy passports, birth certificates, etc., so that if an accident occurs, claims can be more "arguable."