OK, not a home cutting tool per se, but an essential household safety tool is the car seatbelt cutter like the Salvex 538 as manufactured by Martor.
If you are ever in an accident that requires you to cut yourself or your child free from a seatbelt restraint, you will need a tool like this. It also comes with a special hammer tip to break automotive safety glass if the door is not operable, so that you may escape the vehicle.
The sharp cutting blade is well protected from the hands of small children and a tool like this belongs in all car glove boxes.
