Combination Safe - protects your valuables
I have a combination safe that I use to protect my valuables. In fact, I have more than one. You should have a safe as well if you intend to keep emergency money around the house. Your emergency money will be cash, so it deserves good protection.
Any small valuable items should be kept in a safe unless you're regularly using them. A decent safe can protect against casual theft, and even the more determined thieves. A safe can also provide a bit of protection in the event of fire.
Safes in the home are an alternative to a safety deposit box at the bank. Safety deposit boxes have a fee associated with them. Safes at home have a one time cost.
Many might think that homeowners insurance will cover a loss of cash, but that's usually not the case. There is often a separate deductible for cash. If you have a $500 deductible on cash, chances are you also have a cash loss limit of $500, which means the insurance company will cover your cash loss up to $500 after you pay them the $500 deductible.
In essence, that means you have no insurance for cash losses.
So, if you want to protect emergency money kept in the house, you need to get a combination safe.
By definition any safe you get at a store is going to be portable. Unless you buy a commercial quality safe, someone will be able to transport your safe out of the house where they can work on it to get at the contents.
To minimize that possibility, some of the units provide for bolting through the safe (from the inside) into a wall or floor. Once you find a place that you think is ideal for your safe, you should consider securing it in some manner. If you can't bolt from within, you can strap it in place with heavy metal strapping.
In any event, you want to make it difficult to get at your safe, and difficult to transport it as well.
Safes come in a variety of styles, but there are two basic types - combination dials and combination keypads. I have one of each. My electronic keypad safe is quick and easy to get into, and I've never had a failure.
The combination dial safe is more time consuming to get into, so I use it for longer term storage of important documents and valuable things that I rarely have need to get to.
Don't hide your emergency cash - stick it in a combination safe where it will enjoy much better protection from thieves, fire and natural disasters. Remember, this is frugal living, not foolish living.
Done with Combination Safe, back to Basic Financial Planning
Done with Combination Safe, back to Emergency Preparedness Checklist