Will Security Cameras Lower Your Home Insurance Cost?

Despite you think that you live in a safe area, you could be at risk of burglary. If you find some of the possessions of your home missing or damaged in your house after a burglary, you can file a home insurance claim with your insurance provider. However, after making claims or sometimes even a single claim for your home insurance policy against theft, you may find out that the premium of your home insurance increase.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

If you have installed security systems in your home like a security camera, you can deter thieves from coming inside your home. With the reduced frequency of home theft, you not only safeguard your home from burglary but also save on your home insurance cost.

How Do Security Cameras Reduce Insurance Cost?<

The security cameras indeed reduce the cost of your home insurance premium, but it depends on multiple factors, a few of these factors are:

  • Type of security camera
  • The insurance provider you select
Home insurance

It is to be noted here that not all the measures you take for the security of your house lead to lower the cost of home insurance. The insurance providers offer a discount on home insurance for security cameras as per the alarm system that you have installed. So, in general terms, a well-integrated and carefully planned security system is what a home insurance company wants to see. In addition to this, most of the home insurance providers want the security cameras to be integrated into a central alarm system that provides 24/7 professional monitoring. In case of emergency, the operators can easily dispatch the first responders for mitigating the loss.

A professionally monitored alarm system and strong locks with deadbolts can as well make your home qualified for a discount from a home insurer.

For example, as per a well-known home insurance provider, their security camera discount policy fetches a discount if you have installed smoke, fire, or alarm for burglary or some other home monitoring system.

With all this, the best approach is to consult your insurer that whether having a CCTV can reduce the cost of home insurance and what type of home security system they prefer to see.

Why Does Having Security Camera Reduce Home Insurance Cost?

No business makes a deal that does not offer any profit to it and so does the home insurance providers do. They offer discounts on the premium of home insurance simply because of interest. The statics of home security show that the homes that do not have security alarms or security cameras are 300% more likely to attract thefts and break-ins.

Installing a security alarm system in your home greatly reduces the risk of break-ins in your home and thefts. Resultantly you make fewer claims against your home insurance policy and your home insurance provider will be at profit – this explains actually why insurance providers would offer a discount on home insurance for a security camera.

How Much Can You Save On Your Home Insurance If You Have Security Camera in Your Home?

The discount on a home insurance policy for the policyholders who have installed a security system or security camera in their houses differs from insurer to insurer. However, most of the home insurance providers give discounts according to the quality and amount of security system, which ranges from 5% to 20%. For example, a leading home insurance provider offers a 15% discount for a security system having central monitoring that has an emergency notification. However, the insurer offers only a 7% discount for a security system with a central monitoring system that notifies only the owners of the home.

With security cameras, most of the home insurance providers consider many other factors for determining the final quote for insurance such as the rate of crime in your area, claim records in your neighborhood, etc.

We can simply put it as, the safer your house is, the more likely you will be getting cheaper home quotes for home insurance.

Since the quotes of different home insurance providers are different, thus the best bet you can get by taking quotes from different insurance providers and comparing them.

Some Facts Related to Security Camera Discounts

There are chances that security cameras reduce the cost of premiums of your home insurance, but you should not forget that the main purpose of security cameras is to provide you peace of mind rather than a discount on your home insurance policy. So, let us now know some of the facts related to discounts on security cameras:

  • Purchase Cheap and Best Security Cameras: You should get rid of the perception that cheap is always low quality. Instead, the security cameras that are decent in price are also of good quality.
  • Go for Security Cameras with Essential Accessories: Purchasing security cameras for your home does not solve the purpose as you have to buy many other things with it such as batteries, cables, surveillance signs, etc. So, it is recommended to opt for a security camera brand that provides essential accessories with the camera. This will save big on the bill of your security camera.
  • Check the Warranty Policy of Your Security Camera: Security camera with a longer warranty period and satisfactory after sale service of the camera are two more factors that you should consider before purchasing security cameras. These factors will help you to easily exchange, repair, or replace your product. Such cameras can as well eliminate the cost of purchase and trouble in purchasing new within some time.
Home insurance

Summing It Up!

For obtaining a discount on your security camera, the first thing that you should do is contact your insurance provider and inform them about the presence of security cameras in your home. When you enquire about the premium reduction in your home insurance policy because of security cameras, the insurer may ask you some more questions related to your security camera and ask for confirmation that you have security cameras in your home or not. 

It is to be noted that the proof of security camera required by the insurer may vary for different insurers. Some insurance providers may ask for the bill of your security camera purchase and the owner's manual can do the job. While for others a certificate that verifies having a security camera in the home fetches a discount in your home insurance premium. 

After you provide all the necessary documents asked by your home insurance provider, you may expect to get replies from the insurer for a survey of your home to verify your mentioned security system. The insurance company decides whether you are qualified for getting the discount on your home insurance only after a successful survey and then provides the quote for the insurance premium that it would offer.

Written By: PolicyBazaar - Updated: 01 October 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.