So you’ve got your home security system installed, online and keeping your house and family safe – just like you envisioned when you first set out choosing a home alarm system.
Besides being an easy, affordable way of property protection, your security system can also be saving you money on homeowner’s insurance.
If you look at a break-in and or robbery from an insurance company’s standpoint, whenever one of those events occur the likelihood of you filing a claim increases significantly. Insurance companies want to decrease the number of claims, of course, and by installing a monitored or unmonitored alarm system in your home, it will decrease the chances of theft and thus fewer claims are filed. Offering a discount on homeowner’s insurance for installing a security system is a way to motivate you to install one.
This is completely dependent upon the type of system that you install. Homeowner’s insurance discounts generally range from 5% to all the way up to 20%. Getting a security system without 24/7 alarm monitoring or just installing deadbolts on your doors will put you in the 5% discount range.
By having an alarm system installed by a professional security company that includes around the clock home alarm monitoring services, your discount will be raised closer to the 20% range.
Let’s run through a quick example of what you could be saving on homeowner’s insurance on an annual basis (of course, annual rates vary so we used a general range for our example):
Annual Homeowner’s Insurance: $1,000 – $3,000
20% Savings: – $200 – $600
End Cost: $800/year – $2400/year
To look at this another way, your monthly insurance savings with a monitored system is about $16 to $50. Now consider if you are paying $19.95/month for your home alarm monitoring service. On the lower end of the savings spectrum you’re only paying about $4.00/month for your monitoring. On the higher end of the savings spectrum, your monthly discount on your homeowner’s insurance is actually paying for your alarm service – and then some. You’re coming out about $30.00 ahead, in fact!
Now, of course these calculations are just used as an example and are completely dependent on both your insurance company and the type of security system that you install, but clearly there is money to be saved.
1. Contact Your Insurance Company.
Every insurance company is different when it comes to discounts from security system installations. The best thing to do is to call your insurance company and get the details on what you can receive and how you can maximize these discounts with the right security system.
2. Contact Your Home Security Company.
Once you’ve got the details from your insurance company, call your home security company and let them know what you need in order to get your discount.
Keeping your family and home safe is any security company’s first priority and now you can see how your security system can also save you money.
So, what are you going to do with the extra money that you save?