Buying a safe for your home has often come with confusion about what type constitutes an adequate level of protection. Safes are rated by their ‘cash rating’ and these are the guidelines that Insurers will use to ensure an adequate safe is recommended or required.
From an insurance perspective, purchasing a safe can be an excellent way of managing the risk which your property and belongings pose. With jewellery carrying the highest rate to insure, it can also reduce your insurance premium costs.
More often than not, the purchaser of a residential safe will be doing so to keep jewellery and watches in. Insurers will allow ten times of the safe’s cash rating for jewellery i.e if you have a £10,000 cash rated safe then Insurer’s will be comfortable for £100,000 of jewellery to be kept in the safe. To make the process a little easier, safe companies will rate their safes as follows:
- Eurograde 0 – Cash rating of £6,000 and a valuables rating of £60,000
- Eurograde 1 – Cash rating of £10,000 and a valuables rating of £100,000
- Eurograde 2 – Cash rating of £17,500 and a valuables rating of £175,000
- Eurograde 3 – Cash rating of £35,000 and a valuables rating of £350,000
- Eurograde 4 – Cash rating of £60,000 and a valuables rating of £600,000
- Eurograde 5 – Cash rating of £100,000 and a valuables rating of £1,000,000
- Eurograde 6 – Cash rating of £150,000 and a valuables rating of £1,500,000
Depending on the level of valuable in your home, Insurers will either make fitting a safe a recommendation OR a requirement. Either way, a discount is usually allowed for the items of jewellery or watches kept in the safe whilst not worn. McLeod Insurance can help talk through this process and negotiate with Insurers on your behalf.
Whilst the process of choosing and buying a safe in not straight forward, McLeod Insurance will help make the right choice. This will entail helping you not only choosing a future proof level of safe but also putting you in touch with a recommended company to hold your hand through the process. In addition, McLeod Insurance will help with offering advice regarding a valuation for your jewellery and watches. This will also help to ensure that the correct level of security is chosen.
Many people are put off with buying a safe due to the perceived cumbersome nature of them. Technology has meant that an easy solution should be available to most properties.
A ground breaking safe lock called prosync can also be fitted to safes. This lock can be fitted to new or existing safes and enables a connection to be made to a monitoring centre should the lock be compromised.