Cold cash in the refrigerator and everywhere else

After the depression, many people didn't trust the banks. My grandmother, who was born in 1900, told me about family and friends who stored their cash in coffee cans, cookie jars, mattresses, between linens, in the hems of curtains - and yes, even in the refrigerators. Now, that's what I call "cold cash".

This fear of losing money didn't go away quickly for many people. My grandmother didn't get a checking account until the late 60s because she didn't want her money in a bank. Through our personal property inventory service business, we know people who have recently cleaned out residences after an elderly person's death and discovered 10s of 1000s of dollars hidden throughout the house!

How many people still keep large amounts of cash laying around? How safe is your money ... really? In general, renters and homeowners insurance policies have a limit of between $200 and $500. That means, no matter how much cash you have in the house or apartment - and how much insurance you have - when you have a fire, theft or natural disaster, you'll receive only the limit for loss of the money category. That means if you have $1000 cash in your house, and have a loss, your insurance policy will not replace between $500 and $800. Do you normally have more than $1000? What are you willing to risk losing? Check your insurance policy under Property Coverages to learn exactly what your limit is.

With ATM machines everywhere, and debit cards in your wallet, consider where your "cold cash" is safest.