This is according to Christelle Fourie, managing director of MUA Insurance Acceptances, who says while storing valuables in safes can be an excellent way to protect against theft or loss, it is vital for homeowners to read and fully understand all the terms and conditions in their insurance policies when using a safe or they could find that their claim may be repudiated.
"Typically, cover for items stored in a residential safe fall under a standard home insurance policy. However, most policies stipulate that items over a certain value - for example, jewellery over the value of R50 000 - must be stored in a safe if it is not being worn or used by the insured at the time."
Fourie says when it comes to storing cash in a safe, similar limitations apply. "Policies may state that any cash over the value of R25 000 must be stored in a locked safe. It should be noted that every insurer will have different stipulations and limitations so it is crucial for every policyholder to read and understand the terms and conditions of their insurance policy."
The majority of insurance policies require that signs of forcible and or violent entry into the safe, or removal of the safe from the house, must be present in order for the claim to be paid out. Unless the policy holder was held at gunpoint and asked to open the safe, it must be clear that the contents of the safe were taken by force and the safe was not simply left unlocked.
It is imperative when storing valuables in the safe that the contents and value of the items stored are declared at the inception of the insurance policy. If the insured does not inform the insurer of the contents inside the safe, the policy might not cover the loss or damage of the valuables.
Fourie says some policies may also require that a certain category of safe is used in order for the cover to be valid. "Consumers must choose a reliable safe and bolt it down so that it impedes removal. Make sure the safe is fire resistant so that all irreplaceable documents, such as identification papers, birth certificates, wills and hard drives containing precious family photos are not damaged in the event of a fire."
Studies have shown that during a break-in or robbery, burglars tend to head straight for the bedroom to locate any valuables and a safe, as this is the most common location for these items. "Therefore, it is advisable to install your safe in a place that is least expected, such as in a cellar, under wooden floor boards, in the bathroom or in the kitchen," she says.
