Every day, an expert from the t-online advice editorial team answers a reader’s question about money. Today: Does a safe have to be approved by the insurance company?
If you want to keep your valuables safe, you shouldn’t just hide them behind a wall or under the wooden floor. The professional solution: a safe. This is particularly important for insurance coverage.
But safes are not invulnerable either – they can be stolen, cracked or damaged by natural forces such as fire or storms. So which type of safe is the right choice? And does the insurance company have to agree in advance to replace the value in the event of damage?
Simple safes are available at hardware stores for a reasonable price. However, these are often not particularly secure. Clever burglars are often put off by a heavy safe, as the effort and risk of being discovered are significantly higher.
When it comes to the question of whether the insurance company will pay for valuables stolen from a safe, the weight and certification therefore play a decisive role. There are special certification bodies that award so-called protection classes (VdS classes 0 to 5). The protection classes indicate the total value up to which valuables are insured. A distinction is made between private and business property.
With VdS 0, for example, valuables are insured up to a value of 40,000 euros, while with VdS 4 the insured value can be up to 400,000 euros. It does not matter whether the safe is secured with a key, combination lock or electronic lock – the only important thing is that it is professionally installed. To make sure that the safe is suitable for your valuables, you should consult your insurer.
If you want to keep your valuables in a home safe, special valuables insurance policies can be useful. Normal home contents insurance is also possible, but valuables are usually only covered up to 20 percent of the insured amount.
Before you decide to buy a safe for your valuables, you should speak to your insurance company. If you already have a safe, have your insurer check whether it meets the insurance conditions or whether you need a safe with a higher protection class. A simple safe from the hardware store is often not enough.
Also keep an inventory list of the insured items and, if possible, keep purchase receipts, appraisals, certificates and photos. These documents are important in order to be able to provide the necessary proof of value in the event of a claim.
