Friendly neighbours can lower home insurance

Posted : 06-04-2006

British homeowners are more likely to put faith in their neighbours than an alarm for home security when they go on holiday, as a strong community spirit can be just as powerful a deterrent to criminals.

With thousands of burglaries committed every year while the owners are absent home security and home insurance are key concerns.

A survey by HSBC found that 73 per cent of Brits had asked their neighbours to keep an eye on their home while they were away, compared to just 44 per cent who had installed a burglar alarm.

While this may appear to be a case of homeowners scrimping on security, areas with a neighbourhood watch scheme frequently see a reduction in intruder crime, and an associated drop in home insurance premiums as a result.

However, burglar alarms can have an even greater effect on home insurance premiums, as many providers offer discounts for additional security measures, such as heavy duty locks and burglar alarms.

Stephen Young, head of general insurance at HSBC, said, "On the whole we have become more security conscious and, as our survey shows, we are even willing to turn to our neighbours for additional peace of mind. What householders may not realise is that other methods of security not only act as good deterrent against burglary but can also save money on home insurance premiums.

"Additional measures such as fitting an alarm system, having approved locks on the windows and becoming a member of an approved neighbourhood watch scheme could not only help to beat the burglar but with HSBC, could potentially save up to 15 per cent on insurance premiums."

Ultimately homeowners are encouraged to make some form of security measures when they go away, as complacency could work out being far more costly in the long run.


© Adfero Ltd

The views expressed within the article are entirely those of Adfero Ltd and are not those of BDML Connect Ltd