Home security systems offer piece of mind knowing your family and home are safe, but did you know you may be eligible for home insurance premium discounts? The concept is simple really, home insurance providers love security systems for the mere fact that having one reduces the likelihood of a break-in or fire related insurance claim. Less insurance claims save insurance companies money and in-turn they are willing to provide a premiums reduction to entice homeowners to install a system.
What kind of options are there when it comes to home security?
These days, homeowners have a plethora of choices when it comes to home security. From traditionally wired home security solutions to smart wireless systems that can be set up quickly and tied into other smart home technology in the home.
Another drastically growing side of the security world is home security cameras. These systems can be as basic as a couple cameras, with built in memory, accessed through IP based software, right up to robust high definition, motion activated, multi angle systems accessed through your phone, tablet or computer. Like many things in life, cameras are very much a case of ‘you get what you pay for.’ At the end of the day, if a camera system doesn’t give you a clear enough image to make out faces or decipher license plate numbers, then what’s the point?
Ok, I’ve bought into the idea of home security, but how much will I save?
The savings on your home insurance premiums will vary amongst the different providers, but on average its anywhere from 2-5%. From intrusion detection, to fire/carbon monoxide detection to water detection, insurance companies will offer a range of discounts based on the varying security and safety systems you have in your home.
The biggest factor and one of the first questions your insurance agent will ask you is “Is the home monitored by a company and/or central monitoring station?” In other words, insurance companies generally won’t provide reductions to your premiums if you are only monitoring your home locally. Insurance companies value the idea of a professional company having the ability to send alerts to the police, fire department or other emergency service professionals on your behalf.
So next time you find yourself speaking with your insurance agent, ask about the ways you can reduce your home insurance premiums. You may be surprised on how much you can save.