Can You Get a Discount on Home Insurance if You Have a Security System?
Home invasions or burglaries are a threat to any household, regardless of where they are located. One of the biggest deterrents for burglars is a home security system that could record evidence of their actions or could notify the authorities at the time of a break-in. This is a huge motivator for homeowners when deciding whether they should invest in a home security system. But did you know that having a security system could ultimately save you money by reducing the cost of your home insurance?
According to Alarm.com, there is one burglary every 13 seconds. While you may feel safe in your local area, insurance companies are aware of the possible risk in any town and can raise your insurance rates at any time. A break-in or burglary can be extremely expensive and take months to recover from the financial loss.
How to Save on Home Insurance
When you apply for home insurance, your policy will be determined based on several factors. According to Policygenius, If your home has deadbolts, smart locks, burglar alarms, or a monitored system, you can save between 2 and 10 percent on premiums. Some insurance companies claim that they can save you up to 20% if you have a monitored security system in place.
Other potential discounts can come from your home insurance if you’re located in a gated community or with an HOA-enforced neighborhood security system.
To get a discount on your home insurance or premiums, you will need to contact your insurance company directly and request a quote.
Why a Home Security System Matters
A home security system acts as both a deterrent for potential crime and to keep your home safe during an active home invasion. Only 17% of home break-ins occurred in a house that had a home security system, and homes without a security system are 300% more likely to be broken into.
Additionally, most security systems include fire safety devices that can quickly detect smoke or flames. Since fire damage amounts to over ten times the number of insurance claims for theft, this is a massive consideration for insurers. With fire and security devices in place, you are less likely to submit a claim for either of those events taking place.
Types of Home Security
There are many options for building a home security system that can be customized to your home, your preferences, and your needs. If you are interested in learning more about home security systems or residential fire systems, please contact our team of security experts at FSS Technologies.
Explore Our Other Blogs
What is an Emergency Action Plan?
The purpose of an Emergency Action Plan is to inform employees of what actions they should take if an emergency occurs at work. It’s required by the Occupational Safety and Health Administration (OSHA), and it can be critical in preventing the loss of property, or lives, in a crisis. If an emergency alarm went off…
What Causes False Alarms on Home Security Systems
False alarms on home security systems are not only an annoyance for homeowners, but they take up the valuable time and resources of our local law enforcement officials. In fact, many cities and towns now charge homeowners a fee for false alarms. In order to save you the frustration and potential financial hit, let’s look…
DIY Home Security Cameras
DIY Security Systems Are the New Fad There are many pre-configured, DIY home security system kits on the market. They are sold under various brand names including Ring, Nest, SimpliSafe, and others. The basic idea of a DIY home security system is that you pay one low fee to purchase all of the equipment and…
Are You a Spectrum Customer Losing Service?
When Spectrum closed the doors on its home security system business in February 2020, many customers were left high and dry. The Spectrum Backstory Spectrum is a subsidiary of Charter Communications, the second-largest cable provider in the country offering service in 42 states. Charter inherited Spectrum in a 2016 merger with Time Warner Cable and Bright House…
The 3 Key Differences in Residential vs. Business Security Explained
What is the difference between a commercial and a residential security system? Commercial real estate is a property type that is only for business or retail purposes. Residential real estate is a property type specifically designed for living purposes, if it is four units or less– anything larger than that is considered a commercial property….
Best Security System Setups for Senior Citizens
According to the American Association of Retired Persons (AARP), nearly 90% of senior citizens want to stay in their homes as they age even if they need day-to-day assistance or have ongoing health issues like early-stage Alzheimer’s or dementia. Unfortunately, criminals often target senior citizens as victims. Thieves assume older people will not be able…
Can I Install a Security System with Monitoring in my Apartment?
The most recent FBI data estimates that there are over 1.2 million burglaries a year, resulting in around $3.4 billion in property loss. Although property crime as a whole has been on the decline, the rise in popularity of video doorbells and more comprehensive and integrated home security systems shows that Americans are no less…
Has Chicago’s CCTV System Helped Lower Crime Rates?
It’s been 19 years since the Chicago Police Department (CPD) kicked off its pilot of Police Observation Devices (PODs). Today, there’s a network of 50,000+ surveillance cameras in use all over the city. But Are They Working? This simple question has no simple answer. According to the Chicago Police Department, in some areas, narcotic related crimes…
Addressable vs. Conventional Fire Alarms
When determining what type of fire alarm systems are best for your business, it boils down to your choice between a conventional and addressable alarm system. The combination of smoke, heat, and carbon monoxide detectors work together with your control panel to keep your business safe. Additionally, you will need to determine what kind of automatic…
What are the Components of a Security System?
Security systems can vary widely in size and scale: from simple home alarms and small business surveillance systems to commercial-grade intrusion and detection systems. One system could even be comprised of enterprise-level networks that stretch across multiple locations. Understanding the essential components of a security system is the best way to start your search for…