With a lack of trust in the financial sector, ever increasing bank charges and the threat of cybersecurity issues, more and more people are looking to protect their cash and valuables at home, rather than in banks and building societies.
Of course, both a bank and home are liable to theft, security breaches and accidents such as fire and floods. Although a bank is likely to have measures in place to protect your investments, is it still safer to keep your cash at home?
What to do if you want to keep cash at home
- Choose an appropriate insurance policy
Most home insurance policies will only cover a small amount of money stored at home. In order to protect your money, then you need to find the appropriate coverage for the amount you want to insure. If it is a substantial amount, then an insurance company is likely to ask you to keep money in a safe to reduce the risk of a claim.
- Find the right safe for you
If you have found the right insurance company that covers the money you want to store at home, then it is wise to invest in a safe that is insurance approved. An insurance approved safe is one that is vetted by insurers as an excellent place to store your possessions.
If you do not have an insurance approved safe and make a claim to your insurer, they may say your claim is invalidated because you do not have the right type of safe. It is likely to be in the small print of your policy so check carefully for their safe stipulations and if in doubt, focus your safe search on ones that are insurance approved. Insurance approved safes are ones that have been considered high security and meet the strict guidelines set out by the Association of Insurance Surveyors (AIS).
- Focus on cash rating
Once you have found an AIS insurance approved safe, you then need to consider the cash rating of the safe for the money that you want to store in the safe. For example, a safe with a cash rating of £10,000 will be considered more robust and durable than a safe which has a cash rating of £1000. Again, some insurers may have a stipulation of the cash rating safe you should use to comply with their policy, so make sure to check the small print to find the right safe for you.