Cash stored at home not protected by home insurance

Thu, 11 Dec 2008

Over £5.4billion in cash is being stored in British homes instead of in savings accounts and is at risk from burglary and unlikely to be protected by home insurance, according to Abbey .

Thousands of Brits are now stockpiling their cash at home instead of in savings accounts because of fears over the stability of banks, especially after the collapse of the Icelandic financial system where British savers lost their deposits with the bank Icesave .

However, as most insurers only provide limited cover for cash stored in the home, Abbey is warning home-savers that they are at risk of losing their cash completely if they are burgled and the money is not covered by their home insurance policy .

Tony Beckwith, chief operating officer at Abbey Insurance said: "Most insurers will only cover the first £500, sometimes less, should it be stolen or destroyed in an accident and you're not going to earn interest on cash stuffed under the mattress ."
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