Large cash sums may not be covered by home insurance, esure says

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www.moneynews.co.uk > Insurance > Large cash sums may not be covered by home insurance, esure says

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Large cash sums may not be covered by home insurance, esure says

Homeowners should think twice about holding their savings as cash in their homes rather than in a bank, esure has warned.

The home insurance provider issued the caution following the news that sales in household safes have risen by one-quarter in the last four weeks.

It asserted that many home insurance policies do have a cash element, but it is there to cover the "loose change" type of cash that families may have around the house and may have a capped limit of around £500.

"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," said Mike Pickard, head of risk and underwriting at esure's home insurance division.

"Consider renting a safety deposit box if you have decided that you want a substantial sum of cash to hand," he added.

The home insurance provider added that anyone who is unsure of how much money can be safely kept in their home should check their contents insurance policy.

Meanwhile, comparethemarket.com reported that homeowners should also check their liability insurance if their home is seen as a place of business - such as by a cleaner, child minder or builder.ADNFCR-323-ID-18820149-ADNFCR

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