GREENSBORO, N.C. — Do you have a way to detect leaks in your home or an automatic water shut-off? How about smoke detectors? A fire and waterproof safe?
Then you could get a credit and save money on your homeowners insurance policy. And if you have a home security system, you could save up to 5% off your annual bill.
"What insurance carriers want are a center monitoring system, your CPI’s or ADT’s, things of that nature where there is a team on staff to notify authorities fire or police to take action," said Eddie Nunez, Alliance Insurance Services.
What if you have a camera system and it shows inside and outside, but it's not a monitored system?
You should talk to your insurance agent anyway to see if it qualifies, but don't be surprised if it's not or if the credit isn't as substantial as a monitored system. Nunez explains why.
“Sometimes we get notifications on our phone, but often we ignore them. What we're looking for to mitigate the loss as it's happening whether it's a break-in or a fire, something we can get on top of that immediately to mitigate losses, that's what insurance carriers are looking at,” said Nunez.
Maybe you're thinking about a security system for Christmas, it's best to know what could save you money. If you've had a system but haven't told your insurance agent, you need to call and cash in.
Is this covered?
It's been a while and you haven't heard the kids. You later find your toilet clogged with toys and water damage on the floors. Does your insurance cover this?
Yes, water damage is covered by insurance. Insurance companies typically will approve a claim if it's sudden and/or accidental. Now if you have a slow leak, it will commonly be denied. This is something that should be caught during routine maintenance.
What about your Christmas lights? Have your Christmas lights ever caused a power shortage in your home?
Yes, this is covered. Typically, you pay a deductible that will cover the damage.
Lastly, does your insurance cover stolen Christmas gifts?
Homeowners insurance and renters insurance will cover personal items that are stolen. Automobile insurance only covers the car. It will not cover items inside of it.