How smart locks impact your home insurance rates

The latest smart home technology makes life easier and safer. Smart or biometric locks add a layer of security to your home by requiring a pin or fingerprint before unlocking, which can be more secure and convenient than a traditional key. Anyone with the key to your home can use it to enter, but your PIN or fingerprint is unique enough to prevent others from entering your home. Smart locks can also be easily updated if you want to remove a person’s fingerprint or change their passcode when you no longer want them to have access to your home.

What is a smart lock?

A smart lock uses technology (and the internet) to lock or unlock your door and offers a more flexible solution than the traditional lock and key. Replacing your home lock with a smart lock saves you the cost of resetting your door after someone leaves or a key is lost or stolen.

With a smart lock, you can quickly reprogram access for free and define as many (or few) users as you want. There is no need to wait for a locksmith to come. The changes happen almost instantly. Depending on the smart lock, you can even set up a user for a limited time, which can be useful if a contractor works in your home. You can give the contractor access to certain hours in a certain number of days so that the worker can complete the project in the allotted time.

There are several types of smart locks available:

  • Keypad door lock: You will need to set and enter a PIN code to unlock the door.
  • Wireless door lock: A wireless lock connects to your phone via Bluetooth or wirelessly and comes with a smartphone app that can open and close the front door. You can usually also open or lock the door remotely through the app.
  • Proximity door lock: These door locks come with small key rings that can lock or unlock a door when you are near the door lock.
  • Biometric door lock: The most advanced type of door lock, it can scan your fingerprints or the retina of the eye (more expensive) to open or close.

Most smart locks come with a backup key in case your power or internet connection goes down, so you’re not stuck.

How secure are smart locks?

Smart locks are generally safe if you follow some basic security protocols. Most smart locks are connected to your home network. As long as your home network is secure and accessible only with a hard-to-understand password, your smart locks should be pretty secure.

Additionally, smart locks that require passwords or pins are only safe by the way the pins are kept and managed. A code of 0000 is extremely easy to understand, offering little security. Avoid writing down your smart lock code in a way that can be easily found or identified, such as keeping a sticky note titled “smart lock” in your vehicle or bag. The same is true for the backup key intended to be used if the system is down. Keep the key in a safe place, so that no unwanted person has access to it.

As for the smart locking hardware itself, it might not be more secure than a traditional deadbolt. Determined burglars might open it or choose to enter your home through a window or other point. A smart lock is more secure when it is an integral part of a complete home security system.

Will smart locks affect my home insurance?

Smart locks are generally more expensive than a standard door lock. Most carriers currently don’t offer a discount on your home insurance policy for them, unless you use the lock as part of a larger security system. Liberty Mutual is currently the only insurance company that specifically offers a 5% discount just for installing a smart lock.

However, many carriers offer discounts on home insurance for security systems.
A home insurance discount for security system installations will likely reduce your premiums for years to come. Insurance companies that offer a discount for smart locks and home security systems include:

However, discounts on security systems are quite common, so be sure to shop around to find out more about carriers in your area that have these deals.

Frequently Asked Questions

How Much Does a Home Security System Save on Insurance?

The amount of savings depends on the carrier itself and the type of security system installed. Insurance companies tend to offer larger discounts for home security systems installed and monitored by professionals. However, many companies offer some sort of discount for DIY self-installed systems.

What is the average price of home insurance?

Bankrate’s Homeowners Insurance Cost Report found that the average price for $ 250,000 in home insurance is $ 1,312 per year. However, rates can vary widely depending on your state and the amount of coverage you need.

What are the best home insurance companies?

The insurance company that is best for someone else may not be for you. To find the right one for you, get quotes from multiple carriers to compare coverage and pricing. Bankrate has analyzed several carriers and identified our picks for the best home insurance companies, but there may be better options, depending on your needs.

About Roberto Frank

Check Also

Sophisticated design and good quality camera

The latest smartphone model in town from the OnePlus brand is its 10R 5G. Launched …

Leave a Reply

Your email address will not be published.