When you are looking forward to purchasing a safe, there are several specs that you should consider. One of the specs that remain to be a puzzle for many safe buyers is the cash rating (in the UK, it is referred to as safe grades). You’ve probably heard people saying that knowing the cash rating of a safe allows you to get the right safe for your needs; moreover, more of your valuables will be covered. So, what do we mean by cash rating?
What is a cash rating?
The cash rating of a safe refers to the maximum amount that an insurance company will cover for the contents in that safe. In a layman’s language, a cash rating tells you the level of security of that safe.
The cash rating of a safe is gotten from the test conditions the safe went through and how resistance the safe is from attacks. The more resistance the safe is from attacks, the higher the cash rating will be on that safe.
Who gives the cash ratings?
Several accreditation bodies in the world determine a safe’s cash rating. In the UK, the body responsible for this is the Association of Insurance Surveyors (AiS). They award cash ratings ranging between £1,000 and £4,000. Moreover, they provide an approval stamp on Eurograde safes having cash rating ranging between £6,000 and £250,000.
What is Eurograde?
It is a security numbering system used in Europe that certify safes, which are suitable for the protection of valuables and cash. The system typically shows what level of security you will get from that safe.
Their system uses a numerical rating ranging from 0 to 7. Therefore, a safe with a Eurograde rating of 7 will offer your premium protection over your cash. The AiS and Eurograde system plays a crucial role in determining the cash rating of a safe.
Insurance coverage and Cash rating
The two depend on each other. That is, the cash rating on your safe will dictate how much your insurance company will cover.
Top-notch safes having high cash ratings will be covered by the insurance company at a higher price. For instance, if your valuables are stored in safe with a cash rating of £5,000, the insurance company may agree to cover up to £5,000 of cash.
What insurers look for when awarding cash covers?
When it comes to getting a cover over your stolen cash or valuables in the safe, it is not a walk in the park. Before purchasing and using a safe having a high cash rating, first check with your insurer. It’s because not all insurers will just give you back the money you need.
Some insurers will want that safe to have gone through independent testing processes for them to cover you up. On top of that, an insurer will first check and see if the safe is installed correctly, possibly by a professional, and whether the stolen cash was inside the safe at the time of the burglary.
Another factor that an insurer will look into is your postcode. Therefore, it is essential not to assume that you will get a cover for your cash based on only the safe’s rating.