Guide To Cash Rated Safes
Safes come in all shapes and sizes and are designed for all types of uses. We sell safes from simple home security safes right up to Grade 7 high security safes capable of storing £2.5M in valuables. Choosing the right one comes down to your needs and what you’re trying to keep secure.
Most insurance companies will insist on a certain ‘cash rating’ for your safe… but what is a cash rating?
Cash ratings on safes – security and insurance cover.
WHAT IS A CASH RATING?
This relates to the amount of cash that your safe can securely hold in the eyes of an insurer. While your safe can physically hold more than this amount, you will not be insured past this figure. You should use the cash rating to figure out how much you should store in your safe, as it is the maximum amount of cash your insurance broker will cover in the event of a burglary.
WHAT IS A VALUABLE RATING?
There are other items that you will want to store in your safe besides cash. The cash rating also determines the maximum amount of valuables you can safely hold. You can store valuables up to 10 times the value of the cash rating. A cash rating of £1,000 covers you for £1,000 cash and £10,000 of valuables. So you should determine the correct cash rating to suit your needs.
WHAT DOES THE RATING MEAN FOR INSURANCE PURPOSES?
Knowing how much cash and valuables you will hold in your safe should be the first thing you consider. Knowing this, you can choose the correct cash rating to ensure all of your items are covered. You will also need to install the safe properly and take necessary precautions to safeguard it. That is why it makes sense to consult a professional for advice as they can help you adhere to the insurance requirements.
WHAT IS EUROGRADE?
Eurograde is a European-wide numbering system that categorises the security of your safe. All Eurograde safes undergo rigorous testing before they receive their rating. The rating system runs from 0 to 6, and the higher the number, the higher the cash rating will be. A Eurograde 0 rating will have a cash rating of £6,000. A Eurograde 6 rating will have a cash rating of £150,000. For a more detailed breakdown, take a look at our Safe Buying Guide.
WHAT CASH RATING DO I NEED MY SAFE TO MEET?
First, decide on the maximum amount of cash or valuables you will store in your safe to get a cash rating estimate. We recommend you then opt for a safe that is 25% higher than this amount. Once you know the cash rating that suits your needs, you can start to look for the best safe for you. Remember you also need to install the safe correctly, so make sure to consult a professional.
Safes are broken into under test conditions and then, based on the resistance to attack, are categorised into cash ratings. The more resistant to attack they are, the higher the cash rating they get. So a higher cash rating simply shows you that a safe is better at keeping thieves out!
Insurance companies will specify what cash rating they need you to have, and this is based on the value of what you need to store in it.
Cash ratings Levels:
The level of cover for valuables is always ten times the cash rating.
- £1,000 cash rated safe – £10,000 valuables
- £4,000 cash rated safe – £40,000 valuables
- £10,000 cash rated safe – £100,000 valuables
- £17,500 cash rated safe – £175,000 valuables
- £35,000 cash rated safe – £350,000 valuables
So for example: if you have some jewellery worth £50,000 and £5,000 in cash you would need a £10,000 cash rated safe. But if you suddenly acquired a new £5,000 watch then you’d need to change your safe or spend some of the cash! You would need to go for the £17,500 cash rated safe to be covered by insurance.
If you don’t follow the guidelines of your safe’s cash rating and store too much in your safe then you won’t be covered by your insurance company should the worst happen.
The cash rating on a safe shows you how secure the safe is and how much you can put in it and still be covered by insurance in the event of a break in. The more value you have to store to higher the cash rating you’ll need.