Home Security in our Costly World

During the current cost-of-living crisis, you might consider cancelling or switching insurance policies to reduce spending. However, opting for a lower level of cover solely because it’s cheaper could cost you more in the long run. Adequate home insurance is necessary to protect you and your family from potentially devastating financial losses. Lets explore home security in a costly world…

There is a crucial link between home security and your insurance premium and with our current cost-of-living crisis, they go hand in hand more than ever. Many people are considering reviewing their home insurance to reduce spending.

Due to our current crisis, we are also seeing increasing rates of crime and burglary. While householders can’t influence crime rates, you can take steps to ensure that you are less vulnerable and that before making changes to your home insurance policy, you understand the factors that impact home insurance premiums.

Security and its impact on your home insurance.

Generally, the more secure your home is, the less home insurance you will pay as insurers will view your home as less vulnerable to crime.

Here are some home security tips you could consider to help your home become less vulnerable to crime:

  • Install security cameras. Security cameras can allow you to see and hear what’s happening inside and around your home. The footage from these cameras can be viewed on most smartphones, tablets and computers so you can keep an eye on your home from near or far.
  • Secure windows. Windows are an easy entrance point for burglars. Lock your windows whenever you leave the house and at night during warmer months. In addition, if you can prove to your insurance provider that your windows are secure, you may receive a more affordable insurance quote. 
  • Store valuables. Ensure valuables such as jewellery, laptops and keys aren’t visible or easily accessible in your home if you’re away or sleeping. Burglars are known for sighting opportunities to take easy, valuable items.
  • Install lights for night-time. Motion-activated lights can help deter criminals, as most want to go unseen. In addition, leave your porch and side-door lights on for additional visibility.
  • Avoid making it obvious when you’re away. It’s easier for a burglar to enter your home and steal belongings if they know someone isn’t home. If you’re away for extended periods of time, such as on holiday, avoid posting it on public social media accounts. Also, consider having a trusted friend check your home while you’re away.

Home insurance considerations

In addition to following proper home security precautions, it’s important to complement these measures with adequate home insurance.

It’s necessary when reviewing insurance to reduce costs of premiums, you understand the all of components that affect your home insurance premium, not the least because cover can differ vastly depending on many factors. These include the following:

  • Home details—Larger or older homes often cost more to repair, meaning they may be more expensive to insure. Additionally, properties in certain locations may be quoted higher prices—including homes further away from emergency services or in high-crime or flood-risk areas.
  • Market factors—A myriad of external influences, such as government rulings or severe weather events, can influence insurer pricing decisions. Furthermore, when the cost of materials needed for home rebuilds or repairs increases during periods of high inflation, premiums may also go up.
  • Type of cover—The type of cover you select, as well as limits, deductibles and additional endorsements, affects the price you pay.
  • Personal information—Your credit history, marital status and previous insurance claims may all influence your premium, as does the number of people in your home.

It’s important to understand the factors that affect your home insurance premium so you can fully comprehend the reasons behind any pricing changes and—more importantly—check that you’re adequately insured, reviewing your cover with necessary knowledge.