Technology has revolutionised how we view security. It offers unprecedented convenience, efficiency and security for our houses as well. In fact, one of the most significant benefits of integrating advanced security technology of smart devices into our homes is the benefits we get on our fire and burglary insurance  premiums. Let us dive deeper into how this works.

 Smart Home Technology’s Relation to Lower Burglary Insurance Premiums

 What is a Burglary Insurance Policy?

Burglary insurance is a type of property insurance that offers financial support, coverage and benefits in case of burglary or even an attempted burglary on your property, residential or commercial.

Here, burglary refers to the act of breaking and entering into a private property, office or house, with the intention of theft of assets, documents, information or other things.

 How do Insurers Calculate Burglary Insurance Premiums?

Insurance companies determine the burglary insurance premium based on various influencing factors, one of which is the security measures taken to protect the house. If you do not secure your house at all, there ought to be at least some attacks or attempts. This increases the chances of filing a claim for damages. Hence, an increased premium amount.

 How Can You Lower Your Burglary Insurance Premiums?

Smart security homes enjoy the luxury of safety and lower premiums at the same time. Homes that are equipped with smart security systems are less likely to be attacked by burglars, which leads to lowered chances of filing a claim.

Suppose you leverage this power and buy online fire insurance from a company like Tata AIG. In that case, you enjoy the benefits of the security system, a fire policy and a burglary policy.

 Smart Home Devices That Can Lower Help Your Burglary Insurance Premiums

●       Ring Alarm Security System

The ring alarm system integrates multiple security devices into a unified, easy-to-use platform. This system consists of contact sensors, window-door sensors and motion detectors that notify of any unwanted action.

A base station is installed either on or near the property, and range extenders help other devices contact the base station about any suspicious activity. Unexpected door openings, activity in restricted areas, and during specific times can trigger an alarm and notify the homeowners through a mobile application.

Insurers often offer ring security system insurance discounts as installing this security system significantly helps to lower the risk of break-ins.

●       CCTV Cameras

Surveillance cameras or closed-circuit television (CCTV) cameras are a cornerstone of household security strategies. Constantly monitoring your house keeps attackers away while also capturing foolproof evidence in case of break-ins.

This device can be used to prevent burglary and as proof of a burglary or attempted burglary.

At the time of policy issuance and claims, the insurance provider sends a surveyor or agent to your house to verify the security system. CCTV footage can help confirm evidence of a break-in, and the presence of CCTV cameras allows for insurance discounts for security cameras.

●       Smart Thermostats

Thermostats are primarily known for their energy-saving benefits, but they also enhance house security. In case of unusual temperature fluctuation, which indicates fire or some kind of appliance malfunction, this device alerts the homeowners so that they can act promptly.

A smart thermostat reduces the risk of fire or heat damage and the chances of filing a claim, leading to a low premium rate.

●       Fire and Water Detectors

Fires and water damage are highly damaging incidents for any house. House appliances can be damaged beyond repair, catch fire, be rendered useless due to water, etc. Fire and water leakage detectors can help avoid this situation.

The detectors diagnose the issue early on, notify the owners and allow them to act on it, reducing damage and financial loss. Insurance companies favour such systems and reward them by offering burglary insurance coverage at a lower premium.

●       Door and Window Sensors

Door and window sensors detect any unexpected contact and action pertaining to doors and windows. If someone tries to open the doors and windows from the outside, the sensor sets off an alarm and alerts the homeowner.

This prevents burglary and any damage that might have been caused by it, leading to a lower burglary insurance premium.

 Final Thoughts

Investing in a good home security system can help significantly lower insurance premiums and encourage discounts from insurers as well. For example, insurers offer ring security system insurance discounts and insurance discounts for security cameras.

This is because the presence of these burglary countermeasures acts as a deterrent for potential loss or damage you can face as a homeowner and can also signal to the insurer that you are at lower risk of raising a claim. Overall, this results in comprehensive burglary insurance coverage at lower premiums from reputed insurers like Tata AIG.