Home 'not safe for cash'

Date: 10/10/2008 13:45

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Although financial markets have been coming apart at the seams, homeowners should resist the urge to keep large amounts of cash in their home.

Home insurance provider esure has pointed out that while the sale of household safes has increased considerably, people who are storing cash in their home are at risk of finding themselves underinsured.

The group explained that cash cover aspects of most home policies are geared to protect usual "small change" amounts that may be left around the home and commonly have an upper limit of around £500.

Mike Pickard, head of risk and underwriting at esure home insurance, explained: "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."

Earlier this year, esure also warned students heading off to university that campus accommodation is a primary target for thieves.

InsureandGo offers home insurance protection to suit individual requirements.

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