This seems acceptable if they have a warrant for the contents of your safe. If they had a warrant for "evidence" and no knowledge or reason to believe that it was in the safe, could they open it/force you to open it simply because you own the safe. Similarly, if you had a hard drive, could they force decryption without knowing how the contents relate to the case.
Another issue that comes to mind is what happens if a hard drive containing truly random data is found, but the state thinks it contains encrypted data. Could someone be held in contempt for not releasing the (nonexistant) keys. This is probably related to the problem of destroyed keys.