Don't keep cash at home, warns insurer
10.10.2008
Savers worried about the security of their money have been urged not to withdraw it from banks and keep it in their homes.
Home insurance provider esure warned people against taking such steps, stating that the cash element of insurance policies are simply there to cover any "loose change" that may be in the property.
If someone breaks into the property and steals large amounts of cash, householders are likely to find that they are under-insured, it said.
Mike Pickard, head of risk and underwriting at the firm, said people should "look further" than buying a safe for their cash.
"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," he explained.
Instead, people may want to consider renting a safety deposit box to keep large amounts of cash in, he advised.
New research from Abbey found that already 2.3 million people have chosen to move their savings from one account to another in an effort to insulate themselves from recent market turmoil.
Home insurance provider esure warned people against taking such steps, stating that the cash element of insurance policies are simply there to cover any "loose change" that may be in the property.
If someone breaks into the property and steals large amounts of cash, householders are likely to find that they are under-insured, it said.
Mike Pickard, head of risk and underwriting at the firm, said people should "look further" than buying a safe for their cash.
"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," he explained.
Instead, people may want to consider renting a safety deposit box to keep large amounts of cash in, he advised.
New research from Abbey found that already 2.3 million people have chosen to move their savings from one account to another in an effort to insulate themselves from recent market turmoil.