Will Renter’s Insurance Give a Discount 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 renter’s 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.
Inspecting Your Rental
As a renter, many of the elements of your lease are likely on your landlord or management company to ensure are carried out. If you notice upon further inspection that your locks are faulty or weak, or that certain windows do not lock correctly, you should bring that up to them immediately.
In cases where you choose to add on other security features to your home, you may need to discuss this with your landlord and make sure it is not in contradiction to anything in your lease agreement.
Some ways you can improve your home security include replacing door hinges, making sure your fire alarms are functioning, and replacing any alarms or detectors that may have expired.
How to Save on Renter’s Insurance
When you apply for renter’s 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 renter’s 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.
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