Wherever you are in the world, you can easily fall prey to break-ins or burglaries. In countries such as Australia, according to Crime Stats over 200,000 burglaries take place in various parts of the country annually. If you look at it closely, it translates to about three incidents per minute. It is interesting to note that most of these crimes occur in predictable instances. For example, during Fridays when most people stay out late or during the month of October. Moreover, there is a higher chance of a home being broken into once more if it has already experienced a break-in in the past.
The outrageous number of intrusions happening all over the country is already a major cause of concern and anxiety among most homeowners. Aside from them, home insurers are also alarmed since they cover a big chunk of the damage or loss incurred by the home involved. It is also the reason for the rising demand for strong security measures as home insurers want to protect the homes insured to them.
Home insurers take home security seriously up to the point that they offer incentives to homeowners who invest in better security measures by giving them discounts on their monthly premiums. In this article, we’ll delve deeper into this practice and give tips on how you can benefit from burglar alarm systems to offset the costs of your insurance coverage.
How can stronger security reduce premium costs?
Most people are often wary of discounts without changing anything with the service offered since it might make you doubt whether things are getting cut down somewhere without you fully knowing. However, it is a different story with home insurers especially when it is about alarm security systems.
It is actually pretty straight-to-the-point approach. You greatly reduce your property’s risk of being burglarized or succumbing to accidents like fire if you beef up security measures at home. Hence, home insurers won’t be liable to pay off any cost of losses when these intrusions are avoided in the first place.
When it comes to insurance, numbers matter. Risks can be assessed and quantified because major insurance companies hire enough analysts and statisticians to come up with algorithms in relation to these commonly encountered risks. It is good news for the insurer when homeowners are able to protect themselves from such losses by taking extra safety measures. That is why it actually makes sense for insurers to offer rebates or discounts to premiums when home security measures are enhanced. Their business flourishes, so it is a win-win situation for all.
Security Measures that are Effective in Reducing Monthly Home Insurance Premiums
You can’t always expect the same thing from insurers since what one home insurer offers may differ from the other. Your location also plays a part in this reward scheme. If you are interested in reducing your monthly insurance premiums, the following safety measures may make your home eligible for such discounts:
- Heavy-duty deadbolt locks
- Fire detectors connected to a central security system
- Burglar alarm systems that are monitored by experts
You can try any of these tips but it can vary depending on your specific situation. Consult your own home insurer to find out what they are specifically looking for. As a rule of thumb, home insurers like anything that can prevent burglaries such as the use of an alarm system or a strong door lock or be able to inform the authorities of break-ins ASAP can help you save on home insurance costs.
Why are Coordinated Security Systems Better than One-Off Security Precautions?
You can’t always save on monthly premiums unless you take the right security measure that would pass your insurer. To get a better idea what this means, home insurance companies aren’t too keen on local alarms notifying residents or neighbors of intrusions that are currently taking place. Meanwhile, being able to reduce losses by using alerts or alarms that tips off authorities of break-ins is favored by the majority of home insurers.
Now, you may think that adding security cameras to the equation will save you money but not to home insurers. It is unlikely that you’ll get your monthly premium reduced just by installing a CCTV camera to your home even if these surveillance cameras will come in handy in apprehending the crooks and helping the authorities catch these criminals before they commit more crimes. The thing is that the damage has been done and the home insurance company is still liable to cover the cost of losses incurred by their insured home.
However, it is an entirely different story if the CCTV camera you have at home works alongside an alarm system capable of notifying the proper authorities. If the security system you have in place can tip off the police of an ongoing burglary through a live stream of the CCTV footage, they can intervene and catch the criminals in the act.
Hence, home insurers prefer a security system that is carefully planned and well-integrated so that it is able to get in touch with the cops as soon as the crooks are caught on cam. Depending on what the insurer offers, you can enjoy a 10%-20% premium reduction by beefing up your home security.
Enjoy More Savings on Insurance by Investing on Home Security Systems
Look for a home security system home security system that offers you products capable of preventing burglaries and helping the police respond to such crimes right away. Not only do you get to save on monthly home insurance premiums but you save yourself from the dangers and hassles brought about by a home break-in.
With the wide range of home security products sold these days, you can easily find one that is not only modern and innovative but something that will fit your budget too. You can sleep soundly at night knowing that your home is protected 24/7 whether you are in or out of the house. You’ll no longer be at risk of becoming one of the many casualties of the rapid rise in home burglaries in the country. You have nothing to lose by protecting your home from burglars and everything to gain by saving more money from reduced home insurance premiums.
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