Questions to Ask Your Insurer Before Buying a Safe

There is no single “insurance approved safe” in Australia. Each insurer sets its own conditions, usually a minimum cash rating for the amount you want covered, plus rules about anchoring, alarms and records. The safest way to buy an insurance approved safe is to ask your insurer a short list of questions first, get the answers in writing, and then choose a safe that meets or exceeds them.

Our older article on cash rated safes and insurance explains why ratings affect premiums and payouts. This one is practical: the questions to ask, grouped so you can work through them in a single phone call or email. For background on cash ratings, grades and standards, see our safe ratings reference guide.

Why an Insurance Approved Safe Means Different Things to Different Insurers

Insurers price risk differently. One may be comfortable with a certain cash rating for a home in a low-risk area, while another asks for more, or adds conditions about alarms and anchoring. Business policies often have different rules again. The label on a safe cannot tell you which of these apply to you, which is why the questions below matter more than the marketing on the box.

Before you call, have the following ready: a rough total of the cash and valuables you plan to keep in the safe, the type of building, and the details of any safe you are considering.

Questions About the Safe Itself

1. Do I need a safe at all for the cover I want? Ask which items, and what amounts, must be kept in a safe for the policy to respond.
2. What cash rating do you require for my amount? Ask for a dollar figure, and whether it applies to cash only or also to jewellery and other valuables.
3. Do different limits apply to different contents? Cash, jewellery, watches, bullion and documents can be treated differently. Ask about each one you plan to store.
4. Will you accept this specific model? Give the brand, model and stated rating, and ask the insurer to confirm. Our guide on how to confirm a safe rating is genuine explains what details to collect.
5. Do you accept European grades or US ratings? If you are considering an imported safe certified to EN 1143-1 or UL 687, ask whether the insurer relies on the grade, the Australian cash rating, or both. Our article on how EN 1143-1 grades compare with Australian cash ratings covers this in detail.
6. Do you accept a used safe? If you are buying second-hand, ask whether the insurer needs extra evidence, such as photos of the label or confirmation that the lock is original.

Questions About Installation and Location

7. Must the safe be anchored, and to what? Ask whether it must be bolted to a concrete floor or a wall, and whether a particular number or type of fixing is expected. Our article on bolting down a safe explains why anchoring matters.
8. Do you need evidence of professional installation? Some insurers may ask for an invoice or photos, so keep the installer’s invoice with your policy documents. Our professional safe installers anchor safes in Melbourne and through our national network.
9. Are there rules about where the safe is located? Ask whether a garage, shed or outbuilding is acceptable, and whether in-floor or in-wall safes are treated differently from free-standing ones.
10. Does the type of building matter? Apartments, rentals and business premises can raise different questions about access and fixing.

Questions About Alarms and Security

11. Do you require a monitored alarm? Ask whether one is mandatory for your amount or simply recommended.
12. Does an alarm change the cash rating you need? Cash ratings are generally quoted for an unsupported environment. Ask whether a monitored alarm or other measures allow a higher limit in the same safe.
13. Are there conditions about keys and codes? Ask whether there are rules about where spare keys are kept, recording codes, or leaving the safe open during business hours.

Questions About Records, Claims and Changes

14. What evidence of contents do you want? Ask whether receipts, valuations or photos are needed for jewellery and watches, and how often valuations should be updated.
15. What evidence of the safe do you want? Usually the invoice, the specification sheet and photos of the rating label.
16. What changes must I tell you about? Ask whether you need to notify the insurer if you buy a new safe, move it, move house, renovate, or increase the value stored.
17. Can you confirm all of this in writing? A short email from the insurer is worth more than a phone call you cannot prove later.

How to Use the Answers When Choosing a Safe

Once you have the insurer’s requirements, choosing becomes simpler:

• Match or exceed the cash rating. Valuables tend to accumulate, so a margin above today’s total is sensible.
• Check fire protection separately. A cash rating says nothing about fire. If you store documents, choose a safe with both.
• Plan installation before delivery. Make sure the location suits the anchoring the insurer expects.
• Keep a file. Store the insurer’s email, invoice, specification sheet and photos together, with a copy outside the safe.

Examples from our range

To give a sense of what different cash ratings cost, here are two examples at the time of writing (prices change, so check the product page):

• For homes, the Guardall Safes FP1 starts from around $792, is listed in the $10,001 to $20,000 cash rating band and has a 30 minute fire rating. Browse our home safes by cash rating for more options.
• For businesses, the CMI Premier Safe PRA starts from around $2,922, is listed in the $200,001 to $300,000 band and has a 60 minute fire rating. See our commercial and business safes for larger sizes and deposit options.

If the insurer’s requirement is higher than you expected, it is usually cheaper to buy the right safe now than to replace an under-rated one later.

Frequently Asked Questions

What is an insurance approved safe?

It is a safe that meets the conditions your particular insurer sets for the cover you want. There is no single national list. Insurers usually look at the cash rating or grade, how the safe is anchored, whether there is a monitored alarm and what you store. Ask your insurer for its requirements in writing before you buy.

What cash rating does my insurer need?

Only your insurer can answer that, because it depends on your policy, the amount you want covered, the type of contents and your location. Give the insurer a total for cash and for valuables separately and ask for a minimum cash rating in dollars. Then choose a safe that meets or exceeds that figure, ideally with some margin.

Does a safe have to be bolted down for insurance?

Many insurers expect a safe to be anchored, and some policies make it a condition of cover. If your policy requires anchoring and the safe was not fixed, a claim could be affected. Ask your insurer what it requires, including the floor or wall type and whether it wants evidence of professional installation, and check the policy wording.

Should I tell my insurer when I buy a new safe?

Yes. Tell your insurer when you buy, replace or move a safe, and when the value you store changes. Send the brand, model, cash rating, invoice and photos, and ask it to confirm in writing what it will cover. Keeping the insurer informed avoids surprises if you ever need to make a claim.

Get Help Matching a Safe to Your Insurer

Once you have your insurer’s requirements, bring them to our showroom at 38 Barrie Rd, Tullamarine, where over 350 new and used safes are on display, and we will show you safes that meet them. Call 0409 860 011 (Monday to Friday, 9am to 5pm) or email us your insurer requirements for a recommendation.