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What Is a Cash Rated Safe And How Does It Impact My Insurance?

Cash rated safes offer superior protection; not necessarily in terms of actual physical property security, but in terms of insurance payouts.

A cash rated safe is a unit defined as having a pre-approved rating for valuables. Items stored inside the safe are secured up to a certain valuation, depending on the type of cash rated safe you’ve bought. If possessions held inside the safe are stolen — or the safe itself is removed — insurers are required to pay out on anything covered up to the cash rating assigned to the unit. For example, if your safe is rated up to $50,000 for belongings, you can claim on items anywhere up to that cash value.

Besides ensuring a guaranteed pay out on claims, a cash rated safe can also help lower your insurance premiums. Safes achieve cash ratings as they are deemed to be secure enough to hold valuables to a standard of which insurers expect that they will not be easily accessible to thieves. Therefore, ownership of a safe can drive down annual costs.

Putting into place additional methods of protection for high-value goods is essential for not only keeping them safe, but also ensuring you don’t take a massive financial hit should they be stolen. Cash rated safes offer that piece of mind for both:

  • Businesses — By making sure cash stored can be recovered and assets lost can easily be replaced. Without this protection, your business could be dealt a serious financial blow, as replacements for stolen goods may dramatically hamper profit margins.
  • Residential Properties — The most commonly stolen items from a home are car keys, jewelry and smart tech. If your insurance company refuses to pay out, you may be faced with a situation where you are either unable to reclaim goods (as they are too expensive to replace), or suffer financial difficulties as you have to offset the costs yourself/take out loans to recover lost property.

Cash rated safes remove the risk. They lower your chances of actually having items stolen in the first place, as they make it tough for thieves to access goods. Then, in the unlikely event that they do access goods, you are guaranteed to have your financial investment in the stolen property recovered.

All insurance organisations will have unique policies and terms for the use of a cash rated safes. When taking out insurance, or acquiring a safe to protect yourself in the event of a claim, it is first advisable that you discuss what options are available with your provider. Awareness of proper safe policy and usage ensures that insurers are not able to find loopholes or a way out of making a payout.

At Precision Safes, we’re expert providers of every type of safe you can think of. If you aren’t sure what kind of unit you need, why not get in touch with our expert engineers to discuss your options? We’ll never try to sell you something you don’t need!