What you should know about buying a safe

As the nation's banking industry inhales billions of dollars in government support, the urge to hoard your cash at home might be pounding mightily.

You wouldn't be the only one, judging from the recent spike in sales of home safes.

The key to buying the right safe is knowing what threats you want to guard against. Ultimately, no safes are foolproof -- they simply come with varying degrees of protection.

"Safes are like insurance -- the more protection you want, the more it's going to cost," said Jim Riccardi, east coast sales manager for Gardall Safe Corp., based in Syracuse, N.Y.

You won't be the only one putting your belongings in a safe. SentrySafe, the nation's largest safe manufacturer, said sales were up as much as 50 percent over the past five months.

But before you join the rush, here's what you need to know.

What size and style should I get?

Safes come in a variety of shapes and sizes. The lightweight plastic ones you find in department stores are probably better suited for organizing rather than protecting your belongings.

To guard against burglaries, you'll want a heftier safe that can't be carted away easily. These might be the size of a microwave or even a mini refrigerator.

As a reference point, Gardall Safe Corp.'s most popular safe weighs about 85 pounds and measures roughly 17 inches on all sides.

Depending on your needs, safes can be significantly larger and weigh upward of 300 pounds.

Generally, a heavier safe indicates it's made with more steel and will be harder to break into with average household tools, Riccardi said.

"But no matter how heavy the safe is, we strongly suggest you bolt it to the floor," he said. Be wary of cheaper safes that don't have the bolt-down feature, he said.

The exception is if you opt for a security box instead of a safe. These are about the size of the metal cashier boxes you might see at a bake sale or flea market. They're typically recommended only if you're looking to protect the contents from fires, rather than burglaries.

What type of protection do I need?

Don't assume all safes protect against fire and water damage. Those are features that should be spelled out on the packaging.

To guard against fires, look for safes tested by Underwriter Laboratories Inc. Those living in the West or other regions prone to wildfires might want the "UL 2-Hour" seal of approval, which indicates the safe can endure intense fires for up to two hours.

If your chief concern is house fires, the UL 1-Hour label might suffice, said Sondra McFarlane, a spokeswoman for SentrySafe.

SentrySafe also offers safes that protect belongings against water damage; the label should state how long a safe can withstand being fully submerged in or sprayed by water.

If you want to take it a step further, Gardall offers safes tested by Underwriter Laboratories to withstand attempted break-ins by individuals armed with crow bars, torches and other tools. These safes can set you back between $900 and $2,200.

Generally, however, a safe shouldn't cost that much.

Gardall's most popular safe, which comes with one-hour fire protection, costs $375.

What type of locks are available?

Safes with dial combinations usually come with a set code, which can be reset by a locksmith upon request.

You can set your own code -- usually three to six digits -- with electronic push button safes. Both options are equally secure, Riccardi said.

If you forget your combination for either, you or your locksmith can call the safe manufacturer with the safe's serial number to get the code or a reset code.

What are the other options?

Even if you purchase a home safe, you might want to store certain valuables, such as family heirlooms, in a bank vault.

The average safe deposit box at a bank costs between $25 and $125 a year, said Dave McGuinn, president of Safe Deposit Specialists, a Houston-based financial consulting firm.

The contents of safe deposit boxes aren't insured by the bank or FDIC. To protect against fires, floods, natural disasters or robberies, you might want to add a rider to your homeowner's policy or get a separate policy altogether for the contents.