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How Security Devices Can Lower Your Insurance Premiums

      By: Alex De Mostafa

The better you protect your property - home, business and vehicles (the usual things you buy insurance for outside of health and life coverage) - the more you will save on premium costs. For vehicles, the situation is simpler to understand, since automobiles are similar to one another in more ways than buildings are, which can vary greatly as regards doors, windows, visibility, lighting and so forth. For your car or truck insurance you can get premium discounts for built-in or aftermarket alarm systems, vehicle locator beacons and on-board GPS. The GM OnStar system, being implemented in other ways now by other companies, is a particular money-saver, as it allows remote control of vehicle systems.

Security devices for the home and business can lower your property insurance, as well, although the ways and means are much more varied. Insurance companies like the idea that property owners are proactive in protecting what's theirs, as it reduces claims and lowers the amount insurers have to pay out. Since it's financially advantageous to the insurers, they offer discounts for people who take these extra precautions. Naturally, every insurance firm has its own way of calculating these discounts, so there is no single, cookie-cutter recommendation to follow. The premiums are affected by many variables, just as the way you will protect your property will differ from the way others will, based on location, type of structures, numbers of entrances and windows, etc.

Specific expectations?
It just may be that when you talk to your insurance agent about reducing your premium based on your installation of certain security measures, he or she may inform you that the company has certain requirements. Having deadbolt locks on doors is a common one, and an electronic alarm system is also often a must. Other firms may have other requirements, and you may find that you need to shop around again to get the best deal. Some companies go so far as to give you a discount for participation in your Neighborhood Watch Program.

The more measures you take and more security equipment you install, the better, as long as you understand what it is your insurance company is looking for. Video surveillance with recording and archiving features is considered both a deterrent and an evidence-gathering mechanism, and will be smiled upon by all insurers. Having a third-party security firm remotely monitoring your property is, of course, a big advantage, since insurers have good statistics on how these various security measures reduced the risk of not just theft, but losses due to fires, floods and other "acts of God."

Don't forget the basics
In addition to the latest surveillance equipment - which includes motion, heat and other sensors, too - there are the tried and true methods that can help, as well. Insurers also take note of security doors, window bars and grills, sliding door pins and similar hardware, strike plates, fire and smoke detectors, and the various sensors that can interface with your electronic security. All of these, both active and passive measures, will reduce your premiums because they reduce risk. Not only are risks reduced, however, losses are also minimized because of the rapid response that many of the systems elicit from firemen, police and other officials. The sooner a theft, fire or other untoward event is detected, the lower your losses, and the lower your losses (of course, you are aiming for zero!) the lower your premiums will be over time.

Your property, whether a home or a business, represents your livelihood, inasmuch as a good portion of your net worth could be tied up in it. However, people are irreplaceable, both family and employees, and it is important to remember what it is that you are protecting and securing. Human resource professionals know quite well that business owners that take steps to protect their property and their employees enjoy greater loyalty from their staffs, who are able to work in secure surroundings without the fear of being robbed or assaulted.

Do the math
You may actually save enough on insurance premiums to offset the addition of more security equipment, too. When you do the math, you will find that security equipment is a bargain, and when you learn how security devices can lower your insurance premiums you can design a plan that is affordable and comprehensive at the same time. Some companies offer discounts based on certain criteria, so it pays to find out about these requirements before you start spending money to improve security. Working with your insurer, it is clear that the thoughtful application of "security mindedness" to your home or business is one of the best steps you can take.

Article Source: http://www.dollarchurn.com/articles

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