Home Security and Homeowners Insurance
As if there were not enough reasons to install a home security system, you can also take the plunge simply for the financial benefits. Since many insurance companies offer discounted premiums for homeowners to have a monitored home security system in place, you could actually come close to breaking even on the deal, depending on where you live, how much your homeowners insurance premiums cost, and whether or not your insurance company offers these discounts.
How Much Can I Save?
The discounts that are typically offered vary between 5% and 20%. The discount is usually closer to 5% if you simply install some deadbolt locks and a basic alarm system that is not monitored.
For those who go all out and have a monitored home security system installed, the discount is normally closer to 20%. You would need to talk to your insurance agent in order to confirm what your discount would be. If your insurance company does not currently offer discounts, you may want to find one that does.
Do the Math
Sometimes home security monitoring companies offer the actual security systems that they install for free. So you would only have to pay for the monthly monitoring fee. This fee is generally in the neighborhood of around $30 per month. Now, let’s assume that your annual homeowners insurance policy costs $1,200. That’s $100 per month. A 20% discount would bring that down to only $80 per month.
So, in essence, your home security monitoring fee would really only cost you about $10 per month (Take the $20 per month savings from your homeowners policy and apply it to your monthly home security monitoring fee). That’s a fairly cheap way to give yourself the piece of mind that comes with a monitored home security system!
Do your Homework
Do some shopping around and see how much a security system will cost. Do some price comparisons and also check to see how much it would cost to install a home security system yourself (unmonitored).
Check prices for deadbolt locks and other security devices. Call your insurance agent and have him give you a quote for a discount, or, just have him tell you the companies policy in regards to discounts for home security systems. Doing all of this may take a bit of your time but you will be rewarded in the end.