Householders warned that home is not the best place to store savings
Published on : 10/10/2008
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Homeowners should think twice about storing savings in the home, according to esure.
The insurer has said that people who keep substantial amounts of money in their homes are unlikely to be covered if it is stolen.
While insurance companies do pay out for cash losses, this is to cover petty cash in the property so people keeping large sums at home may find they are under-insured and cannot get compensation in the event of a break-in.
Mike Pickard, head of risk and underwriting at esure home insurance, said although domestic safes are suitable for petty cash, jewellery and spare car keys, homeowners should not store savings in them.
He added: "Consider renting a safety deposit box if you have decided that you want a substantial sum of cash to hand."
esure advises homeowners keeping petty cash and other items at home to buy the strongest safe they can, dispose of its packaging carefully to avoid revealing the make and model, and be sure not to tell friends and neighbours about security arrangements.
Research from Abbey has said that 2.3 million savers have already taken measures to protect their money by switching to a different provider or spreading cash amongst a number of banks.
