The question that many homeowners ask is a fairly straightforward one: can home security systems lower home insurance policy rates? The answer to this question is both yes and no as there are a wide range of factors that determine policy rates. Common things such as the type of security system and even the service provider used all have a direct impact on how much you pay and how much you can save. As you can already see, insurance policies are hardly black and white!
Having a working burglar alarm installed on your property can already net you a discount from certain providers. In some instances, discussing additional security measures that you may have enacted on your property could potentially also yield additional discounts. However, it’s well worth noting that these scenarios aren’t exactly considered the standard norm. The most crucial determining factor in many cases for how much you can expect to pay for your premiums has a lot to do with the type of building you live in as well as your neighborhood.
In certain areas, insurance providers will only offer coverage if you actually have a burglar alarm installed. This is especially the case if you own high ticket items such as fine jewellery and electronics. In short, insurance providers want to know the safeguards you’ve taken to ensure that your valuables are protected.
Not everything you do to protect your home will result in steep insurance discounts. However, at the very least, it will demonstrate to prospective insurance providers that you take the safety of your home and its security seriously. At the end of the day, the savings are also greatly dependent upon the security system you choose to have installed.
What Types Of Home Security Systems Should I Consider?
There are a myriad of ways that you can ensure home security and the protection of your property. The most basic system you can choose to have installed is a no-frills burglar alarm that usually emits a loud siren when tripped by a burglar. However, for additional safety and more comprehensive protection, a professional remotely monitored system works best. These systems are connected to call centers that alert the proper authorities in case your home is being burglarized.
An additional security measure you may wish to install is a smart security camera from GoKonnect. These are great at deterring criminals but also helping you potentially catch the culprit in case your home is burgled. Most new security cameras are highly affordable for homeowners and fairly easily installed without much effort. They help offer serious peace of mind while allowing you to save money. Plus, most modern security cameras also double as smart systems that can directly link to your smartphone for optimum control.
Though security cameras in the past may have been large and ugly, modern cameras are sleek and easily hidden from view. You can take your security even further by installing sensors that help you control outdoor lighting and will alert you when something out of the ordinary happens.
Do Home Security Systems Truly Provide Insurance Savings?
Unfortunately, there’s no hard and fast rule for this and the answer truly does depend on your insurance provider. At the end of the day, there’s no guarantee that your home insurance policy rates will get lowered if you choose to stay with your current company. However, you can always take the initiative and shop around for a new policy and provider. The reason being is that providers always ask before quoting rates what types of security measures you have in place at home. Of course, as was previously mentioned, quite a few other factors work to directly impact the estimates given.
Though you’re likely to receive some discounts, it’s well worth keeping in mind that the price of the technology as well as the installation of your security system could easily rival the subtotal of your actual net savings. In short, saving money shouldn’t be the only reason you choose to secure your property. You need to consider the bigger picture such as:
*Protection for your family and pets
*The possibility of deterring burglars from criminal intent
*Protecting your valuables and getting the right help in case you’re burgled
How Much Discount Will I Receive?
Now that you understand that there’s a potential for receiving a discount, you’re probably wondering how much you can expect to receive. Usually, an insurance provider may offer discounts as little as 2 per cent or as high as 15 per cent in savings. Again, it’s worth reiterating that this all greatly depends on the actual insurance provider you’re looking to deal with. Rates vary greatly between providers, and you will also need to take into consideration any other potential savings that a company may offer you for bundling add-ons. However, do read the fine print because insurance companies are also notorious for their exclusions that may prevent you from getting the low rates you deserve.
Comparison Shopping Works!
Since insurance policy rates are never set in stone for homeowners, comparison shopping is the single most effective way to get the best industry rates. Though you’re likely to see some discounts for installing a security system, it shouldn’t be the only reason you care about the security of your home. Additionally, shopping around and bundling with other types of insurance can also further discount your premium which means there are more ways than one that you can save!
