There are many factors that determine your insurance rates, whether you’re looking at home or commercial property insurance quotes.
The location of your property is arguably one of the biggest. High risk areas, such as Chorlton in Manchester or Hammersmith in London, where more insurance claims for theft are made, are more likely to see bigger premiums.
However, there are a lot of elements that contributes to a property’s risk factor, and security is certainly one of them. Improved security can make a difference to the price, but it’s not a simple case of “install this and your bills will reduce by this much”.
Find the right insurer
As always with insurance, it’s important to compare quotes to find the best deal. Some insurers will require certain security standards to be met for a policy to even cover a property – this is particularly true of businesses premises. Other insurers will reduce rates as security improves, others may not. The extent to which rates will come down will also vary. Be sure to ask questions and shop around.
There are a huge range of security features that businesses can use to lower their insurance premiums, thanks to a security standard that is universally recognised by insurance providers.
The Loss Prevention Certification Board have a set of standards, called Loss Prevention Standards (LPS), that are used to certify fire safety and security equipment across the UK, and around the world.
Products tested to LPS are generally approved by insurers – if anything is going to reduce your insurance premium, it’s a door or grate that meets LPS classifications. For example, our security grilles and gates are approved to LPS1175 Security Testing Classification 1. Steel security doors and roller shutters also provide excellent security.
In the home
While it’s understandable that the average homeowner won’t want to fit all of their doors and windows with roller shutters and grates, there are a number of security features that you can install around the home that will reduce your insurance premiums.
Double glazing provides savings on your energy bills, but can also reduce your insurance premium too – particularly if you have key-lockable windows.
Burglar alarms are also an obvious option for improving home security, but it’s essential that they’re used in the way you said they would be in your insurance agreement. For example, if you’ve said they’ll be on overnight as well as when you’re out of the house, you won’t be able to claim if there’s a break-in at night and your alarm is off.
While not appropriate for every door and window, roller shutters can be an ideal solution for securing a garage, and window grates are often used for basement windows – particularly if they’re easily accessed from the road or a back alley. If they’re also tested to LPS classifications, you’ll likely be able to find an insurer who will consider these in calculating your rates.
Weighing the cost
While it’s unlikely your home or commercial property insurance will be reduced to the point that security features such as grates and roller shutters will pay for themselves, the true value comes in deterring theft and protecting your property.
A break-in can be costly, even if you do have insurance – paying the excess, making repairs, replacing stock or possessions, lost time at work, and so on. Security features prevent that break-in from ever happening, or even being attempted – the reduced rates are an added bonus.
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