Do burglar alarms reduce insurance premiums?
Burglaries, thefts are unpredictable events and can occur out of nowhere. Hence, as an owner, it is up to you to try and make your premise as secure as possible.
Even when residing in a safe locality, there is always a chance, however small, of a break-in. And so, installing alarm systems, to keep your valuables and your family or employees safe is not an option, but a necessity.
Furthermore, installing a security system does not only minimizes the chances of theft, but there are other advantages too. For one thing, insurance companies often prefer that premise have a robust security system in place before granting insurance.
But there is often some confusion about whether a burglar alarm can reduce the premium rates as well.
This article seeks to clear that confusion as well as answer a few other questions.
How much can I save on insurance premiums with a security system?
The simple answer is no guarantee.
However, the answer is not this simple because a lot depends on the policy provider. In some cases, there might be a markdown available. But there might also be some companies who offer no such straightforward discounts.
Malaysian insurers, for instance, don’t directly mention the premium rates reduction for alarm system. But there are certainly some benefits of installing a burglar alarm in the house. For one thing, a good security system acts as an effective deterrent against possible burglaries.
Now let us discuss what the insurance-related benefits are.
How security systems impact homeowners insurance?
The first benefit is getting a company to insure your premises in the first place.
Yes, you read that right. To get your premise insured you have to convince the provider that you have done all in your capacity to secure it. A part of which is installing a good alarm system.
Having burglar alarms, 24/7 professional monitoring, and CCTVs, improves your chances of getting insurance to a great extent. This is especially true if the premise in question has been robbed or had caught fire before.
Furthermore, in case a fire-related accident had taken place previously, there is also an undisclosed requirement. It states that before you can get your premise insured, a good smoke detector has to be installed.
The second benefit is, it would be much easier and faster to receive insurance pay-out if an unforeseen event occurs.
That being said, it is to be noted that not all alarm systems qualify, so even if you have an alarm system in place, your insurance claim might get rejected.
Why? Here are the reasons:
- There are plenty of instances involving cheap and faulty burglar alarms. To avoid getting rejected for an insurance claim, steer clear of DIY and cheap alarm kits.
- You must keep the alarm systems activated at all times. In case a burglary takes place when the alarm system was not activated, you might have a hard time getting a pay-out.
Why choose truSafe to secure your home & business?
There are a variety of alarm systems to choose from. The most effective among them is the smart burglar alarm which can be connected to your smartphone device. It allows you to self-monitor the situation inside the house easily, even when you are away.
TruSafe provides a completely robust, high-security protection for all its customers. Our alarm system comes equipped with
- Wireless sensors
- Smoke detector
- Panic button
- Mobile app control
And, much more. Our prices are super affordable too.
The best thing is truSafe partner with Chubb CMS to provide 24/7 professional monitoring and log creation. These are highly essential in terms of claiming insurance payout. In case of an accident, the owner able to access the log reports. You just have to request and pay a nominal charge of around a meal per log. By having log reports would expedite the insurance pay-out process.
An all-around security system will make it easier for you to get your premises insured. It would also make receiving payouts easier and faster in case of an unfortunate event. Not to mention the peace of mind you will have, which is priceless.
truSafe Smart Security ensures to keep your premise safe wherever you are. We intend to revolutionize the security industry with Chubb 24/7 Professional Monitoring providing a complete and better solution for you.
To customize your solution, get a free quote from us.