How will smart security devices affect your home insurance?

For many years, homeowners have installed alarm systems on their doors and windows, sometimes connected with a service that summons the police if a break-in occurs, and some insurance companies have given a discount on home insurance as a result. Now, a whole new generation of smart home security products is being rolled out, including smart security cameras and smoke detectors, and a device that will allow you to answer the door from your smartphone, even if you are not at home.

The question arises, will all of this new technology enable you to get a break on your home insurance? According to a recent article in Digital Trends, probably not – at least for now.

While most people surmise that smart security devices will cut down on losses that are due to burglary and fires, the data right now is lacking to make such a conclusion. Insurance companies calculate risk according to data, in this case, whether or not such devices reduce risk. Without the data, your insurer simply will not be able to give you a discount on your premiums.

On the other hand, various experts agree that the introduction of such devices will show a reduction in risk for your home over time. However, it may take as long as a decade for the data to come in and for insurance companies to take that into account when calculating risk and premiums. In the meantime, you should feel free to install as many smart devices in your home as your budget allows. Losses from fire or burglary are a hassle, even if they are insured.

For all questions regarding home insurance, feel free to contact The Insurance Mart serving Blue Ridge, GA.