Accenture, a recognized global expert in digital, cloud and security, published in 2021 its bi-annual Global Consumer Study, surveying almost 48,000 insurance consumers on their expectations, behavior, and experience of industry products and services during COVID-19.

Home security was a significant element of the study. The results helped to better define how the insurance and security industries could better serve consumers. The results also offered key consumer insights to how COVID-19 has impacted their online behaviors, which in part is leading to an increased need for cyber security insurance products at home.

We thought the highlights of these findings were worth sharing, especially for small business owners, who are still trying to navigate the new realities of the pandemic and what comes next.

Here are some key excerpts from the study:

• During the first six months of the pandemic, the share of retail consumers who ranked financial security as one of their top three concerns rose from 36% to 50%.
• Homes have become digital fortresses. Not only is it a safe port in the COVID-19 storm, home is also functioning as a school, office, and a shopping mall, all of which are significantly changing how consumers view the role of their homes.
• Protecting the connection of the ever- critical link between home and the outside world has become paramount. The Internet Crime Complaint Center at America’s Federal Bureau of Investigation (FBI) reports that by June 2020, daily digital crime had risen by 75% since the start of stay-at-home restrictions. By the middle of 2020, the number of complaints received nearly surpassed the total for 2019.
• Identity and personal data protection concerns are the top concerns when it comes to home security. One in five consumers from the study worry their data will be stolen if they share it with providers. The increased traffic and use of the home computing environment is quickly making digital security a premium for consumers.
• Working from home has radically altered many consumers’ lives. Of those who can work from home, 56% expect to do so more frequently in the long-term than they did before the pandemic.
• While insurers have traditionally considered “cyber” coverage a commercial insurance product, consumers have grown increasingly open to that kind of offer. About 76% say they want help in dealing with cybersecurity threats.
• More than half would be interested in home cybersecurity insurance where premiums are tied to using the latest virus protection software. Millennials and younger consumers are particularly interested.
• School from home. Prior to COVID-19, just 4% of educational institutions were serving students through online programs. Nearly half of institutions had no online programs at all. That reality was quickly upended creating a massive migration to remote learning for school systems who could make the switch.
• Accenture predicts online purchases from new or low-frequency online shoppers will increase 169% post-outbreak, due to new habits formed during the pandemic.
• Working from home has also created changes in usage which have led insurers to offer rebates and decreases in rates on auto insurance. However, in some cases, prices of property coverage may increase in higher risk locations.

Reinventing the insurance offering from simple mitigation to one of end-to-end support changes the game. Helping protect consumers in an age of ransomware, malware, and other cybersecurity threats presents insurers with a way to grow their business in a new area, deepening and broadening their relationship with consumers.

If you’ve spent even a small amount of time surfing the net over the past couple of years, no doubt you’ve seen lots of instances of porch pirates and other baddies committing crimes on the front entrances to people’s homes.

Although many people continue to commit these types of illegal activities, a lot more of them are getting caught with the help of doorbell cameras.

When used with other elements of an overall home security system, doorbell cameras can add potent crime-fighting punch to your home by making it a much harder target.

Here are some things you’ll want to know and think about before deciding which system is best for you.

Think about these before shopping for a doorbell camera.

Homeowner vs. Renter. If you own your home, you have almost limitless options when it comes to doorbell cameras. Your biggest challenge will be deciding which options to include based on what you want your doorbell camera to do.

Keep in mind that doorbell cameras are either wired or wireless, and if you’re a renter, you may need to check with your landlord to see if they have any issues about drilling holes in walls or other mounting concerns with a wired system. If you are a renter and get your landlord’s permission to install a wired system, make sure you get that permission in writing. In some instances, your landlord may even pay for a system as an investment in their property.

Compatibility. If you already have other security systems installed in your house, you may need to check to see if adding a doorbell camera will be compatible with what you already have in place. Wireless doorbell cameras work in conjunction with Wi-Fi networks. Hardwired doorbell cameras are powered by connecting wires to an existing doorbell.

If you have any degree of home automation currently installed, it shouldn’t be too difficult to connect your doorbell camera and sync it with your existing home security and automation equipment.

In some cases, you may want to buy a whole-house security and automation system with a doorbell camera as one of the pieces that fits in with other functions such as remotely locking your doors, turning on lights, opening your garage door, and controlling your thermostat, among others.

Installation. Many doorbell cameras on the market are purposely made for DIY installation. These are typically powered by a battery, meaning there are no wires to mess with.

Other systems require hardwiring by connecting them to your existing doorbell system. Detailed instructions are often provided, but if you don’t have the tools and experience, it might be better to pay a few dollars and have the installation done correctly.

Before you hire someone, check your doorbell camera warranty requirements. The warranty could be voided in some cases if you don’t use an approved vendor.

Costs. System costs vary widely, and you may need to do some trading off to get what you want in exchange for what you can afford.

Features to Consider

You have lots of options.

Motion Detection. When your doorbell camera detects motion, it sends you an alert so you can see who is there and decide how to respond. Some higher-end systems let you set pre-designed zones for monitoring, so you don’t get alerts from passing cars or people walking by on sidewalks. Some systems also can distinguish between people, pets, or other objects, so you don’t get unnecessary and continuous alerts.

Resolution. Cameras are sold with anywhere from 480p to 1080p. The higher the resolution, the sharper the image, but you’ll likely pay more.

Night Vision. Lots of things happen when the sun goes down, especially in the winter when days are shorter. This feature lets you see clearly who is at your door 24/7.

Field of View. Some cameras only let you see 90° (to the front only), while others may give as much as a 180° view.

Two-Way Audio. This allows you to communicate through your doorbell camera. This is a great feature. You can speak to anyone who comes to the door, either giving delivery people specific instructions or scaring away porch pirates by talking to them.

Storage. When you upload footage to the cloud, you can keep a history of motion alerts for 30 days or more, giving you lots of video evidence you may need to catch a crook. Some doorbell cameras offer limited free cloud storage but most of them charge an additional fee. Other cameras only provide local storage via a microSD card which can usually accommodate anywhere from 16GB to 128GB cards.

Warranties. Most doorbell camera systems carry a one-, two-, or three-year limited warranty, and some even have a limited lifetime warranty. Others also have a customer satisfaction and a replacement guarantee if your equipment is stolen.

Weather Resistant. How well will your doorbell camera hold up against the elements? Extreme heat and cold protection are things you should look for if you don’t live in a temperate climate.

Cost and Companies

On the low end, a low-resolution, battery-operated system usually costs $100 or less. Prices can range up to $500 for a hardwired video doorbell with several features.

You may need to also consider installation costs and if you’re storing images on the cloud, expect to pay a monthly fee.

Competition has exploded among manufacturers in recent years. Some of the best quality and most well-known doorbell camera brands include:

• DoorBird
• Nest Hello
• Ring
• SimpliSafe
• SkyBell
• Vivint

The Bottom Line

You can get a lot of value for a relatively small investment in a door camera system. The key is to decide what level of security and features you want, compare manufacturers, warranties, and costs before buying the best system for your needs.

There certainly can be.

The statistics don’t lie: Crime appears to be trending upward nationwide. It’s no wonder home security systems are such a hot ticket these days.

But can you have too much? Are you creating a false sense of protection or adding an ominous and intimidating burden for your friends and family?

It happens more than you think. And, like any important (and possibly expensive) purchase, it is easy to get carried away and purchase features you simply don’t need.

What is the right level of security?

To us, the best answer is whatever level makes you feel safe. That said, it is easy to get caught up in the momentum of an important purchase like this and find you have over bought for your needs.

Here are some questions to consider in planning for a security system:

• What am I protecting?
• Is it inside, outside or both?
• Am I in or near a high crime area?
• How often is the home empty?
• What time of day is it empty?
• How safe do I feel at home?
• How technically savvy am I?
• How much am I willing to spend?

Imagine how many different combinations of answers could come from these questions? Who lives at home with you? Do you have a lot of jewelry or valuables? Are your vehicles parked outside or in a garage? Do you work during the day or night (most burglaries happen during the day)? Do you get a lot of deliveries to your home? Do you have young children?

Our advice is to be super diligent in your process so you don’t end up with a Ferrari when all you needed was a Volkswagen.

Plan the work, work the plan

The answers to the questions at the start of this article will provide a good starting point to help you put your needs in some order of priority.

One of the first questions a good sales person should ask is what you are looking to protect. The answer to that will go a long way toward helping you keep your project focused on what’s most important.

Another important reason to have a plan is to help you compare competitors. If you have told them all the same thing then you have a much better chance of making a good decision.

Establish a budget

There are three components to a security system: equipment, installation and monthly monitoring service.

If you are reasonably handy around the house and only need a camera or two to watch your doors then you will save a lot of money. It is easy to find excellent cameras for $50 or less in stores and there are no installation or monthly service costs.

If your needs require a more sophisticated setup with, for example, multiple cameras, motion detectors, and outdoor lighting, then you have graduated to a more expensive initial cost plus ongoing monthly monitoring service.

Do your homework so you are telling the sales person what you need rather than them upselling you on features you don’t need.

Are you comfortable with technology?

Your technical competence (and/or confidence) can have a big impact on your decision.

Most of today’s security systems are most effective when managed with a smart phone. Why? The phone gives them instant access or response to situations the system monitors, no matter where they are.

However, if you don’t typically keep you cell phone with you or don’t have one, you could save money on your system. There’s no reason to buy a fancy system with “remote” access if you can’t use it.

Think about what is around the corner

Where are you in your life? Are you just starting a family or are you starting to think about downsizing/simplifying?

If you plan on moving in the near future you may want to keep it simple with a few cameras you buy at retail. If you are comfortable where you are then having a more feature-rich system in place is peace of mind.

The devil is in the details

This is always the case with high tech products and services. If you are purchasing a system that requires monthly monitoring services be sure to understand your service contract. Are you agreeing to automatic contract renewals every year? Make sure what the sales person promised is, in fact, in the contract.

And finally, find a sales person that is focused on your needs, not their sales goals. Someone who is a problem solver. They can help ensure you purchase the most efficient system to meet your needs.

There are lots of options. Don’t leap before you look.