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Home Safes and Insurance Premiums

[intro]Homes safes and insurance premiums; are they related? The short answer is Home safes and insurance premiumsyes. The longer answer is that there are many variables that may affect your home and contents premiums, even things such as your type of heating.

If you’re thinking of investing in a home safe, consider the purchase from a risk assessment point of view. Most home safes protect against fire and theft, however depending on your requirements it may be worth paying a little bit more to protect against water damage as well. [/intro]

All shapes and sizes

There are varying sizes types of safe, all with different benefits. For example, are you looking to install a floor safe, wall safe or free standing safe? These decisions will very much depend on your home, its layout and the nature and volume of what you intend to keep in it.

Generally speaking standard home safes are ideal for keeping hard to replace documentation and smaller valuable items such as watches, rings and other expensive jewellery. If you have anything particularly priceless though, you may wish to consider using a safety deposit box at a bank.

Cash Ratings

The level of security a safe provides can be determined by its Cash Rating; the greater the rating the greater the level of protection. If you are looking to secure jewellery such as watches or engagement rings within a home safe, then multiply the rating by 10 for an indication of the value that can be protected. Remember: Cash Ratings are intended as a guide only.

Insurers Recommendations

Before investing in any aspect of home security it is always advisable to take advice from the experts first. Very few industries know more about security and risk limitation than your insurers. Any reductions on your home insurance premiums need to be negotiated with your insurance company; therefore it is certainly worth asking their advice and recommendations.

Although there are self regulatory bodies within the world of home security, the most important aspect from an insurer’s point of view is the quality of the installation. All home safes should be correctly installed by a qualified installer, failure to comply with is can invalidate your safe’s Cash Rating and render your safe unsound in terms of insurance benefits.

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What to keep in a home safe?

Jewellery and other small valuables, the most common being:

  • Watches
  • Rings, necklaces, bracelets
  • Precious stones
  • Family heirlooms

Or valuation documents and receipts of purchase for any of the above, including photographs of valuable items such as jewellery, art and antiques. Other hard to replace documentation includes:

  • Birth and Death Certificates
  • Last Will and Testaments
  • Life and other insurance policy documents
  • Savings & Stock Certificates
  • Tax Returns 

Given that the majority of thieves simply take what they can easily carry away, a home safe is ideal for expensive jewellery, but remember they are not infallible and it has been known for burglars to simply take the entire safe to open at their leisure.


Home Security

If you are going to the effort and expense of installing a home safe, many insurers recommend synchronising this with existing or additional home security. For example; linking your safe to your alarm system or employing motion sensors in the room or door sensors to the room entrance. 

Tip: Discuss with your security firm the best place to locate your safe. Many people consider easy access before they consider safety, for example; if it contains mostly papers and cash they install it in an office or study, if it’s intended for valuable jewellery they opt for the master bedroom. Thieves know this. It may be advisable to install it in a spare bedroom or reception room where it is unlikely to be looked for.

There are further simple security measures that all homes should put in place that can all make a difference when shopping to competitive insurance premiums, including:

  • Smoke alarms on each floor
  • A burglar alarm
  • Deadbolts on all doors
  • Key operated locks on all windows
  • Joining a neighbourhood watch scheme
  • Motion sensitive security lights

Looking For High Value Home Insurance?

If you are looking for competitive quotes for high value home insurance our team of specialist insurance advisers are waiting to help. You can find out more about our high value home insurance quotes here. Alternatively, why not complete our quick quote form or call us.

[intro]Highworth Insurance specialise in insuring higher value homes, offering contents cover up to £250,000 as standard. To find out more about the relationship between insurance and home security call any one of our UK based Specialist Advisors. [/intro]