How to Improve Your Insurance Premium with Security

Your property will be one of the biggest purchases you’ll ever make and an asset that you’ll definitely want to protect in any way you can. The most common way for this is through home insurance. Sure, insurance is a great safety net, but this can get pretty costly, especially when you consider a mortgage and other monthly outgoings.

Ideally, we all want to be covered for the best price possible, but there are other factors that go into calculating how much your insurance costs, with the main one being how secure your home is.  Because of this, it’s always worth making your insurer aware of your installed security devices. Luckily, there are ways in which you can reduce your insurance premiums by being a little more savvy with your home security. Take a look to see what we at Safe recommend when it comes to reducing your insurance premium by upping home security…

Install A CCTV Camera

CCTV cameras as well as Smart Security have been a rising topic of conversation over recent years, as they can deter burglars before they even approach the building. Having a home that is less likely to be burgled can ultimately reduce your home premium. Understandably, if you’re worried that a camera might become an eyesore and stick out too much in your home, why not try a Smart IP home kit instead? These kits are nifty pieces of home security that record footage when motion is detected in the room, while also allowing you to keep an eye on your home via an app.

They can be very cost-effective and, being wireless, are very easy to install yourself. Some are more advanced than others, but all are a great way to potentially reduce your insurance premium.

Locking Up

Secure locks can lower your home premium significantly and is a common way to ensure your home’s safety.  If you find the thought of installing alarms or cameras around your home a little daunting, making sure you have high quality locks is a good alternative; and will definitely make a burglar think twice before intruding.

One thing to keep in mind here is that if you live in a period property or older house, then you will probably need to upgrade your locks, as burglars have learned how to find their way around older styles of locks. You can easily have these revamped however, and replaced with British standard locks; it’s also an opportunity to upgrade to a smart locking system that lets you track when people enter or exit the house.

Stay Alarmed

Surprisingly, one of the most common ways in which homeowners leave themselves open to higher insurance premiums is through not having a home alarm system. In short, if there isn’t one installed on your property, then it’s likely that your premium will be higher than it needs to be, which is less than ideal. With wireless alarm systems readily available and easily installed, it’s easier than ever to make your home much less attractive to burglars, and more economical to insure. Once you’ve got an alarm system installed in your home and any out-buildings, remember to check them regularly to make sure they are working properly. Because there’s nothing worse than thinking you’re safe to later find out that you aren’t!

Keep Your Valuables in A Safe

Home safes are another factor that can significantly reduce your home premium, especially on high value items that can be taken easily. Make sure you choose an AIS insurance approved safe that is specified to protect the total value of the items you want to protect, or you may miss out should the worst happen. Some insurers may even specify that a safe is required if you want to insure some items; it’s best to discuss your safe with your insurer.

Many people think that having a safe sounds drastic, or that they don’t have enough valuables to justify having one, but you’d be surprised how valuable family heirlooms, pieces of jewellery, and gadgets can be worth. Burglaries occur without a warning, and once you lose that one-of-a-kind family heirloom, it’s gone forever.

That might sound a little extreme, but it shows the reality of why investing in a safe can be hugely beneficial. Not only that, safes also allow you to protect your valuables from other hazards such as fire and flood. This is something that insurance companies pick up on, and if you have a safe in your home, they will be likely to lower your home’s premiums.

Join A Neighbourhood Watch Scheme

As a scheme that’s lasted for many years, joining your local neighbourhood watch clearly has its uses. In addition to helping to protect your community, it also means that others will keep a look out for any potential intrusions into your home too. It promotes security awareness overall, and being part of an active community watch means you’ll be less likely to fall victim to any kind of break-in.

Plus, it is said that joining could lower your home premium, which is a great incentive to give back to your community; ultimately helping yourself, of course.

A lot of people overlook the impact that security can have on your home premium, but some policies will cut your insurance cost between 15-20%; depending on who you go with. And let’s face it, who doesn’t want to have some extra cash at the end of each month? When we spoke to Hiscox, the London-based insurance firm, although security won’t automatically lower your premium, they did say that “having a safe, monitored alarm or even CCTV is going to be considered positively.” So, it’s definitely worthwhile.

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Published: March 3, 2017

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