When most homeowners and business owners think of ways to reduce their insurance costs, an excellent surveillance system usually isn’t the first idea to come to mind. However, security cameras address the very heart of the issue of insurance cost.
The amount of risk that a corporation confronts determines the cost of insurance. Simply, the safer your house or company is, the less money you’ll spend on insurance. It helps with effective detection, security, and cameras. It creates a strong sense of security that attracts lower insurance rates.
An appearance of strong security surrounding your house or company can save you up to 20% on your insurance premiums. You may save a lot more money since surveillance systems can help you save money on insurance in a variety of ways.
Let’s take a deeper look at the ways owners can leverage security cameras to save off insurance costs.
3 Ways Security Systems Help You Save Insurance Cost
Lower Risks Equals Lower Premium Cost
Surveillance systems can help you reduce insurance from day one when your provider sends you a quote. Most insurance companies offer discounts ranging between 5% to 20% for buildings with efficient security surveillance systems.
The rationale behind these discounts is simple – buildings without surveillance security systems are 3 times more vulnerable to break-ins and thefts, and that means more work and expenses for your insurance coverage.
Some companies offer larger discounts the more sophisticated and efficient the surveillance system is.
Keep these discounts in mind when searching for insurance companies.
Have the best offers.
Companies usually offer a detailed breakdown of their requirements for their surveillance system discounts.
Fewer Theft Claims
Every theft claims you file over time increases the cost of your premium. To boot, most companies run policies that come with theft claim quotas.
But with security cameras, not only do you prevent thefts in the first place, but you also prevent additional insurance costs that could result from theft claims.
No False Liability Claims
You never can tell when someone with malicious intents will walk through your doors, stage a fake accident, and then file an accident claim against you. For construction site owners, the threat of false claims is even much greater. Disgruntled workers and opportunists might try to exploit you using work-related accident claims.
These claims can take a huge toll on your finances and dig deep into your insurance plans. On average, accident claims can amount to $22,000.
A surveillance system can help you squash false accident claims. It provides evidence to show that you’re not responsible for the accident even if it happened on your property. In genuine cases that have been blown out of proportion, evidence from surveillance systems can help you reduce the awarded cost.
Also, with proactive monitoring, you can detect potential accidents and respond quickly to prevent them or minimize injury or damages.
How Much Insurance Cost Can you Save from surveillance Systems?
Some insurance policies ensure a significant discount for having security surveillance systems. On average, these discounts can save property owners around $80 per month.
The actual amount you’ll save depends on various factors, including:
-The features and efficiency of your surveillance system
-The crime rate in your area
-The size of the property
-Other policy requirements
What Features and Functions of Surveillance Systems Attract Insurance Discounts?
Any element that improves the effectiveness of your surveillance system can help you save money on insurance. Each business’s policy has its own set of criteria.
The features that usually count include:
-Camera quality (some firms specify brands such as Bosch, Geovision, Hikvision, and others).
-The camera system’s layout (some may require the cameras to be placed within every unit space).
-Integrations like alarm systems and remote audio systems.
But keep in mind that while these features are wonderful for getting insurance reductions, it shouldn’t be the primary motivation for getting them. These features not only save you money on insurance but also provide a safer and more pleasant atmosphere for you and your family.
However, if you already have these qualities, you should make the most of them by utilizing them as bargaining points while looking for insurance carriers. Request quotations from many companies and then select one that takes these things into account more closely.
An effective security system not only helps prevent threats on your property, they can also help you minimize your insurance cost in a multiplicity of ways.
At Aclarity, we can help you maximize the cost-saving benefits of surveillance cameras. We’ll help you set up a well-rounded video surveillance system that’ll qualify for large insurance discounts. We can help ensure that your surveillance system.
-Covers every vulnerable area on your property
-Doesn’t raise privacy concerns
-Meets video surveillance regulations in your jurisdiction
-Provides video footage evidence
-Works with integrations
-Has dedicated professional expert
Want to find out more about how these features can help you reduce your insurance cost? Our friendly, informative experts are always eager to fill you in with any information you need about video surveillance systems.