As a security system owner, it is important to understand how your system impacts your homeowner’s insurance and your bottom line. While the insurance industry is changing, there are some important tips to follow to ensure you are getting the best possible deal on your homeowner’s insurance.
Contact your Insurance Broker and ask them to confirm you are receiving an insurance discount
This one may seem obvious, but many of our clients leave money on the table by not confirming with their insurance companies that they are receiving discounts for having a security system. Some larger companies change their internal policies frequently and that could drop the discount you are receiving. At KSS, we will even confirm with the insurance broker that you are receiving the discount if prompted by our clients.
Some companies require a security system to be eligible for homeowner’s insurance
If you have an insurance provider like CHUBB, your broker may instruct you that you need to have a monitored security system to even qualify for insurance. We have even had clients who were told this years after receiving insurance. It is always beneficial to contact your broker and ensure you are in compliance with policy.
Ask about potential discounts for having monitored flood protection and cameras.
This is certainly a new trend amongst insurance carriers but some are offering major discounts for having monitored flood protection. From an insurer’s point of view, water damage could be just as damaging as fire, but unlike fire, there are no tell-tale signs of potential flood damage that may prompt a neighbor to seek help if you are away from the home. Some insurers are also exploring discounts for camera systems, as the evidence supplied by cameras can lower overhead for insurance companies who may have to send someone out to investigate.
Insurance companies typically offer between 10%-20% off of your insurance premiums for having monitored security companies. That discount could potentially pay for the monitoring of your system. Please call Knight Security Systems at (914) 313-8197 to follow up and make sure you are receiving your discount!
