Many homeowners are choosing to install home security cameras to help prevent break-ins and provide their families with greater peace of mind and reassurance. But can installing security cameras inside or outside of your home help to lower the cost of your homeowners insurance?
You may know that certain insurance companies offer discounts based on safety upgrades to your home, such as adding impact-resistant roofing products, but where do insurers draw the line on rewarding for surveillance upgrades?
We’re here to cover everything you need to know about surveillance cameras and your premiums.
Surveillance & your Homeowners Insurance
Statistics show that homes without security monitoring or alarms are up to 300% more likely to be broken into.
Because residential monitoring systems can help to reduce the event of burglary, some insurance agencies will indeed discount the policies of customers with certain security systems— some reducing premiums by much as 20%, according to Reolink.
This is in part because 65% of home burglaries happen between 6 a.m. and 6 p.m., while most people are at work, according to the FBI. More specifically, these break-ins occur most commonly between 10 a.m. and 3 p.m.— not in the middle of the night like people may assume.
These recorded or live streamed videos help to capture the event when your home is left empty, both helping to prevent the occurence from happening in the first place and by providing tangible evidence of the loss assets, should the burglary still occur.
Big insurers like State Farm and Allstate state that they offer certain discounts if you have installed fire, smoke, or burglar alarms or other home monitoring systems. But these “smart home” video security systems are more than just the installation of one doorbell camera.
Generally, insurers only offer substantial discounts for those with a homewide surveillance system, including a series of video recorders to capture your entire house, indoor and out, 24/7.
For questions regarding what these full systems entail and what qualifies for discounts or not, be sure to ask your home insurer their specific requirements.
Although single additions like an outdoor camera or a smart doorbell might not do much to lower your insurance premium, they certainly have their own set of benefits, such as deterring thieves and granting your family greater peace of mind. And, when apart of a holistic home security system, can be cost-saving investments to reduce your insurance.
How Well is your Home Insured?
Although you might be thinking about upgrading your home’s security, your current risk remains. Without proper surveillance, your home is more vulnerable to burglary and the loss of your precious possessions.
Are the contents of your home fully protected, or only partly insured? You may be surprised that there are many things your homeowners insurance probably does not cover.
Our team at Culbertson Agency is here to help ensure you have the protection you need.
Get a free homeowners insurance quote, today.