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Safes and Insurance Covers- Navigating the Corridors of Security Safe Insurance

9 December 2015

Lumi Perala

As a home or business owner, a safe can be an invaluable source of security for your important documents, jewelry, cash, or even digital equipment. Many people opt to take the further step of seeking insurance for their safes and the contents just in case of that unwelcome burglary event, fire or any other threat to your valuables. Getting insurance for your safe and contents is usually a wise idea. The process and fine print details involved, however, can at times throw you into a confusing and frustrating world, especially at times of claims. Just like auto insurance and other insurance types, the insuring company always has to prove beyond reasonable doubt that your claimed content was indeed the exact content, and it was lost in the manner you insured against. Whether for business or home use, the following considerations will help you make your way through the corridors of safe insurance.

Safe ratings

Insurance companies use safe ratings as models for calculating your eligibility for insurance, premiums, deductibles, and many other consequential parameters. This is why you should consult your insurer before buying a particular safe. Some companies specify the safe ratings they insure; thus, it would be wise to confirm if your pick can be insured and at what premiums exactly.

Two main ratings usually play a key role in insurance decisions.  Cash ratings indicate the security level of safes and will determine rates for covers such as burglary cover and theft of content. Cash ratings of safes may vary from one insurance provider to another. They can also be assigned varyingly by different safe manufacturers and, therefore, you should be in agreement with your insurer on the rating provided. Fire ratings are standardized in some safes. They usually refer to the level of fire resistance the safe can provide to your content. Fires burn at different temperatures and, therefore, different fire resistance levels of safes determine your insurance costs. The higher the ratings of a safe, the lower your premiums will probably be.

Safe contents

Always keep a detailed inventory of content in your safe. This data can be stored by a verified security company and always updated as necessary. Insurance companies may require this data to confirm your claim. In cases of cash storage, it is important to keep detailed receipts and supporting documents for verification purposes. Imagine a situation where you withdraw a couple of thousands from the bank, store them in your safe and use a few, and then burglars break into your safe and steal the remaining. Even if you did not use them, it would be difficult proving the exact amount stolen for insurance purposes without proper receipts and verified documentation.

When insuring jewelry, have your jewelry appraised and valued. Also ensuring that "loss by mysterious disappearance" is covered in some way by the cover always helps when it comes to very expensive jewelry.

Safe repair

Finally, if your safe is insured, it would be better to have your maintenance and repairs done by the parent company. This eliminates blame from you since insurance companies may assign liability to you should there be an indication that someone unauthorized dealt with the maintenance or repair of the safe before your incidence.

For more information, you may want to contact a local safes retailer. 

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