Can security systems reduce my insurance costs?
So, can security systems reduce the cost of your home insurance? The answer is both yes and no, as it depends on a lot of factors. Things like which security system you choose, and which provider you use for insurance means that the answer isn’t black and white.
If you have a working burglar alarm in place, then some providers may offer you a reduced premium. You can also ask them to consider other security measures you have in place, though this is less common, and you shouldn’t expect your insurance to change drastically. Your premium is also dependent on things like where you live and what sort of building you live in.
In some postcodes, insurers will only cover you if you have at least got a working burglar alarm. If you want a higher level of cover, for example if you own lots of gadgets or jewellery than your provider will definitely want to see that you’ve thought about how well protected your home is.
Not all security measures will lower your insurance though. Insurance companies want to see that you have thought about security and how to protect your home - but there are loads of different types of security systems to choose from.
In this guide:
There are lots of security measures you can consider to protect your home, and they are all different. Your basic burglar alarm will react when tripped, usually with a very loud noise. But you can also get a monitored system, this is a system which is automatically connected to call centres, which will let the police know if there’s something suspicious going on.
Security cameras are a very good idea as no burglar wants to be recognised. They also may help track down your possessions if you are unfortunately burgled. There also probably not as expensive as you may think. The newer cameras are cheap and easy to install, which means you can protect your home and save money. As with everything nowadays, home security systems have been updated and are now far easier to use than you may be imagining. The very newest systems can be controlled through your phone, though obviously these are a bit more expensive than standard ones.
You may be envisioning big ugly security cameras perched on the side of your house, but don’t worry. The newer cameras are far smaller and discreet than you fear.
You can even get sensor control hubs for your home. These can control the lights, and let you know if there’s unusual activity when you’re out.
As with most things it depends on your needs. For a very small amount of money you can get systems which include an alarm and wireless motion sensors. You can even protect your sheds and outbuildings with very cheap wireless alarms, making it easier than ever to protect your home.
You can buy security systems which will record and monitor everything for you, but these will be significantly more expensive that a simple system. It’s worth going and finding a local shop which sells these kinds of systems and talking through your needs with an expert, but make sure you stay within your budget. If you don’t need the latest gadget, don’t get it.
This very much depends on your own personal preferences. If you have possessions that are worth a significant amount of money than it’s worth investing in a security system. But even if you think you don’t have anything of significant value in your home, it’s worth sitting down and going through what you own.
The average contents of a three-bedroom house are worth £55,000, and once you start to go through all the phones, tablets and jewellery in your house you’ll see how much it adds up.
The majority of alarms should come with an NSI (National Security Inspectorate) rating. This means it reaches the standards of people like the fire and rescue services and the police. It’s a good idea to know this rating as some providers will ask you for it when you’re looking for cover. It also means that you have an idea of how well your security system will protect your home.
Not all providers will give you a discount for your security system, so if you’re installing one to get a discount its worth looking around. Look on a comparison website such as ours and give a few providers a call and explain what you’re looking for. Make sure that you get a home insurance policy which suits you, not just what’s cheapest.