Does Your Home Security System Qualify You for a Discount on Your Homeowner's Insurance?
Everyone knows that airbags and anti-lock brakes on your car can help to reduce your auto insurance premium, but did you know that installing certain safety devices in your home can reduce your homeowner's insurance? Many people today don't think much about their homeowner's insurance because they don't usually have to cut a check for it. In most cases, homeowner's insurance pays directly from the mortgage company, making keeping up with the payments easy. The downside to the system is that seldom do homeowners really take an in depth look at their homeowner's insurance policy to note any possible gaps in their coverage much less any potential discounts that might be available.
Some of the potential discounts you might be missing out on include such security features as deadbolt locks, audible alarms, monitored alarm systems, motion-sensing lighting, and even smoke/fire alarm monitoring.
The advantages of having a security system in your home are obvious. What is less obvious is just how much you might be able to save depending on what type of security system you have installed. A simple yard sign is going to be tough to sell to the insurance companies, but a monitored alarm system, particularly in urban or suburban areas can have a dramatic effect on your homeowner's insurance premiums.
So, do the savings outweigh the cost? That's a tough question, because of the number of different home security companies that offer remote monitoring, as well as the extraordinarily convoluted ways in which insurance companies calculate premiums. In almost all cases, the savings you'll realize from your homeowner's insurance premium discount for having a home security system will not by itself pay for the monitoring service's monthly service charge. If you have a deductible on your homeowner's insurance, however, you might find it an expensive proposition to be robbed when a monitored alarm system might have prevented the break-in in the first place. In the end, it's a matter of personal choice, but for consumers in high-risk neighbourhoods, it really is a no-brainer. Even if the reduction in your homeowner's insurance policy is reduced by $10 per month, that's a $10 per month discount on the monitoring service.
Installing a security system in your home can be a great deterrent against crime in your neighbourhood, and can help protect you and your family against fire, break-ins, and even carbon monoxide. With the discount on your homeowner's insurance added in, a monitored security system makes all the more sense.