How smart locks impact your home insurance rates

Smart home technology is making life easier and safer. Biometric or smart locks provide additional security by requiring a pin and fingerprint to unlock your home. This can make it more secure than traditional keys. Your house key is accessible to anyone who holds it. However, your fingerprint or pin are enough to block others from getting in your home. You can easily update smart locks to change the code or remove someone’s finger print.

What is a smart lock and how does it work?

Smart locks use technology (and the Internet) to unlock or lock your door. They are more flexible than traditional locks and keys. A smart lock replaces your home’s locks and saves you money on having to have your door rekeyed after a move or when a key is stolen or lost.

A smart lock allows you to quickly reprogram access and assign as many users (or as few) as you wish. You don’t need to wait for a locksmith. Changes can be made almost immediately. You can set up a user for a specific time depending on your smart lock. This could be useful if you have contractors working in your home. The contractor could be granted access to certain hours in a set number of days, so that the worker can complete the task within the time frame.

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There are several types of smart locks:

  • To unlock the door, you will need to set the keypad lock and enter a pin.
  • Wireless door lock: This wireless lock can be connected to your smartphone via Bluetooth or wireless. It also comes with an app that allows you to open and close the door. The app can be used to remotely lock or open the door.
  • Door locks with proximity: These door locks have small keyfobs which can unlock or lock a door if you are within close proximity of the lock.
  • Biometric door locks: This is the most advanced type of lock. It can scan fingerprints and your retina to open and close doors.

Smart locks usually come with a backup key so that you don’t get locked out if your internet or power goes down.

Smart locks are extremely secure

If you adhere to basic security protocols, smart locks can be made safe. Smart locks can be connected to your home network. Your smart locks will be safe as long as the network is secure so that it cannot be accessed by anyone other than you.

Smart locks that require pins or passwords to operate are only as secure as the way they are managed and maintained. It is very easy to find a code like 0000, which provides little security. It is best to not write down your smart lock code in such a way that it can be found easily. For example, keep a sticky note with the label “smartlock” in your car or bag. This is also true for the backup key, which is intended to be used in the event of a system failure. Make sure the key is kept safe so that no unwelcome individuals can access it.

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The smart lock hardware may not be as secure as a traditional deadbolt. It could be opened by a determined burglar or they could choose to enter your house through a window or another point. Smart locks are more secure when they are part of a comprehensive home security system.

What will smart locks do to my homeowners insurance?

Smart locks tend to be more expensive than standard door locks. If you install the smart lock as part of an extensive security system, most carriers will not offer a discount on homeowners insurance. Liberty Mutual is the only insurer that offers a 5% discount for installing a smartlock.

Many insurance companies offer discounts for homeowners who have security systems.
For many years, a homeowners discount on security system installation insurance will reduce your premiums. There are several insurance companies that offer discounts for smart locks and home security system installations:

Discounts for security systems are quite common, but it is worth looking around to find out more about the carriers that offer them.

Questions frequently asked

How much insurance can a home security system reduce?

The type of security system and the carrier will determine the savings. Professionally installed and monitored home security systems are more attractive to insurance companies. Many companies offer some discount for DIY systems that are self-installed.

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What is the average price of home insurance?

Bankrate’s report homeowners insurance costs showed that $250,000 of dwelling insurance costs is on average $1,312 per annum. Rates can vary depending on where you live and what coverage you require.

Which are the top home insurance companies?

You might not find the insurance company that works best for you. Get quotes from multiple carriers to compare rates and coverages. We have analyzed many carriers to identify the best home insurance companies. However, there might be better options depending on your specific needs.