If your money is in a safe and it's stolen your holiday insurance should cover you, whereas kept anywhere else and it's difficult to claim. Doesn't ease the pain of a theft though.
I leave a c/c card in the safe and carry debit card round, my passport and tickets also in the safe and a photocopy of all come with me, cash in the safe except the daily requirements. Also I take two cheap mobiles on PAYG, one left in the safe in case the other gets nicked! Might be OK saying insurance will cover you, but if something gets lost on holiday I know i would panic, worry and have the holiday spoiled. So if everything's duplicated all I have to do is cancel a card and continue down the pub...