Special safety equipment like fire alarms, sprinkler systems, and burglar alarms are excellent investments in your security on their own, and they can even help you save on homeowners insurance.
Whether you're getting a camera security system
to increase the security and comfort of your home or you just want that burglar alarm to get a discount on your homeowners insurance, here's everything you need to know about security systems and home insurance—with a little help from insurance broker Jerry
. Does having a security system lower home insurance?
What’s the primary benefit of installing security systems and monitoring in your home? Added peace of mind that you’re protecting your family, of course. But when your home is equipped with alarms and monitors, chances are that your homeowners insurance policy will have discounts available on top of that.
The idea is that having a security system or smoke alarm will help reduce the risk of a claim by alerting you to the danger before it causes damage. It saves the insurance company money on damages, and they pass along some of that savings to you by lowering your premiums.
It’s called different things by different companies: Allstate calls it a Protective Device Discount while State Farm calls it their Home Alert Protection Discount, for example.
How much you save depends on your unique situation and the insurer you choose.
MORE: How to compare home insurance quotes
Types of security systems that lower your insurance
Some home insurance discounts depend on the type of system that you have installed in your home. You’ll need to check with your insurer to find out what qualifies for you, though these are some of the common systems that can reduce your insurance premiums.
Smoke or fire alarms
In most areas of the United States, smoke alarms are required on every level in your home and in every bedroom. The good news is that your insurance company will likely reduce your insurance simply for having them in your home. You don’t have to do anything special to qualify for this discount (aside from replacing batteries, of course).
Most modern smoke alarms also integrate a fire alarm that detects heat and flames too.
Burglar alarms
An alarm system in your home can not only alert you to the presence of an intruder
, but scare them away with flashing lights and blaring alarms. Burglar alarms area an effective strategy for preventing your home from being cleaned out by ill-intending citizens. As well as doors, burglar alarms often detect unauthorized entries through windows.
And, the mere presence of a burglar alarm can save you money on your insurance policy.
Security monitoring
Sometimes, it’s not enough to count on loud sirens to scare away intruders. Monitored systems are even more effective at deterring invaders and even catching them in the act or afterwards.
This is done with a monthly subscription to a monitoring service combined with an advanced set of sensors and/or cameras. When a burglar triggers the alarm, the monitoring company and emergency services are notified and dispatched to your home.
Dead-bolted locks
Some insurance providers like Mercury Insurance even provide discounts for equipping your entrances with deadbolts. Rather than relying on the minimal security of a handset’s lock alone, deadbolts make it much more difficult for offenders to gain access into your home.
How much does having a security system save on insurance?
Having a security system will usually yield savings of around 2-5% of your homeowners insurance.
Certain insurance may even be willing to offer you higher savings, so be sure to shop around when you want to upgrade your insurance. You can also get more monthly savings by finding other discounts and raising your deductible.
Saved $725 annually
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