Just Upgraded Your Locks

Just Upgraded Your Locks? Insurance May Reimburse You

I love hearing positive stories from locksmith clients.  One of the most recent came from a single mom living who had gotten locked out of her home.  The locksmith was able to come quickly and open up the lock so she could get inside.  But the reason that the woman was thrilled wasn’t just because of the fast, efficient service she got.  Her joy was because the locksmith gave her some advice: upgrade your lock and you could get a big discount on your insurance premiums.

Insurance premiums can take a huge toll on your monthly budget.  Luckily, the insurance companies do reward policyholders for making responsible decisions.  Often, insurers will give you a discount on your premiums just for having a secure locking system such as a deadbolt for a home.

The locks that you buy at a standard hardware store will have a grading system on them.  These grades have been established by the American National Standards Institute and the Builders Hardware Manufacturers Association.  You will see your options listed as Grade 1, 2 or 3 with Grade 1 offering the highest security.  It is often hard for homeowners to understand the differences between these locks.  A locksmith can help you choose the best lock for your security needs – and which will get you that insurance premium discount.

All insurance companies have different policies about discounts for lock systems.  You should call your insurance provider and ask whether you can qualify for a discount by putting in a high-security lock.  In many cases, you may have to have the locking system installed by one of their recommended locksmiths.  Even if you want to do the work yourself, you may still need to have it evaluated by their locksmith.  The cost of installation and locksmithing will fall on you.  However, it is usually only about $100 for a complete installation (including the cost of the lock and locksmith work).  While this may be pricy for some, the long-term savings from insurance discounts can be massive.

In some cases, you may also be eligible for discounts on your car insurance too by installing special locking systems. Do note that car locksmiths tend to be much pricier.  However, these locksmiths know firsthand how easy it is to steal a car, which is why the insurers are willing to give you a discount if you upgrade your locks.