The security systems around your home can significantly impact how much you pay for home insurance. Whether installing new security measures or just choosing a provider, it’s essential to know the answer to this question: do security systems reduce the cost of your home insurance? The answer is complex, as home insurance depends on many factors. To learn more about how security systems affect home insurance rates, read our blog post below!
What are some popular types of security systems for homeowners?
Traditional Motion Alarm Systems
The benefits of traditional motion alarm systems are that they are less complicated to install, may have a lower entry cost, and can be monitored by a 24 hour monitoring centre.
Traditional motion alarm systems work by utilising a combination of detection devices within and around your home. If a detection device is activated, an audible alarm will activate on all interconnected audible alarm devices sounding an alert so you know something is amiss.
If the system is monitored by a 24 hour monitoring centre, then the centre is advised of the exact alarm type (ie intruder, smoke, fire, duress, medical) and the monitoring centre can action accordingly.
Image and Video Alarm Verification Systems
Image & Video verification alarm systems are like traditional alarm systems, except they also have cameras associated or built into selected movement detectors. When the motion alarm is triggered, the associated or in-built camera will take a series of photos or live streaming video. This means the source of the alarm trigger can be identified and verified as legitimate. It also provides evidence of the crime that is in progress allowing a different response to that of a traditional alarm system.
The system can also be self and or control room monitored. If the system is activated it sends alerts to you via a push notification, phone call, text message, or email so that you know what’s happening at all times. Additionally, Image verification systems can provide self or remote monitoring, as required.
Wireless Security Cameras
The benefits of wireless security cameras compared to wired are pretty clear-cut. Unlike wired cameras, wireless security systems are not restricted to being installed in one location – meaning they can be set up anywhere that has a WIFI or mobile signal (which is pretty much everywhere these days).
Wireless security cameras can also reduce the time required to install, which means installation times are reduced. If you’re looking for an even easier solution? These clever little devices can run off Wifi, batteries and solar panels so no need for wiring or power cables at all.
With most modern wireless security cameras, you can also get an app that lets you live-view them anytime, anywhere. While this is not important to some, it can provide you a peace of mind that you always know and can check that your premises are secured.
Video surveillance has been proven to reduce crime rates by up to 25%. Just the sight of the cameras alone is often enough of a deterrent in itself.
Wired Security Cameras
Wired security cameras may provide more reliability and generally higher resolution. They are installed with access to a constant power source that will keep them running. These systems can be slightly more costly upfront but are built to last with less running costs associated with cloud hosting solutions. Wired security systems are highly consistent and considered slightly more reliable than wireless alternatives. They are often the most highly valued by insurance companies.
But installing wired security cameras generally requires a professional installation which does come at an extra cost.
What Will Home Insurance Cover?
The most common things that home insurance covers are usually fire loss, theft at home (included in the crime coverage), and damage caused by these forces like hail storms or lightning strikes – but this does vary from person to person depending on what policy and provider you choose.
Make sure you talk to your provider or potential provider to see what their home insurance plan covers.
How Much Can Security Systems Save You On Your Home Insurance?
Your home insurance cost is primarily based on the risk that your house and property within your house will be damaged or stolen somehow.
There are two ways security systems can help you save on home insurance. The first is by proving that your house has been secured, which in turn reduces the risk of something happening to it and therefore reducing the cost at renewal time for when they come to assess whether or not you’re eligible for a discount.
The second way security cameras can reduce your costs is by catching criminals red-handed! If someone breaks into your home while you’re out (or if there’s an attempted break-in), footage captured from a security camera could provide enough evidence so that police don’t have to investigate too hard.
You need to speak to your insurance provider to assess how much security could save you. They’ll be able to give you insight as to how much you could save by implementing specific security systems. I would advise consulting them first before you make a decision.
Costs Of Security
Costs can vary per year for monitoring with most providers; however, depending on how often your alarm is triggered by false positives (i.e., motion sensing). This could quickly add up to an excessively high bill over time if private patrols are part of your alarm response. It’s important to have a professional security consultant evaluate your security requirements so that the system can be designed to meet those needs. This is another reason why I am a fan of image or video verification alarm systems, as they are an extra layer of protection against false alarms.
Security Features You May Be Overlooking
Security for your premises should be approached as a multiple layer solution. These solutions start at your front gate or door and extend in to the perimeter and internal areas of the premises.
Layers can consist of a secure boundary with fences and gates, perimeter monitoring of the grounds with electronic security, solid door furniture with quality locks on doors and windows, internal electronic security and personal duress alarms.
A full layered solution would be ideal, however this may not fit within a persons need or budget. We strongly recommend a meeting with your professional security consultant so you can discuss your need and have a plan to meet your budget and requirements.
How Security Systems Reduce The Cost Of Home Insurance
Insurance companies want to see that you’ve thought about the safety of your family, business and staff, and how to protect them. There is no specific industry standard for what they expect from homeowners regarding security. Still, there’s pressure on insurers to offer cheaper premiums if you take measures like adding an alarm or camera security system. It is essential to chat with your insurance providers before installing a security system with the intent that it will lower your insurance cost because all insurers have different policies and rates.
You may be able to save even more money by bundling different types of coverage together (e.g., car insurance with home insurance). Suppose you’re already paying out high costs for one kind of protection. In that case, it can make sense financially — especially as many people only have their premises insured through their mortgage lenders while taking out their car insurance — to make sure you’re not overspending on another type of protection
At Infratec security systems, we offer advise, service and installation on all forms of security. These services could all be added to when you bundle your coverage together to get lower costs.
Why Camera Systems Combined With Alarms Are Much Better For Home Insurance?
With security cameras used in combination with your alarm system, it makes it far easier to prove to your home insurance what happened in the case of a burglary or vandalism. This is very useful as it means claiming your insurance payout is a smooth process, and you don’t have to worry about a lengthy investigation and tiresome.
Camera footage can also be used to identify who committed the act and follow them for as long as possible. This is an excellent way of catching criminals that other security systems may have missed, which means they’re off our streets.
This combined system will make your home more secure than ever before without you having to worry about any risks or fees when it comes to homeowners insurance. There’s really no downside!
This could mean pairing a traditional motion sensor alarm system with either a wired or wireless camera system. Or, you could use a verified alarm system. Either way, you can rest assured knowing your evidence is being collected and stored in case something bad happens.
This is the best way to ensure you get the home insurance rates because you have clearly demonstrated you have everything possible in place to prevent any theft or vandalism to your property.
