With the banking system in turmoil and customer confidence at an all time low, many of us have no doubt said, tongue in cheek, that we feel we would be better off keeping our hard earned cash under the mattress. It seems, however, that some of us are quite serious in thinking that we are better able to look after our savings than the banks. In the last four weeks sales of home safes have increased by 25%. But is trusting a home safe really a wise idea?

Firstly, it is well worth checking your home contents insurance since many policies have an upper limit of around £500 for cash kept at home, regardless of whether it is in a safe or not. This is designed to cover the sort of amount that the average family might have in the home and is not designed for those of us who have decided that our life savings are no longer safe in the High Street banks.

If you are absolutely sure that you no longer trust the banks to look after your cash, then renting a safe deposit box is a far better option than even the most secure of home safes. If you are still intent on going down the domestic safe avenue, then here are a few tips to minimise the risk:

• If you are going to keep a lot of money in the safe, make sure you buy the best you can afford.
• Make sure that you choose a strong one and follow the instructions on securing it.
• Do not tell anyone your code or where you keep the keys.
• Take professional advice when deciding where in the home to position the safe.
• Do not advertise the fact that you have a safe by leaving the box outside for the binmen to collect.

CompareTheMarket.com is encouraging homeowners to check that they have good liability insurance after newspaper reports of a couple being threatened with legal action by a midwife.

Michelle and James Hudson of Hull received a routine home visit from community midwife, Caroline Waller, after the birth of their twins. Ms Waller stumbled over a buggy which, according to the couple was neatly folded at the foot of the stairs, and injured her back, rendering her incapable of working.

The Hudsons have now received a letter from a firm of solicitors acting for Ms Waller’s professional body, the Royal College of Midwives, stating that they had failed in their duty to provide a safe place of employment for her and threatening legal action under a piece of legislation dating back to 1957.

Although the couple are reluctant to pay up on principle, they are confident that they are covered by their insurance policy should they be forced to do so. They are, however, concerned that their premiums will increase because of the claim.

Whatever the outcome of the case, this whole scenario underlines the importance of having the correct insurance policy. If your home is visited by builders, cleaners, nurses or indeed any person carrying out their business or profession, then you are liable for any injury sustained on your premises and this is where employee liability insurance is required. If a friend rather than a midwife had tripped over the Hudsons’ buggy, then personal liability insurance would come into play.

Most good home insurance policies cover both scenarios and the typical level of cover is up to £2 million for personal liability and £5 million for employee liability.