Security Home

Being a homeowner or even a renter can get expensive, as anyone who has ever paid rent or a mortgage is very aware. If you have considered installing a home security system, paying for monitoring a current system, or upgrading it, you may have been worried about the costs of these improvements to your residence. However, these enhancements may not cost as much as you initially assumed, as there are insurance discounts available to offset the expense.

Why would insurance companies offer discounts for home security systems?

It may seem too good to be true – you can be rewarded with savings for responsible behavior and keeping your home, possessions, and loved ones safe. When you consider the situation from the insurance company’s perspective, it makes sense: a security system will deter intruders and potential thieves, preventing losses and making your home less of a risk for to insurers.

What kinds of discounts are available?

Discounts vary depending on the location of your residence and from one insurance company to another, but in most cases there are discounts for everything from simple deadbolts to complex alarm and monitoring combinations.

Generally speaking, almost any type of security system will earn you a discount of some type on home insurance, however here is a quick guide of what to expect:

Five percent discounts for deadbolts, burglar alarms, and smoke detectors
Ten to 25 percent discounts for monitored home security systems
For more specific information, contact your home insurance provider and ask them about discounts for home security systems

What should I ask the insurance provider?

The most important question to ask the insurance provider is what discounts they provide so that you can get an overview of what their policy entails. You may want to ask for this information in writing, as this will make it easier to compare the discounts from one company to another if you decide to change providers or to negotiate for a better rate.

If you are considering making changes to your home security system, you should discuss the potential changes with your insurance agent. They will be able to tell you which models, systems, or components will yield the greatest discounts to your policy. For example, many insurers prefer that you install a system that will be monitored because this reduces the risks to your home when you are away as well as when you and your family are at home.

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