We often think that having a safe in the home is purely for peace of mind purposes but there are a number of insurers who have a personal custody clause in their home insurance policies stating that specific items over a certain value must either be worn by the insured or kept in their possession in a home safe at all times.
I may have my high value possessions in my safe, but how safe is my home?
The safe you choose for your home should meet certain standards, so it is important to make sure you check that it has an insurance rating to support the value of your goods. Some less than premium models can be cracked quite simply with a hammer to override the locking mechanism – known as ‘microwave safes’ in the industry. These may look like a quality, sturdy products but without the required locking mechanism to truly ensure your goods are safe they are ultimately not up to standard. Your safe should also be bolted to a secure surface i.e brick wall or concrete floor and should be bolted as well as coded.
Below is a guide to the grade of safe you should have depending on the high value possessions you wish to store, according to European Safe Standards;
- Grade 0 = £6000 cash, £60000 valuables
- Grade 1 = £10000 cash, £100000 valuables
- Grade 2 = £17500 cash, £175000 valuables
- Grade 3 = £35000 cash, £350000 valuables
- Grade 4 = £60000 cash, £600000 valuables
- Grade 5 = £100000 cash, £1000000 valuables
- Grade 6 = £150,000 cash, £1500000 valuables
- Grade 7 = £250,000 cash, £2,500,000 valuables
- Grade 8 =£400,000 cash, £4,000,000 valuables
- Grade 9 = £650,000 cash, £6,500,000 valuables
- Grade 10 = £1,000,000 cash, £10,000,000 valuables
- Grade 11 = £1,500,000 cash, £15,000,000 valuables
- Grade 12 = £2,250,000 cash, £22,500,000 valuables
- Grade 13 = £3,500,000 cash, £35,000,000 valuables
Buying a safe can be a costly purchase ranging anywhere from £400 – £10,000 but knowing the contents and the value, it is an investment worth paying for. The common alternative to a home safe is a safety deposit box but these can be costly and you don’t have the convenience of having your goods available to you as and when you may need them.
According to statistics from the Association of British Insurers £8.1 million was paid out per day in domestic property claims with theft being the third most common claim and because gold has increased by 16% this year, the worth of certain jewellery has become even more of a target to criminals.
It is extremely important that you have your high value possessions valued every three years and that you have the right cover I’m place to protect them should you find yourself in a situation where you need to make a claim.