How Will Security Measures Lower My Insurance Rates?

man installing a security camera

Whenever we think about alarm systems, we always find ourselves coming back to a couple of unsettling statistics from the FBI.

  1. Burglaries happen every 15 seconds
  2. Homeowners that have no security system are three times as likely to be the victims of a break-in than those that have a security system.

Insurance companies know these statistics. They know having a security system will create a safer living space for you and your family and that many alarm systems protect against other threats, like fire, water damage and carbon monoxide.

As such, you’re less likely to file an insurance claim, which means your insurance company saves money. In many cases, they’ll pass those savings on to you.

On average, putting alarm systems and other security measures in your home can reduce your homeowners insurance rates by as much as 20 percent.

Filing a home insurance claim after a burglary

First, let us say we hope you’ll never need to use these tips. The thought of coming home to find out you’ve been the victim of a burglary is frightening.

But if that happens, here’s what you need to know about filing a theft claim with your insurer.

  1. Contact the police

One of the first things your insurance company will ask for is a copy of the police report. When you speak with the police, get the names of the responding officers in case your insurer needs this information in the future.

  1. Talk to your insurance company

Once you’ve contacted the police and filed a report, talk to your insurance agent or insurance company. They can tell you the next steps to take in filing your claim. Make sure you find out:

  • What your policy covers and doesn’t cover
  • Whether the claim will exceed your deductible
  • If you can repair any damage from the break-in

In addition, find out if there any deadlines for filing claims. After you’ve talked to your insurer, take time to look over your insurance policy. It may answer some of your questions.

  1. Document what was stolen or damaged

Make a list of everything that was stolen and all of your property that was damaged. Once you have that list, compile any photos, receipts, credit card statements or any documentation related to your stolen possessions. This will help show your insurer those things actually exist and speed up the process of replacing them.

Take photos or video of anything damaged during the break-in. Repair anything that would leave your home open to future burglaries or harm if left unfixed. Hang on to any receipts connected to these repairs. Your insurance company will ask for them later.

You should also keep your receipts if your break-in has forced you to seek temporary housing elsewhere. Ideally, you should talk to your insurer before moving into a hotel, but the key thing here is holding onto the receipts.

  1. Fill out your forms

Soon after you report the burglary to your insurance company, your insurer will send you claims forms. Fill these out as soon as possible, as waiting will delay your payment.

  1. Work with your insurance adjuster

Your insurance company will likely send an adjuster to your house to get an assessment of your losses. Answer their questions, give them the documentation they need and let them inspect your property. This will go a long way to making sure your claim is resolved quickly.

Again, we hope this is advice you never have to use. And as we said earlier, homes with alarm systems are less likely to be targeted by burglars.

Holicong Security can help you protect yourself and your family. Whether it’s video surveillance, smoke and fire alarms or burglar alarm systems, homeowners in the Philadelphia area and New Jersey have long counted on us to keep them safe. Contact us today to learn more.

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