The advent of home security that can be accessible by smartphone or tablet has been a huge boon to legions of families across the world. Control over energy use, monitoring systems for doors against intruders and to know when your kids arrive home, and alarm systems have all given their user base lots of much-needed peace of mind, and the field itself is a burgeoning market, with scores of companies all trying to get a piece of the pie. It seems that the only sector of the economy getting less than a fair deal in this technology breakthrough is the home insurance industry.
The home security programs that allow the user to control energy and entrances into the house do not run cheap, and because these are so pervasive throughout the home’s appliances and integral to the home itself, it may change the insurance rates that its users will pay. Cohen Quinn, home portfolio manager at Vero, says that these systems will “add to the value of their contents and thus to the sum insured.”
This means higher premiums for the homeowners, due to the fact that thanks to their link into the security system, items are more expensive to replace, and because thanks to this monitoring system, break-ins and other damage should become less commonplace. This may cause fewer people to buy into the system, and to raise the money for when these events do occur, premiums will have to go up if fewer people are paying into it for an even more expensive home...Read More >>>
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