Simply put, if you're looking for a discount on your insurance policy, it depends on how you answer a couple of questions. For instance, which type of security camera system do you own, is it monitored, what state you live in, and which insurance company do you have? Most insurance companies offer a percentage discount for monitored surveillance systems. Whether you have commercial or homeowners insurance, the potential savings certainly await! With that said, it's up to you to look at the big picture. Before taking the leap towards installing security cameras or a surveillance system, let's talk. The biggest savings may come from where you least expect it.
The Ins & outs of insurance discounts
When it comes to insurance discounts for security, one thing is sure, each insurance company has it's own set of rules. Some insurance companies require proof of purchase, others will simply request the systems specifications. As of yet, we've not seen an insurance company offer a discount for installing un-monitored CCTV security cameras. Even if your security cameras are linked to motion detectors, which sound an audible alarm upon unwanted guests, a discount simply does not apply without you or emergency personnel being notified automatically.
Some insurance company discounts can be as much as 20% but the majority are far less. To receive the maximum discount, a monitored security system will be required. State Farm Mutual, for example, offers two different types of discounts depending on they type of monitoring. If your system is linked to a central monitoring station, which automatically notifies emergency personal, you may be eligible for up to a 15% discount. However, if your system only notifies you, the home/business owner, you're looking at up to a 7% discount. Again, insurance companies will usually not offer a discount for an audible alarm system only, meaning there is no form of active/automatic monitoring.
vs. monthly monitoring fee?