Owning Smart Home Security Devices Can Lower Insurance Rates
A smart home security camera may not only deter thieves from targeting you, but net you a discount with your homeowner’s insurance company. If you’re hoping to lower your insurance payment, learn how smart technologies can help.
What Smart Devices Get Discounts on Home Insurance?
While specific discounts vary by insurance provider, here are some of the smart technologies that will net you insurance breaks:
- Motion sensor technology – Adding motion sensor technology to windows and doors could decrease your home or renter’s insurance rate by as much as 10 percent. Example technologies include motion sensing with audible alarm or window- and door-specific motion sensors. These technologies alert you when someone tries to pick your lock or enter through a window, so you can call for help during a break-in.
- Smart smoke detectors – A smart smoke and carbon monoxide detector could cut your homeowner’s insurance. These smart sensors automatically test themselves and send alerts to your cell phone so you’ll know there’s a problem even if you aren’t home. Having one of these smart detectors installed can curb any fire damage, reducing the amount that your insurer would need to pay out. Typical discounts include 5 percent off the entire homeowner’s insurance or 20 percent off the fire portion of your insurance policy. In some cases, renters may be able to receive an insurance break too.
- Smart home security camera – Security cameras send a message to thieves that someone is watching, deterring your risk of break-ins. A smart camera outside your home will help you check on your home while you are away. A camera inside the house can help you monitor interior home safety. Installing either of these cameras can get you a discount on your home insurance of as much as 10 percent.
- 24/7 Pro Monitoring – A 24/7 Pro Monitoring service will be alerted through a home security system like Myfox to send police or fire fighters to your home when alerted of a break in or a fire. If you add a 24/7 Pro Monitoring service plan to your home security system, you can get up to 15% off your home insurance rates.
Before investing in any of these technologies, it’s always best to check the terms of your insurance policy to find out how much you can expect to save and whether there are any exclusions on bundling smart device discounts. Some insurance companies offer rebate programs that subsidize the cost of buying a covered device, so you could save even more off the cost of protecting your home and your family.