Almost always, yes! Security cameras or a home security system will almost always lower your cost to insure a home. They might also help you sleep better at night and reduce your stress when you’re away from home.
At Vargas & Vargas Insurance, our goal is to provide you with honest, thoughtful answers to your insurance questions. Customers ask us about security cameras and security systems and how they relate to homeowner’s insurance in Massachusetts. So let’s explore the issue.
Massachusetts Homeowner’s Insurance Basics
Homeowner’s insurance in Massachusetts is based on fire coverage. If your home burns down — in whole or partially — a homeowner’s insurance policy will protect the investment by paying the homeowner for the amount of the loss. The idea is to make the homeowner “whole” again after a loss, and it’s called indemnity. Here are some other important facts to keep in mind:
- Homeowner’s insurance also covers other “perils,” like theft, hail, lightning, smoke damage, and so on.
- It rarely covers earthquakes or floods. Earthquake coverage can be added to most homeowner’s policies with a rider. Flood insurance will need a separate policy.
- Millions of homes in the US face flood risk, even ones not in a federally mandated flood zone area. You can purchase flood insurance.
Insurance companies know that security systems reduce theft instances and can reduce the damage caused by fire or other emergencies. That’s why all insurance companies will offer a discount when your security system is centrally monitored and a smaller discount when it is not.
There are a few other ways to reduce your insurance premium too.
Other Discounts and Savings on Homeowner’s Insurance
Every insurance policy is a unique contract between the insurer and the insured. In addition to savings for a home security camera, you might also save money by:
- Bundling multiple lines of insurance — like your car insurance — with a single provider
- Installing sprinklers
- Replacing an old roof
- Adjusting your deductible to a higher amount — though that means you’ll be on the hook to pay for more damage out-of-pocket in an emergency, and your mortgagee might have minimum deductible requirements
The staff at Vargas & Vargas Insurance is proud to be your premier local independent insurance agency. We work hard for our clients — not the insurance company. We’re ready to customize your homeowner’s insurance coverage to your specific needs and budget. We’re also glad to answer all your Massachusetts homeowner’s insurance questions. Need a quote? Then let’s talk!
