Homeowners insurance costs aren’t normally the initial driver when someone decides to install surveillance cameras on their property. They’re more interested in protecting their home, belongings, and loved ones.
Nonetheless, adding security features to your home can have an added benefit. Some insurers offer up to 20% off your annual premiums if you beef up your home’s security.
Better Security Lowers Overall Industry Costs
Insurance companies follow home robbery statistics. They know there were approximately 2,321 break-ins in Rhode Island in 2019. They also know properties without security devices are far more likely to result in claims for damage and larceny.
Consequently, they incentivize homeowners by offering insurance discounts for improved home security. When homeowners file fewer claims, it lowers the cost of insuring properties. They pass on these savings to policyholders.
Discounts & Requirements Vary Between Insurers
It’s important to note that each insurer decides which discounts they will offer and at what percentage.
Some offer specific policy credits depending on which security features you install. Others lump multiple features under a single policy credit.
Generally, surveillance cameras offer the most monetary benefit when they’re tied into a home-wide, monitored system. However, you should definitely talk to your insurance agent. Some may offer a smaller discount specifically for surveillance cameras.
Overall, installing a single security feature probably may not do much to lower your insurance premium. Even so, a small discount between 2% and 5% is better than nothing.
Plus, every feature you add increases security, provides more peace of mind, and could eventually lead to even more insurance cost-savings. Building your surveillance cameras into a comprehensive system could definitely provide a higher discount.
Surveillance Cameras Provide Valuable Data
Most burglaries occur during the day between 10 a.m. and 3 p.m., when homeowners are out. Neighbors aren’t usually home at this time either, making it very difficult for anyone to notice when someone breaks into your home.
Luckily, surveillance cameras provide live-streamed videos that can capture the day’s events. This can deter burglars, provide vital information to the police if a break-in occurs, and capture information that could be used as evidence of your loss during the claims process.
Ask Your Agent
Don’t be discouraged if an insurance company only offers discounts for “full systems.” Even fully-integrated systems are very affordable today and often modular. Buy your surveillance cameras now and add monitoring later. You’ll also want to check whether the insurer only accepts specific types of surveillance cameras. Get the facts so you can make an informed decision. You may or may not choose a fully-integrated, monitored system, but surveillance cameras offer benefits in their own right. They are a proven crime deterrent and offer greater peace of mind. If your insurer offers a discount, even better! If you’re not sure which discounts are available to you, give us a call!