Will Biometric Locks Affect Homeowner’s Insurance?

How Do Biometric Locks Impact Your Homeowners Insurance? | Bankrate

Biometric locks, which can be unlocked using a PIN or fingerprint, offer a convenient and secure way to access your home. While insurance companies typically don’t offer concessions for these locks, they may provide concessions for comprehensive security systems, so it’s worth comparing options.

Describe A Smart Lock

Smart locks provide a flexible alternative to traditional locks by using wireless technology and internet connectivity to lock and unlock your door. They can save you the cost of rekeying your door if keys are lost or stolen. Biometric smart locks use personal biological data like fingerprints, while other smart locks use keyfobs, keypads, touchscreens, or apps for access.

Smart locks offer flexibility by allowing you to set and change user access without needing locksmith services. You can easily add or remove users and make instant changes. For instance, if you have a contractor, you can grant them access for specific hours over several days to complete their work efficiently. Additionally, when selling your home, you can provide access to realtors for showings using a smart lock.

Smart Locks: How Secure Are They?

In general, smart locks are secure as long as you adhere to some fundamental security rules. The majority of smart locks are wirelessly connected to your home’s network. Your smart locks should be a secure security measure as long as your home network is protected so that it can only be accessed using a password that only you and trusted people know.

Smart locks’ security with PINs or passwords hinges on the safety of those codes. It’s crucial to avoid using easily guessable codes based on personal information. Storing your lock code on a sticky note in your car or bag is not advisable. The same caution applies to backup keys. 

Security professionals say the smart lock hardware might not be any safer than a conventional deadbolt. Even though you might not need to worry about having a spare key, if your lock’s cyber security is weak, a skilled hacker could bypass it, or determined burglars could decide to break in through a window or another opening. The most secure smart lock is fully integrated into a home security system.

Will Biometric Locks Impact My Homeowners Insurance?

Smart locks are typically pricier than traditional door locks, and most home insurance companies only provide concessions for them if they are part of a comprehensive security system. Insurers generally view smart locks as a convenience rather than a substantial security improvement, so they don’t offer savings. However, many insurers offer concessions for security systems included in homeowner’s insurance. You can use a home insurance calculator to calculate the estimated costs of premiums.

Several additional factors determine your home insurance premiums. When determining rates, insurers consider the location and age of your home, safety features, rebuilding costs, and more. Finding the most affordable home insurance provider for you can be challenging without researching and comparing prices, home insurance coverage, and available concessions from different companies.

Your home insurance premiums will be lowered for years, thanks to a homeowners insurance concession for security system installation. ##

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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