A home safe can affect home insurance and so not surprisingly home safes are given ratings for insurance purposes. These ratings are known as “Insurance ratings” and many companies that specialise in the sales and installation of home safes – such as Secure Safe– may mention these ratings. So what do they really mean?
How did the insurance rating start?
Not surprisingly, insurance companies got together to decide upon insurance ratings for home safes that could be applied between them across Europe to a certain standard. Safes that have earned an official rating under this system were subjected to a series of standard tests within a controlled environment. The ratings are used by insurance companies to come to an agreement about the amount of cash that they will be willing to insure and to what value. The rating applied to a safe, therefore, has great significance to someone who wants to store cash in it and be assured that their insurance will cover it should it be stolen.
What are the ratings?
The Ratings cover sums of money that may be insured and cover a range from up to £,2000 to £100,000. From £2,000 to £4,000 the ratings applied are S1 EN14450 and S2 EN14450. From £6,000 up to £100,000 the ratings run from Grade 0 to Grade 5 thus:
Grade 0 (EN 1143-1) = £6k ;
Grade 1 (EN 1143-1) = £10k ;
Grade 2 (EN 1143-1) = £17.5k ;
Grade 3 (EN 1143-1) = £35K ;
Grade 4 (EN 1143-1) = £60k ;
Grade 5 (EN 1143-1) = £100k ;
It should be noted that the above ratings are for cash only. Other items such as jewellery worth up to ten times the cash amount may be stored and still covered.
How to choose a rating
It’s always better to choose a safe that is given a higher cash rating than will be needed. This means that additional valuables can be stored without having to check with insurance companies or change the safe. Needs often grow and it is good to choose a safe that can future-proof increased need for secure storage. Guests may also bring valuables with them for short stays, necessitating safe keeping for the duration of their stay. Anyone in any doubt should consult their safe supplier and insurance company.
Keep it valid
Not surprisingly insurance companies will usually only honour their policies if safes have been correctly and professionally installed.