It is common for people to want to store their silver at home, as it is very comforting to know that you have your wealth nearby. Unfortunately, a normal safe will not suffice when it comes to storing precious metals, nor insuring them.
A Decent Safe Place
You will want shop around for a heavy duty, high quality, super secure, burglary- and fire-proof safe. You should choose one that meets your current and future storage needs, so that you don’t have to re-install when your silver portfolio increases. Good safes are extremely heavy, so they aren’t items you will want to move often.
Normally silver safes will come with holes for bolting to the floor, as you don’t want thieves to be able to pick up your safe and haul it out. It is equally important to locate your safe/vault in an appropriate place. The building structure should be sound, and the silver locked into place so it can never be moved without access from the inside. The best safes are rated UL-15 or above. Underwriters Laboratories are the most recognized tester of safes (http://www.ul.com/) and set the standard when it comes to insurability.
Speak to Your Insurance Company
It can be a good idea to speak to your insurance company for safe and storage recommendations. They can often provide guidance as to what sort of safe and security system will provide the best protection, and thus, the lowest insurance premium.
It is important to ensure that your silver stash is insured to its full value. Some home contents policies will cover jewelry, and some silver, but it is important to read the terms and conditions of your contract. It is necessary in almost all cases to get extra coverage for bullion items.
Policy limits and conditions, when you read them, will normally tell you that you need to get a true appraisal of the value of your silver in order to be covered by the insurance policy. There are also specialist insurance companies and products with which you can insure your silver. Insurance should be factored into your investment costs, as this is a cost that can’t be recouped at time of sale.
In-Transit Insurance
You should ensure that your silver purchases are insured during transit too. The seller normally organizes this, but it is important to take the initiative and guarantee that you are not financially exposed throughout your transaction processes.
Don’t Tell Anyone
Discretion is important when you have large quantities of silver stored in your house. Mentioning the fact that you have wealth at home to anyone other than your nearest and dearest will increase the risk of being burgled. Even if burglars can’t get into your silver storage they will likely take what they can if they get into your home. Keep tight-lipped and enjoy the warm glow of knowing your wealth is nearby and secure. A burglar alarm will be a good idea too.