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Your basement could be better from a fire-protection standpoint; there's usually less down there to burn, Soos says.
But if your home is located in a flood-prone area, the safe might be at greater risk in the basement.
A fairly common home-safe capacity is 1.2 to 1.3 cubic feet, which should easily accommodate a foot-high stack of 8½- by 11-inch papers, for example.