A home security system can be both an essential addition to your home and provide a great deal of peace of mind.
But many homeowners wonder if a security system will lower their home insurance rates. The quick answer to that question is: it depends on the insurance company.
While some companies will offer a discount for those with a security system, others will not. If you’re interested in getting a security system for your home, talk to your insurance company to see if a discount is available.
Read on to learn more information about security systems and how home insurance rates may change based on home alarm systems.
WHY IS A HOME SECURITY SYSTEM SO IMPORTANT?
A home security system is an important investment that can help to protect your home and family.
According to the FBI, burglaries occur every 30 seconds in the United States, and homes without security systems are three times more likely to be burglarized than homes with security systems.
In addition to deterring burglars, home security systems can help reduce your home insurance costs. Many insurance companies offer discounts for homes that have security systems, so installing a system can save you money in the long run. With all of these benefits, it's clear that home security systems are a wise investment for any homeowner.
By deterring burglars and quickly detecting fires or water leaks, these systems help to create a safer environment for families. In addition, the peace of mind that comes with knowing your home is being monitored can be priceless.
As a result, most insurance companies offer discounts to policyholders with a professionally installed and monitored security system. So not only can you enjoy greater peace of mind, but you can also save money on your premium.
TYPES OF ALARM SYSTEMS
While most people are familiar with local audible alarms, or security systems that make noise when someone breaks in, centrally monitored systems are becoming increasingly popular.
These central alarm systems are connected to a monitoring center that can dispatch the police or fire department in the event of an emergency. Many insurance companies offer discounts for homes with centrally monitored systems, as they are seen as more effective at deterring crime and protecting property.
Some companies also offer discounts for homes with certain safety features, such as deadbolt locks and smoke detectors. By doing some research and speaking with your insurance agent, you can find the best security system for your home and save money on your insurance premium.
IS A SECURITY SYSTEM WORTH THE DISCOUNT?
Homeowners insurance companies offer up to 20% discounts for homes with security systems in some cases.
The average security system cost is $1,200, which means you’d need to save at least $240 a year on your insurance premiums to break even. That’s doable, since according to the Insurance Information Institute, the average homeowners insurance premium is $1,288 per year.
If saving money is your primary concern, then a security system is definitely worth the investment. But if you value peace of mind above all else, the cost savings might not be as significant. Ultimately, it’s up to you to decide what’s more important: saving money or feeling safe and secure in your home.
OTHER SECURITY MEASURES MAY GET YOU A DISCOUNT
Home insurance companies offer discounts to policyholders who take steps to protect their homes from burglaries, fires, and other disasters. Installing a home security alarm system is one way to lower your rates, but it’s not the only way.
Other safety measures, such as deadbolt locks, fire alarms, smoke detectors, sprinkler systems, and living in a gated community can often qualify you for a discount of at least 5 percent.
Some companies may offer even more significant discounts if you install multiple types of security devices or if you live in a particularly high-risk area. Check with your insurance agent to see what discounts are available and how you can make your home even safer.
The National Council for Home Safety and Security reports that 83% of burglars specifically look to see if a home has an alarm system. If one is installed, 60% will change their mind about breaking in. So it only makes sense to install a security system not for the discount, but for your family's safety and peace of mind.
A home security system can give you peace of mind knowing that your family and belongings are protected even when you're not at home. In addition to deterring burglars, a security system can also alert you to fire, floods, and carbon monoxide leaks. With so many benefits, there's no reason not to install a security system in your home.
If you need help finding the best homeowners insurance coverage for the best price, start by speaking to a SimplyIOA agent at 833.872.4467 or get a homeowners insurance quote online now.
