Don’t Rely on Your Homeowners Insurance Policy to Cover Cash Kept at Home

A homeowners insurance policy might include personal property, but don’t rely on your home insurance to replace cash that was stolen in a robbery or burglary. Homeowners insurance doesn’t cover cash because it’s near impossible to prove ownership. A video inventory of your personal belongings may support your insurance claim, but don’t count on your homeowners insurance to cover cash kept at home.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jul 16, 2021

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Even though a homeowners insurance policy includes personal property, do not rely on your home insurance to replace cash that was stolen in a robbery or burglary. It is not so much a question of having the coverage; it is a question of being able to proof the possession of the cash before it was stolen.

Personal property is insured through your home insurance up to around 10 percent of the total home policy value. This includes everything you own, from appliances and tools to your clothing and decorative items, even your jewelry and other valuables. Technically, cash would be part of your personal property, if not for the problem of proving ownership.

Unless you have the serial numbers from all of the cash stored in your home, there is not much your insurance company can do for you. Just claiming that you had $100 or $1000 stolen is not sufficient proof for filing the claim. But if you did record the serial numbers, as might be the case with collectible cash, you can file the claim equal to the face value of the lost cash.

If you plan to keep money in the home and want it to be covered on your insurance, you will have to include it on your home inventory. In addition to including the cash on the video, take the time to record each serial number directly, so that you have a visual representation of the cash, complete with indisputable recognition of the bills. Even then, your insurance company may balk at paying a claim for cash, but having those numbers will be the only possible way of getting compensation from your insurance
company.

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