Home insurance may not cover large sums of cash

Tue, 14 Oct 2008

Homeowners should think carefully about keeping their savings as cash in their homes rather than a bank, says esure .

The home insurance provider issued the warning as a result of the news that sales in household safes have increased by one-quarter in the last month. According to esure, most home insurance policies do have a cash element which is there to cover the "loose change" type of cash that families might have around the house and may have a capped limit of around £500.

Mike Pickard, head of risk and underwriting at esure's home insurance division, said: "Although a good quality domestic safe is the perfect option for petty cash, perhaps some jewellery, and a spare set of car keys, it isn't a good home for your savings."

Mr Pickard added that anyone wanting a substantial amount of cash to hand should consider renting a safety deposit box . He also suggested that anyone who is unsure of how much money can be safely kept in their home should check their contents insurance policy.
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