A home security system offers more than just peace of mind. When you install a home security system, you also become eligible for additional savings on your homeowner’s insurance. Now that’s an installation worth completing. Depending on your living location, the price of your insurance premiums, and the extent of discounts your insurance company offers, you may even “break even” on the deal by installing a home security system.
How Much Do Homeowners Save?
The actual savings percentage varies by company, but you can expect to receive a discount between 5% and 20%. The savings is also dependent on what type of security system you install. You’ll likely receive a lower discount for installing a few deadbolt locks and a basic system that is not monitored.
If you choose to go with a monitored home security system, though, you’ll see savings closer to 20%. If you are able to secure a savings closer to 20% of your annual cost, it may be worth investing a little more up front to establish recurring savings year after year. Your insurance agent can confirm the exact savings for which you may be eligible.
How Does an Alarm System Lower Insurance Costs?
Installing an alarm or security system in your home is one of the primary ways you can save money on your homeowner’s insurance costs. There are a number of ways that a home security system benefits you and also offers savings on your home insurance.
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A security system complete with an alarm or monitoring extension guarantees that your house is secure even when you aren’t home.
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The system also makes theft less of an issue. Should someone enter your home, the alarm will sound, and more often than not, the attempted thief will immediately run.
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By having an alarm system, your home is less susceptible to theft and burglary. Burglars typically “scope out” their targets and select the easiest one. By installing an alarm system, your home is well protected inside and out.
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In the event of an emergency, such as a fire, your home is also protected, so authorities are notified immediately. Your system is designed with a heat detection device or connection to fire alarms in your home, so that these devices automatically trip the system. Should your home catch fire, the damage will be less as the fire department will arrive on scene sooner.
How Do You Start Saving?
Before you select a home security system, you should do some research. You’ll want to do some price comparisons to determine how much an installation will cost as well as the price of devices. You may even want to determine the cost of a self-installed, self-monitored system. Remember the level of security your system offers directly correlates to your insurance savings. Before making a purchase, you’ll also want to work with your home insurance provider to determine what option will help you save the most.
Once you’ve completed your research and made your selection, all you have to do is schedule the installation and provide your insurance agent with proof that you have a functioning home security system. Once you complete these steps, you can enjoy your new found safety and savings.
