5 Common Places Where People Stash Cash in the Home
Given that one in fifteen people keeps more than R50,000 in cash stashed in their home, insurance companies often do not cover money. The insurance companies who do cover cash in the home often require that the insured person keeps it locked away in a proper home safe with adequate security. Before you stash cash in the home, find out if your insurance provider covers it and if they have any requirements.
Poor interest rates on savings accounts, high interest rates on credit, and the ever-present threat of a bank going belly up have seen many people take their finances into their own hands. Those who do have bank accounts often only use them for larger sums of money and keep smaller amounts in the home. While they might evade white-collar criminals, blue-collar criminals could catch them out, especially because most people store their home cash in the obvious following places.
Top Cash Stashing Hotspots in the Home
5. Under the Floorboards
Of those who stash cash in their homes, the minority does this under the floorboards. We’re thinking this is more related to the lack of floorboards in modern homes than it is to the stasher’s ingenuity.
4. In a Money Box
Storing money in a lockable money box may seem so obvious that it’s cunning; we’re thinking it’s not. Even if there isn’t any money in it, what’s to stop a criminal from taking the whole piggy bank with him?
3. In the Freezer
A surprising amount of people keep wads of cash locked away in plastic (or similarly unassuming) containers in the freezer. They take frozen assets at face value.
2. Under the Mattress
Perhaps inspired by cliché buddy cop movies or CSI, a high percentage of people who keep cash at home keep it under the mattress. If it’s the first place a search warrant gives cops privy to, it’s the first place your neighbourhood opportunist will look.
1. In the Underwear Drawer
We know what you’re thinking: no one will ever go in there. But so are the thousands of other cash hoarders (and tax evaders). The majority of people who keep cash in the home, keep it in a sock or under their underpants. Talk about money laundery.
If you do keep cash at home, make sure your insurance company is aware of it if you want it covered. They will tell you to get a home safe, which is an even more obvious place than all of the above to keep valuables.
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