What Does Cash Rating Mean?

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When you are looking at buying a safe, most specs will involve the cash rating of a safe; $2000 (cheap and nasty safes usually), $5000, $10,000 up to $25,000.  A cash rating is the level of cover that an underwriter, insurance company, will give to the contents of the safe, a cash rating is therefore also a very good indication of the security level of the safe, the higher the rating, the more security is offered.

In the UK they are called safe grades, same thing, they go up to Grade 13 and insure for a value of three and a half million pounds.  Yes there are safes, strong rooms, that can offer this value of cash rating in Australia.

Image source; Burton Safes

But what most people do not realise, especially if you go to Bunnings or Masters to look at their safes with staff that have a general knowledge about what is in their section, is that this can be improved by installing a supportive system.   A supportive system is usually what insurance and safe manufacturers mean to be a CCTV and/or Alarm system.

This Guardall KS2 (business deposit safe)

“Recommended insurable cash rating in an unsupported situation $50000.00”

You will have to speak to your insurance company on what specifications are needed to be met when they say this; self installed system or a system installed by a professional, or even a monitored system which is monitored 24/7 with 3 contacts on the list if the alarm system goes off as well as direct contact with Police services.

There are many levels to security and every home and situation is different.

We have had way too many sad outcomes of people being under covered due to a cash rating of their safe that is below the value of the items stored within them.  When this is the case, the insurance company will see that the items were not secured adequately, plus other measures; broken locks, open windows, spare/lost keys used in break in.

To find out how these extra measures can add to your cash rating speak to your insurance agency and others to get an idea within the marketplace of how insurance companies are able to not only provide higher cash ratings but also over premium discounts because you have lowered your security risk.

Remember security is not just one action, it is a building upon small measures which leads to making your home and the valuables; family and high priced pieces, more secure.